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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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CHAPTER 1What Is a Hedge Fund?

There is no universally accepted definition of a hedge fund, either legal or industry-wide. The term is believed to have been coined by a journalist in the 1950s to describe a private investment fund managed by Alfred Winslow Jones, who used long and short equity positions to “hedge” the fund’s overall exposure to stock market movements. Today, hedge funds are no longer confined to one market and very often do not “hedge” their portfolio against market movements. It is much more useful to describe hedge funds by a set of characteristics that most hedge funds have in common. While some of these characteristics are also shared by other investment firms and not every hedge fund has all the characteristics, taken together ...

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