Curious on your thoughts.. what type of strategies do you envision to be sustainable and successful over the next couple of years? People have talked about how the quant strategies have started to degrade a lot of the alpha from the L/S shops. But what about other discretionary strategies like global macro/event-driven/credit/distressed or any others?
Is the hedge fund industry structurally changing such that it is becoming increasingly difficult to have any sort of edge across all strategies? Apart from quant, what's changed that's made it so much more difficult for hedge funds to make money?