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Perhaps the radical surgery done on Yellen's fund means that past performance is even less representative of future performance than the standard SEC disclaimer suggests, says Morningstar's Hall.
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Is past performance really an indicator of future performance?
But those numbers are weak indicators of future performance.
"The best indicator of future performance, of leadership, is past performance," he said.
Then they reported it, as if past performance were indicative of future performance.
But those studies were based on the stock market's past performance, which, famously, provides no guarantee of future performance.
"Past performance may be no guarantee of future performance," she noted, "but it's all you've got".
Past performance is only a weak indicator of future performance.
Past performance is no guarantee of future performance.
Past performance is not indicative of future performance.
It is a very weak indicator of future performance.
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