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Bigger is Better, says Cliffwater's Stephen Nesbitt

Small, niche hedge-fund strategies are best left to the Hollywood crowd, says Nesbitt, who recommends well-known managers to clients.

Nesbitt: Underperformance in a market down 10 or 20 percent signals bad risk management ( Photographs by Stephanie Diani ) Managers often complain that consultants and institutional investors are willing to look only at larger well-known names when investing in hedge funds. And funds of funds argue they can

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