As for another profession…I suppose I’d manage a global-macro hedge fund. I love that kind of stuff. Weird, I know, but I find it fascinating.
—Nicholas Sparks, romance author1
In 1949, Alfred Winslow Jones created the first hedge fund. He was 48 years old and had no experience in the investing world. However, he was an avid reader of Fortune magazine, which inspired his thinking.
At the time, funds had mostly long-only positions, whether for stock or bond portfolios. ...
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