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      "text": "We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance",
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      "text": "Monetization provides liquidity during periods of market dislocation; Becomes a large funding source at precisely the time stocks become cheap; Enables us to increase our exposure to high-quality businesses at deeply discounted valuations",
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