Such a shock could result from a fall in risk appetites of a broad range of participants, perhaps in conjunction with a fall in the liquidity available to hedge funds and other active traders. Hedge funds may be shielded from liquidity demands from their investors, by lock-up periods and withdrawal gates, but they still need liquid funds to meet margin calls on their positions.
This implies that the owners should have their own capital at stake and that managers should be treated as the stewards of that capital. What is also increasingly needed is for market discipline to be used to get the attention of owners and managers.