I wonder if not randomly selecting after applying a quality filter is actually leading to worse outcomes? It is a well known in stock markets that it is often b

I wonder if not randomly selecting after applying a quality filter is actually leading to worse outcomes? It is a well known in stock markets that it is often better to just randomly drop money in than to try and time the market. Maybe the politiking and bias of grant selection committees is picking the wrong half of the standard normal distribution?