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Investors are just fleeing weak markets and poor performance — they're searching for sophisticated, custom-fit investments. Mercer Manager Advisory Service reports that $9.3 billion went into competing alternative investments, such as hedge funds and private-equity partnerships in the first half of 2001, up from $4.8 billion in the first half of 2000. "Investors are so disappointed with performance that they're thinking, `By God, if I'm going to spend money in this environment, I want smarter managers," says John Markese, president of the 1 70 000-member American Association of Individual Investors in Chicago. "I don't know that the mutual-fund industry can deliver."

The main idea of the paragraph

In this situation, investors are fleeing weak markets and poor performance. They are searching for sophisticated, customer-fit investments, seeking smarter managers and going into competing alternative investments such as hedge funds and private-equity partnerships.

在这种形势下，投资者逃离疲软的市场和糟糕的业绩，他们在寻找成熟、适合客户的投资产品、寻找更精明的基金经理、把资金投入与共同基金竞争的其他投资产品，比如说对冲基金、私人股票合伙产品等。

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