If a trader wants to transfer thinking, the broader idea of fog and friction may have more relevance and be a more useful concept for money managers. Fog may be the lack of information and uncertainty associated with decision-making. Fog can be literal or the probability or chance with any decision. Friction affects how we will act with the limited information we may have. Friction is the transaction costs associated with any decision and the impediments faced with battle. It could be physical exhaustion, geography, material or any factor that slows battle action
For money management, friction could be the lack of liquidity or price paid for liquidity when it is needed to exit a position. It is the time and data necessary to make a decision. It is the contracts that bind behavior such as a lock-up when buying a hedge fund or private equity deal. Higher frictions or costs mean higher returns are necessary to offset any given level of fog. Bad decisions from the fog of uncertainty can easily be reversed if frictions are low. Wrong decisions are only made worse when frictions are high. Hence, the frictions of "battle" are as important as any fog.
Even if Clausewitz did not say it, we like the metaphor about the fog of war, but we like the idea concept of fog and friction even more as a way to explain the difficulties of making decisions under uncertainty.