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Playing his Chips

Few money managers can touch the performance record of Laurie Hoagland, CIO of the William and Flora Hewlett Foundation. He's made a big bet on alternative assets but sees a bleak future for U.S equities.

t's a rainy Sunday afternoon in late February, and Laurance Hoagland Jr. and the investment committee of the $6.5 billion William and Flora Hewlett Foundation are sitting around an oval cherry-wood table in a second-floor conference room that overlooks the neatly trimmed lawn and shrubbery in the backyard of the

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