The study looked at whether fund managers who did well in the past continued to do well in the future. They found that most fund managers who did well in one fund also did well in the next fund they managed. However, fund managers who were considered winners did not necessarily continue to perform well in their next funds. This means that just because a fund manager did well in the past, it doesn't guarantee they will do well in the future. Investors should be cautious when choosing funds based on past performance.