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The First Hedge Fund
A.W. Jones holds the distinction of being the world’s first hedge fund.
On his return to America, he bounced around aimlessly, taking up a handful of random odd jobs including a stint as an export buyer and a statistician. In an essay titled “Fashions in Forecasting,” Jones attacked the traditional approach to predicting the stock market through economic data like commodity prices and freight-car loadings. If Jones was obsessed with beta, today’s investors are all about alpha, the singular pursuit of the above-market return, which is based on the conviction that you can, in fact, outsmart the market.
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