Just finish reading this book, which is written by an award-winning fund of fund manager.
The author shared his view that top-down investment approach should be adopted (identify high growth geographic markets or industry before picking individual funds / equities). He also shared that picking a good fund is actually picking a good fund manager, whose investment approach you should know well and agree with.
Although the skill is quite remote for a retail investor, I was impressed by the author's warning to avoid funds with 'hockey stick shape' past performance, which was simply too good to sustain.
I just thought of an example:
(from hangseng.com)
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