It's interesting to know why there is an outperformance at fired managers. Could it be because the fund management team or investment style was changed? You often see that asset managers merge or change underperforming funds. Or is because the investment style is favourite again (like an outperformance of value stocks after a long time of underperformance). And could there be a survivorship bias? Because there are a lot of fired managers where the underperformance continues and finally they are out of business.