Nice post. Many of the massive funds will disappear when returns aren’t good enough to reward another fund, the industry will reset and normalize, then another batch of big paper returns will sprout from innovation during the next financial crisis (2018?) producing markups that allow funds to balloon again. History will repeat itself, there’s nothing new under the sun. Rinse and repeat. All the while, the most disciplined and prudent managers will keep their funds right-sized and produce the most consistent returns.