The Challenges of Managing a Long Short Portfolio

Brennan: The whole rationale behind launching along only coming from a long short background was the ability to access short alpha and short alpha curves were changing. So I don't think managing along only is more difficult to managing a long short, I think it's actually materially easier, which is kind of why we went down that route. And I also think that there's material demand, Mike's point is 100% right that allocators want to pay for value. It's an opportunity for people who invest like me, who seek like me, to go out and execute on if they choose.