The Future of Hedge Funds

You can't want to build an investment strategy, do you think, around these short-term dynamics? I think there are people that are starting to. And also if you have a belief that more volatility is in store over the next six to 12 months, I think it's an incredibly good time to have some hedges on. Just because the high-volatileities are fairly cheap. Yeah. Another dynamic that may or may not change will see is the rise of private markets. It's especially since the Global Financial Crisis, private actually has become huge VC, private credit and so on. One is obviously, is that an area of alpha for you? And the other question is,