I thought I already posted it but can't find it so maybe I forgot to hit submit.
A manager's avg. profit should include his zero profit days. So if a manager has 1 day of 50% profit, but doesn't make any trades for the next 20 reporting periods, his Avg. Profit should read MUCH lower than 50%. These 0 days should be added in as well, resulting in an AVG. profit of .50/21 .
Otherwise, it looks like a manager has consistent returns, when really he just doesn't trade at all after getting an initial profit.
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