MANAGERS ARE FREE TO STOP APPROPRIATE PERFORMANCE. ALSO, STRONG PER...

2. Managers are free to stop Appropriate performance. Also, strong performers may reporting at any time. All close to new money and stop reporting, data associated with their which introduces a countervailing funds are removed after they survivorship bias. Further, since the data are Inappropriatestop reporting. removed from the index, the volatility of the index may be understated because removed funds often have above-average volatility. Investability: Since the index may contain