I still disagree about this point. Dependence of future returns on past returns does not make sense to me.
If I flip a fair coin 10 times, and get 8 tails and 2 heads -> Sure, I am seeing above average results, but this doesn't suddenly make the coin unfair in the other direction. The chances are still 50/50, and my expectations should be to see average behavior from here on, not below average.
I think we see stuff that perform above average on stuff like "on fire" and "trending", and then they return to their average behavior, not below average behavior.