This year, the performance gap between institutions with high and low risk appetite has become quite large. The impressive ones have already multiplied several times, likely having gone all-in on Hong Kong stocks and doubled Hynix, and they held on through the war-induced pullback despite floating losses. Institutions that missed out on the recent two months of market rally are feeling pretty uncomfortable, either trying to find ways to chase the highs and take some profits to account for LPs, or thinking about how to explain themselves to avoid future financing difficulties...