"In the years before fund managers are fired, they underperform their benchmarks, while newly hired manager outperform their benchmarks by wide margins. Once managers have been fired and new ones hired, however, this outperformance disappears. In fact, the fired managers on average tend to outperform newly hired managers in the three years after a change." - taken directly from the article...Can you clarify this for me as I don't understand. First it says newly hired managers outperform and then it says the old managers outperform? Am I missing something? Thank you.