Ottie Zardt, CFA, has worked as a real estate analyst for Apfelbaum for the past 18 months. A new independent rating service has determined that Zardt’s recommendations have resulted in an excess return of 12% versus the industry’s return of 2.7% for the past twelve months. After learning about the rating service, （他不是learning about the rating service了吗？）Zardt immediately updates the promotional material he is preparing for distribution at an upcoming industry conference. He includes a reference to the rating service and quotes its returns results and other information. Before distributing the material at the conference, he adds a footnote stating "Past performance is no guarantee of future success."
