On average there is no relationship between a fund’s good past investment record and its future returns

“But that’s okay. We can just look for mutual funds that have above-average managers.  It should be relatively easy to tell whether a manager
is above average simply  by  looking at the fund’s track  record. The only  problem with this strategy  is that on average there  is no  relationship
between  a fund’s  good  past  investment  record  and  its future  returns.  Even  companies whose  business  is  to  rate  mutual funds  have  a  poor
record of determining which funds will perform well in the future. “

On average there is no relationship between a fund’s good past investment record and its future returns