The outbreak of the pandemic and ensuing market drop have delivered the volatility that hedge funds usually thrive on. But, given the swift recovery and the shortest US recession in history, has that investment window closed? Or is volatility here to stay as continued lockdowns strain the economy? While many investors bet on technology and biotech, what market segments are being overlooked or restricted to those with expertise? And given investors' search for yield and willingness to pay a premium for consistent returns, is the debate over excessive fees overdone?