My belief is that risk tolerance is an inherent trait and not something that changes materially with time or changes in circumstances.
For example, my wife has a very low risk tolerance - she would not invest $1,000 in anything that could go down to $999 even transiently.
If she won $10 million on the lottery tomorrow she would still be the same.

In the article, the investor's risk tolerance did not change - rather they had not delineated it correctly in the first place.