Equity market concentration the last decade into the same growth & tech names has lulled investors into both passive investing and ETF based strategies to generate returns and that is likely to change in coming years. First, we believe this era resembles 2000-2002, an era of markets where many names were richly valued and suffered from declining earnings growth which led to a death-by-one-thousand-cuts bear market. Second, we believe that there will be a need once again for diversification and active management as we move forward into the coming years.