For the fourth time in a year, financial advisers Jim and Mary Lynne Dahl are warning fellow Alaskans to stay away from hedge funds. It began last November with a letter to the Alaska State Legislature, as it debated whether to allow the Alaska Permanent Fund to take a crack at them, but, as the latest missive from the Dahls indicates, their plea apparently got a chilly reception as few state legislators responded. In their latest anti-hedge fund effort, the pair from Ketchikan is using the crash of Amaranth Advisors to warn Alaskans that the failure of the Greenwich, Conn.-based hedge fund manager may be “the tip of the iceberg, but if so, it is a very significant tip,” given its original size. The Dahls blame the Legislature’s decision to allow the APF to invest in hedge funds as an Alaskan effort “to keep up with the Joneses. They have succumbed to envy, and have listened too long to the guys in suits from New York, who talk a mighty convincing story about multi-strategy investment and modern portfolio theory and low correlation.” The couple suggest that since the fund has a relatively conservative goal to achieve a 5% return, “wouldn’t a safer, more conservative, publicly traded, fully disclosed mutual funds, real estate, stocks and bond be better?” The fund apparently is paying little mind. Its trustees just awarded Lehman Brothers Alternative Investment Management and Pacific Alternative Asset Management $200 million absolute-return mandate.