<cough>Ray Dalio</cough> "Track record" often looks a lot better because a fund manager got lucky early on, and number goes up. But they were not managing a bi

<cough>Ray Dalio</cough> "Track record" often looks a lot better because a fund manager got lucky early on, and number goes up. But they were not managing a big fund then. So then they get lots of investors and at the same time regression to the mean happens.