CHAPEL HILL, N.C. (MarketWatch) — So some of your clients are urging you to invest their portfolios in hedge funds? You’re not alone. Many advisers report such requests, borne of their clients’ frustrations with the mediocre returns of equity managers or concerns about an imminent bear market. In almost all cases, however, the right thing to do is to push back. This column discusses a few of the arguments you can use when trying to do so. Consider first whether hedge funds are the best way to reduce risk.