http://us.ft.com/ftgateway/superpage.ft?news_id=fto113020081732485262

"One of the many heuristics that affect our investment decisions is representativeness, or simply stereotyping. Our tendency to chase performance is an example of the representativeness heuristic, as we misjudge past performance to be representative of future performance. Computers tell us past performance has little to do with future performance, yet most plan sponsors and fund of funds managers will only hire investment advisers whose past performance has been superb"