The investor Alfred Winslow Jones is widely cited as creating the world’s first hedge fund in 1949 by creating a market-neutral portfolio.
The fund manager’s aim was to reduce the risks of investing in the equity market by mitigating market risk (volatility) of the overall market and specific equity risk.
Jones executed his strategy by acquiring assets he believed would rise in value relative to the performance of the overall market while selling short assets where he expected the price to decrease.
Q4 2022 hedge fund letters, conferences...
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