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Crossing the Aisle

Barry Colvin left a fund of funds one year ago and joined a multistrategy firm. But this longtime hedge fund investor sees value in both worlds.

It is the hedge fund version of the Great Debate over the scale of the universe. On one side of the aisle are funds of hedge funds, long the choice for institutional investors looking for diversification, experienced management and access to talent. On the other side are multistrategy hedge funds,

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