This chapter examines the recent performance struggles of hedge funds, particularly highlighting the challenges faced by macro managers and contrasting them with the success of multi-strategy funds. It also explores the bullish sentiment among retail investors and the significant role of leveraged ETFs in shaping market dynamics, suggesting a 'casino-like' atmosphere in trading behavior. Furthermore, the chapter touches on shareholder activism in Japan and the rise of international investments, showcasing a transformative period in global capital markets.

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