Yeah, guys, I know you all did fantastically well this year, as bid/offer's wide and still everyone (including meself) is in a hurry to take advantage of what they feel are wondrous opportunities (whether you get paid for this is another question; sorry, couldn't resist this
). All this means is that you're offering the right risk-adjusted liquidity (as I understand it, you mkt-make in very liquid mkts).
However, a whole bunch of RV funds that were just glorified liquidity providers in various slightly more esoteric mkts got absolutely killed last year (this, unfort, includes my shop).