Hedge fund manager Dan Loeb believes the current environment is “undoubtedly better for active investing—just as active investing was considered to be on its deathbed,” according to an article on last week’s CNBC.com.

Third Point’s Loeb argues that higher rates will create opportunities for active managers, “reversing the one-way trade in yields that dampened the past few years.” He cites Trump’s promises to cut taxes and regulations as potential causes for the shift. The article states, “other market strategists have also said that 2017 is the year stock picking, or active money management, can increase investment returns after suffering amid a shift toward passive investment.”

“Winners and losers,” says Loeb, “will be impacted by policies created by Trump administration’s actions and the world’s reactions to them.” If the stock market doesn’t do well, he argues, “it will be tough to #MAGA [Make America Great Again].”