Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance. ↗
These are matters of external history. They are indeed prominent objects, often changing and giving a new direction to the current; but they tell us not why it flows onward and will ever flow. ↗
I'm a numbers guy, and I think numbers sometimes tell stories and sometimes they don't. When you look at the NBA, when teams shoot 45% or better from the floor, what is their record? And if they shoot under that what is their record? ↗