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Profs. Lasse Pedersen and Robert Whitelaw share their investment advice

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Excerpt from Forbes -- "As chief investment strategist of $1.5 billion (assets) IndexIQ (which New York Life Insurance Co. just agreed to buy) Whitelaw is attempting to replicate hedge fund strategies on the cheap with combinations of ETFs. Underlying this effort is his belief that there’s a good reason to own hedge funds: Their performance isn’t correlated with the ups and downs of the rest of your portfolio because they invest in alternative markets (or strategies) most retail investors don’t have access to."

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