The U.S. investor remains risk averse, with heavy flows into low yielding U.S. debt.

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She tends to look for financial attributes that are similar to those attractive to private equity investors: well-managed companies with ample cash on the balance sheet, recurring cash flows and low valuations.

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"Whether it is a high water level or low, the Merced River flows year round and the current can pull anybody in, " said Gediman.

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