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By Ralph Goldsticker, CFA | October 2020
Despite the pervasiveness of the “past performance is no guarantee of future results” disclaimer and decades of research that supports it, many investors often behave as though past performance does predict the future. As a result, they allow recent performance to shape their expectations of future asset class returns and make a similar error when evaluating active investment managers. This article is intended to help investors to recognize their own performance-chasing behavior and presents evidence that shows the lack of a predictable relationship between past performance and future results.
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Note: This article is reproduced with permission from the Investments & Wealth Institute (www.investmentsandwealth.org). All rights reserved.