I disagree with your comment and agree with the article. Money chases  short-term performance considerably more than long-term strong performance. It appears that many investors care more about the YTD performance on their fund by March than they do the 5 or 10 year number. This is both for fund sales following strong short-term performance and redemptions following short-term under-performance. Same goes for style leadership. For example, growth has outperformed value to start this year by a wide margin. Nor surprisingly, investors are switching their value funds over to growth. Arguably, they should be doing the opposite and take profits on their growth funds and rotate to a short-term under-performing value fund with a PM with a good long-term track record. There are numerous studies indicating that investors under-perform the funds they hold for this reason, and it is more costly than just the difference of passive vs active management.