What I would say about 2021 is it looks like it’s going to be a year of recovery, that’s the consensus view.

Robert Sears

Until we get into the cycle of earnings going down and the Federal Reserve starting to ease policy, really you're set for an environment when hedge funds should do quite well.

Any risk of contagion in the system, you're likely to see balance sheets expand, there's will to support the system.

The rotation to value from growth... is a positive environment for stock pickers.

I think macro conditions are going to continue to be quite volatile, so macro should have a good year.

A lot of the old guard performers did well again and most macro managers have ended with a good year, even the ones that didn’t do quite so well earlier in the year have done well in the later year rally.

Hedge funds broadly managed the year up to March really well - certainly much better than 2008 as a comparison - and they have ended in positive territory.