New managers perform better?

A recent study suggests that new hedge fund managers perform
significantly better than existing ones. That may be true, but the
studies in question are not reliable. The simple explanation of this
data is that new hedge fund managers tend not to report their data
until they have a few years of good performance under their belt.
Thus, you never hear of the poorly performing new hedge funds, and
their performance data does not make the studies.

http://snipurl.com/qffq