It is worth mentioning that, although the significant majority of quant strategies are negatively impacted by regime changes, a small minority are able to successfully navigate these periods. Some shorter‐term strategies specifically seek to profit from short reversals of longer‐term trends and the resumption of such longer‐term trends. These counter‐trend traders have been able to profit in many of the most difficult periods for quants (but certainly not all of them). Others sit on the sidelines during normal times, waiting for large dislocations to signal the beginning of a potentially profitable trading period. This kind of trading is known as breakout trading. Both of these styles can be found in any asset class or instrument class but are most generally done with futures instruments in the most liquid markets.