The Future of the Firm: A Macro Perspective

We believe that the alpha approach we have in the equity markets, which again, it tends to be more fundamentally based and sector focused. We think that works well in the majority of environments. There's always going to be things going on within the equity markets place that we believe managers can take advantage of. Same thing within the macro space that it's changing. Are interest rates a buy here? Have we kind of capped the interest rate process within the US and within Europe? So I think those changes, again, are there to be taken advantage of over the next three to six months.