This reads as if the required amount of management for different initiatives is constant, but it isn't.

One thing that happens is that when money is plentiful, there is a push to find new ways to generate returns. When money is tight, new bets look bad, and companies may cut new bets and work on optimizing their existing cash-cows.

Strictly, that says nothing about the number of managers needed, but I do think it's less management intensive to keep on with what you're already doing.