I agree with this. Classically, the Tiger cubs liked moving great analysts around to various sectors in a deep sequential immersion, and when became senior risk takers, the ability to know 3-4 sectors deeply became a huge advantage in comparing the opportunity set cross sector. The reality is each sector will have a time where it is alpha rich (feels easy) and alpha poor (feels impossible). As a healthcare investor, I know this feel SUPER well… I logic through how the next 3-5 years may play out and i think today’s multi-manager discretionary alpha will see increased competitive challenges. Day by day, the typical quarter in the life of a typical multi-manager analyst is being systematized. Quants who are much better at position sizing and execution will figure out a way to scale this, just as they have scaled alternative data signal. And the trade will have already happened before the human can press “buy”. The “super pod” idea of an elite team of perhaps 3-5 decision makers all supported by maybe 1-2 analyst per sector feels like a strategic shift that could elongate multi-manager alpha streams. Allowing slightly longer duration (which requires a bit of a mindset shift on drawdowns / idio constraints) may be necessary. Navigating crowding in this model would be key, and a nontrivial challenge.