True/False: Based on historical performance of mutual funds and hedge funds, evaluate whether each of the following statements are true or false.
Funds that outperform the market in one year tend to continue to outperform in the following year.
While the average fund manager underperforms their benchmarks, some fund managers have valuable skills that allow them to regularly outperform their benchmarks.
Funds that have recently underperformed their benchmarks tend to turn around within a year’s horizon.
Average returns on hedge funds have historically been much greater than are available from trading in public equities.