12.34 What’s wrong with your stock fund? Last year you looked at all the financial firms that had stock growth funds. You picked the growth fund that had the best performance last year (ranking at the 99th percentile on performance) and invested all your money in it this year.

This year, with its new investments, it ranked only at the 65th percentile on performance. Your friend suggests that its stock picker became complacent or was burned out.

Can you give another explanation?