CHAPTER 5
Long/Short Equity
The previous chapters have been long on generalization and anecdote, but it is time to address the concrete problems that confront investment policymakers who have an interest in allocating to alternative investment vehicles. I will begin Part II of this book, which is devoted to case study-like chapters, with what is arguably the most “classic” and probably the most widely pursued hedge fund strategy—the launch of which is credited to Alfred Jones in 1949—because it highlights many of the issues that were raised in Part I. “Classic” and long-lived, too: a lineal descendent of Jones’ original partnership is still in operation. The first use of the term “hedge fund” seems to have been in an article about Jones: see ...

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