The real key is the process
What is actually required is consistency amidst inconstant markets and ambiguous reporting. The path to consistent returns is through controlling risk. This is a tedious process of navigating between ever changing regulations and short memories.
Predictable volatility is the best kind
The local markets' habit of running between extremes of optimism (China's brazen growth story) and pessimism (China's hidden failures) is one result of treating minority investors as nothing more than convenient decoration.