麻省理工投资学讲义(MIT)_Leture _ Hege Funs.pdfVIP

15.433 INVESTMENTS Class 21: Hedge Funds Spring 2003 The Beginning of Hedge Funds In 1949, Alfred Jones established the first hedge fund in the U.S. At its beginning, the defining characteristic of a hedge fund was that it hedged against the likelihood of a declining market. Two speculative tools were merged into a conservative form of investing: 1. leverage was used to obtain higher profits. 2. short selling was em­ ployed to hedge against the downside risk. By combining long and short positions, Jones exploited the relat