Curious how people think the hedge fund world’s composition will shift after this year. In the past, I would imagine top strategies included equity long/short and global macro, with convert arb, quant, event driven, and distressed shops taking a good share as well. Anybody have any idea what percent of AUM was approximately allocated to each of the broad categories? And how do you think the composition will shift post-crisis? A lot of long/short shops had long biases and are now losing funds, and convert arb has obviously gotten its ass kicked. Global macro seemed to be doing relatively well for a period (not sure anymore), as did quant shops after the summer beating they took. One other reason for wanting to know is that on the board here, people often talk about investment banking and equity research as paths to buyside, presumably long/short or distressed shops, with an eye towards equity. Is this the natural result of there being more L/S shops around? I don’t hear very often hear people discuss fixed income, commodities, or other asset classes. I’m personally interested in the macro-economy, which of course jives will with global macro, but if the ratio of macro to L/S funds is 1:10 or so, then it may not be as good of a goal in general.