Suppose you observe the investment performance of 350 portfolio managers for 5 yearsand rank them by investment returns during each year. After 5 years, you find that 11of the funds have investment returns that place the fund in the top half of the sample ineach and every year of your sample. Such consistency of performance indicates to youthat these must be the funds whose managers are in fact skilled, and you invest yourmoney in these funds. Is your conclusion warranted?