Any normal distribution will throw up a few exceptional performances.. These wil be contrarian/lucky?? investors who don't follow the crowd (if they did they'd be in the middle of the distribution...)
For every Bolton/Woodford/Lynch there are probably 'mirror image ' investors at the other end of the distribution with the same behaviours, but who crashed and burned.
Survivor bias means we don't hear about the exceptional underperformers !
Even if you disagree and think a few managers have a 'magic touch' how do we pick them out from the thousands available ? The star managers are only obvious looking backwards..
