Sentiment has hit its lowest point since mid-2022, yet select directional liquid funds are proving their worth (some with positive performance YTD). Inevitably, many others will not. This will lead to meaningful consolidation, closures that will fuel the "doomers", but in reality, the next generation of significant winners is quietly being formed. I firmly believe that the era of active management is ahead of us. This is the time to double down on the people and theses you believe in. Waiting on the sidelines for the dust to settle is not a strategy. You’re either in, or you’re out.