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Paul Singer: CalPERS ‘off-base’ to ax hedge funds

CNBC – Billionaire investor Paul Singer has a message for the California Public Employees’ Retirement System: Dumping your hedge funds makes no sense.

“We are certainly not in a position to be opining on the ‘asset class’ of hedge funds, or on any of the specific funds that were held or rejected by CalPERS, but we think the decision to abandon hedge funds altogether is off-base,” Singer wrote in a recent letter to clients of his $25.4 billion Elliott Management Corp.

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