Managers with quantitative investment strategies lagged severely and in tandem in the volatile late July/early August time period, a fall-out of the subprime lending crisis and tightening credit market. Hedge fund managers, seeking to raise cash to meet margin requirements, turned to equity markets for easy access to liquidity, unwinding portfolios largely managed through factor-based models not unlike those managed by traditional long-only quant managers. Despite some uniqueness in alpha modeling techniques, may quant disciplines chase similar characteristics through similar factors that lead to a similar posturing and, ultimately, to shared vulnerability to heightened market volatility. While we do not believe that recent events discredit quantitative strategies, we will seek to identify those that have (or will) differentiate themselves in terms of the underlying model, portfolio construction, risk control, and the ability to execute.