"PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS"

Except perhaps when you are dealing with a MOTU who has demonstrated his ability to screw-up massively. I wonder why anyone would invest with him after the collapse of LTCM which was preceded by his dismissal from Salomon? Is this another case of market failure?

Meriwether Said to Shut JWM Hedge Fund After Losses (Update2)
By Katherine Burton and Saijel Kishan

July 8 (Bloomberg) -- John Meriwether, who roiled global markets when Long-Term Capital Management LP collapsed in 1998, plans to shut his current hedge fund, according to a person familiar with the matter.

JWM Partners LLC is closing its main Relative Value Opportunity II fund after losing 44 percent from September 2007 to February 2009.

Before Long-Term Capital, Meriwether worked at Salomon Brothers, where he was vice chairman and built its proprietary trading desk. ... He lost his job at the firm following the 1991 government bond scandal. Regulators ruled that he’d failed to supervise traders who violated bond-auction rules.