The purpose of the anti fraud provisions of the Advisers Act, particularly Section 206, is to prohibit hedge fund managers from misleading investors by engaging in fraudulent, deceptive, or manipulative activities. The anti fraud provisions are broadly written and cover the calculation of performance information and the dissemination of marketing or advertising materials. Although the Advisers Act does not explicitly cover one on one presentations, it is a violation of the anti fraud provisions to mislead investors regardless of the context.
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