Generate new sources of alpha.  The preference for alpha generation based on security selection, i.e., “stock picking”, has transitioned to alpha generation based on fund manager selection, which has transitioned to alpha generation based on asset allocation - both strategic as well as tactical.  The best opportunities for alpha generation at the security and fund level, e.g., special situation or frontier markets, are shrinking over time.  We envision that the ability to allocate in an agile way across multiple asset classes will be a differentiator - across both public as well as private / illiquid assets, such as private equity or real estate.  We also envision more aggressive use of activist investing, broadly defined.  In the world of private equity and venture capital, the equivalent of an activist strategy are those investors with a portfolio acceleration toolkit, typically including experienced operating executives and a set of preferred operational service providers.