The lack of performance persistence in actively managed funds makes this a poor method of selection.

FORBES: Past Winning Funds Fall Again

In his paper "Private Equity Performance: Returns, Persistence and Capital Flows, " published a few years ago with Antoinette Schoar of MIT, Kaplan suggests that private equity returns are worst when fundraising is strong.

FORBES: Time To Invest In Private Equity?

And now their franchise and star players will reap the financial windfall for their collective patience, persistence, and performance.

FORBES: Dallas Mavericks and Dirk Nowitzki To Reap Financial Windfall from NBA Championship

And spirits around Fratton Park will be lifted by a performance of great character and persistence from Avram Grant's team.

BBC: Portsmouth 1-1 Sunderland

What all persistence studies show is that active manager performance is mainly due to luck, not investment skill.

FORBES: Index Fund Buyers are Skilled Investors

Apart from the persistence of good (or bad) performance from one Olympiad to the next, the dismal scientists hopped, skipped and jumped to two other statistically significant results.

ECONOMIST: Which economist will win the medal-prediction gold?

But even those who know recovery will be slow and painful are perturbed by the persistence of one particular symptom: poor export performance.

ECONOMIST: Asian exports