Are all money managers over paid?
Some years ago some very astute money managers earned Yale University endowment fund billions of $ in investment returns on a fully diversified portfolios, that year. When they asked for their agreed 100 mill. fee, the University's "little old ladies" screamed highway robbery! So they fired those great money managers.
Problem is the new money managers they then hired, never again even during the best of times, ever earned this University anything close to those returns again. That was a very costly mistake to say the least.