Take 512 investment funds, in one year half of them make a profit, half of them will make losses. Drop the ones that had losses, the next year half will make profits, the other half will suffer losses. Repeat until one fund is left: "Invest in us - we are market experts who had no losses for the past 9 consecutive years!"

You can invest in Apple stock in the early 90s because you are a savvy investor who sees the massive potential, or you can invest in them because the stock shows up at the top of an alphabetical list. Either way you're rich, and get called a brilliant investor, while all the people who invested in ZZCO because they picked the bottom of the alphabetical list, or some other similarly random choice, are bankrupt.

Because people don't know the performance of dart throwing monkeys https://www.forbes.com/sites/rickferri/2012/12/20/any-monkey...

One big early hit can keep paying off. And some funds have long lock-ins.

In this case, they sold part of their tencent to buy this. Selling a little bit each year of a superstar early investment shows good earnings each year.

I don’t know this fund at all, so they could be awesome for all I know. But saying “they are super smart for buying tencent” is not useful without lots of other info.

Usually people who say that without extra evidence or mentioning survivor bias aren’t properly aware of what’s what.