“A big [topic] is performance. There is a lot going on out there underneath the hood. The hedge fund community and the long only community is still grossly exposed to their longs,” McCullough reports. “There’s a lot of dispersions in performance. So when I’ve had recent discussion in the last two weeks, I’ve really been congratulatory with some cases because a lot of these hedge fund that have stayed with their shorts in March really got paid in the last three days.