The willingness of households to delegate their equity investment decisions, understood here as investing in stock funds as opposed to individual stocks, declines substantially between 2007 and 2011. The typical investor in a representative sample of 40,000 self-directed clients at one of Germany's largest retail banks holds 44% of his equities through active and passive stock funds in 2007; by the end of 2011, the median fraction has dropped to 22%. In part, this decline is driven by stock fund investors selling their positions; investors who hold all of their equities via actively managed funds are particularly susceptible to exiting the market during the 2008 crisis. Other investors, especially new clients, avoid actively managed funds and disproportionately buy domestic blue chip stocks at the height of the crises. The decline in delegation, which can also be detected in the broader German investor population and among U.S. households, is consistent with investors losing trust in money doctors and putting themselves in control of security selection and asset allocation. Self-medication, however, hurts investors' financial health: investors who tilt their equity portfolio towards individual stocks experience returns that are significantly lower and more volatile, on average, than had they simply held on to their more delegated portfolios.