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"One of the things I learned early in my work as a professional investor is that the world is literally awash in capital. There is so much money seeking return - from traditional mutual funds and university endowments, to family offices and family foundations, to Middle Eastern sovereign wealth funds and developing-world oligarchs with global investment appetites - that there simply aren't enough places for it all to flow. Further, because these pools of capital are so large, managers need to deploy capital in large increments simply to make it feasible to manage and track their portfolios."
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