Hedge fund manager Michael Gayed discusses the current state of the market, the future of hedge funds, and his upcoming fund launches in 2025. Gayed believes we are in a 'concentration bubble' in the S&P 500 and predicts new opportunities in other areas. He plans to launch new funds in 2025 that will focus on these 'interesting opportunities' outside the S&P 500. Gayed also believes long-duration treasuries will make a comeback in 2025. With the S&P 500 bubble poised to burst, investors may want to consider diversifying their portfolios beyond large-cap tech stocks.