ETs, It seems that despite all the renewed emphasis on due-diligence vis-a-viz thoroughly understanding a manager's trading style/strategy and risk management, that investors ultimately base their investment decision solely on most recent historical performance. By extension, it seems that investors are constantly chasing the new hot trader/fund and buying trader's equity peaks. Is this necessarily wrong, bad or narrow-minded? Can one make the objective argument that an investor should be willing to invest in a trader/fund even during a drawdown, even if it is a historical maximum drawdown? Given the above, from a trader/fund manager's point of view does it make any sense to bother explaining your strategy to a potential investor when all they really care about is your most recent monthly/daily numbers? I mean why bother with the charade of discussing the strategy- they (investors) either can't understand it, don't want to understand it, or would rather not be bother with it? How do you really make a wise investment decision, apart from just looking at historical data? Finally, can/should one invest in a trader with a limited or non-existent track record? I am curious as to people's personal experiences in this matter. Thanks!