Because the yield curve has changed?　　Yes, forex cashback easy sometimes engage in what we call yield curve trading, cashbackforex is, pairing long cashbackforexpip short maturities with each other, as many experts who want to control risk 100%cashbackforex, but we dont do much yield curve trading because we usually take a general directional view of interest rates, and its just a matter of extra seeking its perfection at which end of the bond market to operate, as opposed to many experts who dont do In contrast, many experts do not do anything else but trade with different maturities There forexcashbackeasy many studies that analyze the success of investment managers and determine that asset allocation determines at least 80% of portfolio performance, with stock selection and other factors accounting for only about 20% What is your opinion on asset allocation?　　No I think youre probably right because we put most of our money in cashback forex investments, which equates to a three-dimensional asset allocation, which is more efficient because in a two-dimensional portfolio you can only put a portion of your equity in any particular investment idea, whereas we can allocate more than 100 percent of our assets to macro investment ideas sometimes　　What are the other characteristics of the Quantum Fund that set it apart and contribute to its success?　　Compared to other fund managers, we have a different understanding with our investors, we are a performance fund, which means that our compensation is primarily derived from a portion of our operating profits, rather than based on the amount of money we manage. We try to maximize the profits of the Quantum Fund because we get a percentage of the profits and the profits of the Quantum Fund are calculated in absolute terms, not based on any index. The longer the fund exists and the more successful it is, the higher the percentage of shares owned by the manager. This means that we and the fund share the same interests, the shareholders and the manager share the same interests, so there is an unwritten understanding between us and the investors, i.e. we drive the car, they are the passengers, we have the same destination, the nature of this unwritten agreement is The nature of this unwritten agreement is a partnership, not a fiduciary responsibility; and of course, we do our fiduciary duties well. There are a lot of funds out there that are copying you, but you are still pioneers, and none of them are exactly like us. We use a three-dimensional approach, we make decisions at different levels, we have macro decisions, thats the stance that our fund takes, and within that macro stance, there are decisions about buying and selling stocks and which instruments to use, and overall, if we can execute a macro decision with a macro instrument, we do that. If we can execute a macro decision with one macro instrument, we do that, rather than utilizing more specific instruments, what do you mean by that?　　Ill give you an example, lets say theres an equity fund thats bullish on bonds and that fund might buy utility stocks we would never do that, we might buy utility stocks but only if we were particularly interested in certain specific utility stocks, otherwise we would buy bonds because that would give us a more immediate bond position you mentioned theres a large group of macro hedge funds, what are some of the qualities that set Quantum apart from other macro funds?　　Its a more personal trait, a part of a particular attitude and style that comes into play. How would you characterize your investment style?　　My characteristic is that I dont have a particular investment style, to put it correctly, I try to change my style to fit various situations. Looking back at the history of Quantum, you will see that the fund has changed its characteristics many times: for the first ten years, Quantum almost never applied macro instruments; then macro became mainstream; but recently we started to invest in industrial assets. I would like to illustrate this statement: I dont operate according to certain rules, I look for changes in the rules of the game