I feel this article is saying people from UK/US/etc. want to maximize upside, and people from DACH (Germany etc.) want to minimize downside.
I was a bit shocked when I talked to an Austrian colleague once and they told me they wanted to get into investing, but losing any money at any time was completely unacceptable. They had looked at investing in S&P 500 ETFs etc., but felt they must have misunderstood something, as they didn't understand why anyone would invest in anything that might go down, even temporarily.
So the thesis of the article definitely feels plausible to me.
I was a bit shocked when I talked to an Austrian colleague once and they told me they wanted to get into investing, but losing any money at any time was completely unacceptable. They had looked at investing in S&P 500 ETFs etc., but felt they must have misunderstood something, as they didn't understand why anyone would invest in anything that might go down, even temporarily.
So the thesis of the article definitely feels plausible to me.