Why Investment Performance Is a Distraction: "There are no fringe groups of investors or scholars penning op-ed pieces in the Wall Street Journal shooting holes in the logic of this reality. Each year there is more data, and each year that data reconfirms that past performance is completely unreliable as an investment tool. Given all that, you would think it would be next to impossible to find any serious investors still using past performance as a guideline. Indeed, that would be a logical conclusion . . . The alternative, evaluating and observing the managers and their process, is far more subjective and the results are not nearly as straightforward. But process is a much better predictive tool in the search for future success—and the most successful people in their fields focus on it and only it. . . ." (read more at link above)
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