The term "past performance" refers to an investment's historical track record or the previous successes and failures experienced by a company, individual, or other entity. It is used as a measure of how well someone has performed in similar situations in the past, which can be indicative of their potential for future success. In finance, past performance is often used to evaluate investment opportunities, with the assumption that if an investment has historically yielded positive results, it may continue to do so in the future. However, past performance should not always be considered a reliable indicator of future returns, as market conditions and other factors can change over time.