Say What ?

From the special Morningstar Fund Picks insert in the Jan 20 -21 WSJ:

When choosing thse funds, don't look only at past returns since that can result in fruitlessly chasing performance. Instead also screen for management performance. Morningstar, for instance,looks at whether managers have outperformed their peer group in previous years of not.

In other words: don't fruitlessly chase performance by fund, since past performance tells little about future performance. Instead follow the lead of the Morningstar analysts and chase performance based on manager performance. And presumably that's not a fruitless exercise.

Got it (i think)