(Harvest) Markets appear to be at an inflection point, driven by the potential transition to a period of rising interest rates and higher volatility as U.S. monetary policy tightens, as well as the anticipated deregulation and fiscal stimulus under the new U.S. presidential administration. This would represent a significant departure from what broadly occurred in the years following the financial crisis as quantitative easing from the Federal Reserve suppressed volatility and supported higher asset prices, which contributed to one of the worst relative periods for hedge funds that we have ever seen.