Yesterday a student doing some project on Mutual Fund Performance Analysis, reached out to me for sharing my inputs. While replying to her, I felt this is in fact the matter of the title of this article – Efficacy of Performance Analysis. For me, actually this is a frequently faced question or situation, though not in exact words; clients, prospects and DIY investors seeking ‘little help’ (is that ‘DIY’?!) want a hack of choosing winners by looking at past performance. Investment comparison portals kind of make it more attractive and look easy-peasy task by giving “Star” ratings to schemes based on past performance. I am just reproducing my reply letter to her. Dear Sister, The title of your project “ Performance Analysis of selected Mutual Funds as an Investing vehicle for an Individual ” itself, and hence the set of objectives, is put together inappropriately. Performance analysis should not be the basis (at least primary or main basis) for Mutual Funds being investm