Going long: Managers collect fees and avoid shorts and high-water marks

As institutional investors pull hundreds of billions of dollars from hedge funds and while a bull market is under way, the answer is simple: Go long.

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By Katrina Dean Allen

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When William von Mueffling, the founder of Cantillon Capital Management, announced in June he would shut his hedge funds and convert into a long-only traditional money management shop, the investment community was stunned.

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