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Sure. But the adage you referred to is more relevant to day traders than investment professionals. Due diligence isn't a guarantee of any future performance. But it's not the same as trading blind and hoping the past presages the future without further ado.Even Hedge Fund Managers are not guaranteed, unless they have inside information, or the game is rigged.
I'm not sure how it applies to fan speculation about upcoming games. Are fans more like day traders or investment professionals? It probably varies.