We all know well that market are efficient (most of the time) and many active management fund outperform because of “luck “ and not skill. You may find out more about this topic in my previous blog on
Success in Investing : Skill or Luck ? (here
As most of the investment professional think, it is hard to admit that luck plays as significant a role as skill in their investment success. That's not to say skill is unimportant but betting on continued success doesn't work well in investing as in other fields.