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I'd quarrel with that and say instead that it is most investors who make the wrong bets by throwing money at bond funds near their tops, forcing mangers to put excess cash to work at the very worst time, and then panic when things get tough and yank their money out of the fund at market bottoms, forcing managers to make untimely redemptions.
What kills the performance of bond funds is investors and their bad timing, not the judgment of the managers. Fund managers have the nearly insurmountable handicap of having to put money to work at the worst time and must make redemptions on demand. That's what kills their performance and makes them so easy to beat.

Don't most mutual funds allow the portfolio manager to say "1 week delay on redemptions" and "no new deposits allowed" in an attempt to prevent this?

I agree, a lot of what Vanguard puts out is propaganda, plain and simple. Some of the propaganda is designed to communicate "It would be bad for the fund if investors piled in money right now." For the past year or so they have been warning that the S&P500 is way overvalued. Their propaganda also communicates "Don't pull your money out just because the fund had a sudden drop." And it seems to work well, too--vanguard has much less of a drop in shares than other funds do during market downturns. [That's for their stock funds; I'm not sure if it's the same for their bond funds.]
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