Markets are cyclical and there is a lack of persistence from top managers. I dont know how someone can confidently “believe that their due diligence process can accurately measure quality” and skills. One of the biggest behavioural bias in our industry is to confuse better investment strategy (more quality) with higher price. This heuristic come from the fact that it works well in many of the products we buy, but not when we are buying our investment funds. After all, the future is uncertain and past performance doesn’t guarantee future results. Academic studies would suggest to control what you can and its cost.