$($Chapter $8)$ You have access to a large database that includes the performance of thousands of

mutual funds over a $20-$year period. For each fund and in each year, the database shows the

name of the mutual fund manager and the yearly return of the fund. What do you expect to

observe more frequently in the data: $(1)$ Mutual fund managers with returns in the highest $10\%$

of all funds in two consecutive years. $(2)$ Mutual fund managers with returns in the lowest $10\%$

of all funds in two consecutive years. Please provide an explanation to support your answer.