... familiar with those words, for 52 years ago I incorporated them in my senior thesis at Princeton, written, providentially for my lifetime career that followed, on “The Economic Role of the ... based on past short-term performance nor selecting funds based on long-term performance is the answer, it is because of something that, deep down, we intuitively know. Performance comes and ... perhaps we can be more successful by focusing, not on the inevitable evanescence of past performance, but by focusing on something that seems to go on forever, or more fairly, a factor that usually...