Many sources have reported that the Hedge Fund was first created by Alfred Winslow Jones in 1949, who bought some stocks and shorted others in the same fund.
However the first Hedge Fund was managed by Benjamin Graham during the mid-1920's, which set up a limited partnership which had long and short positions in the portfolio. Subsequently, Ben Graham partnershiped with Jerry Newman in the 1930's to form the Graham-Newman Corporation which managed another hedge fund.
Remember, you heard it here first.
This information is based on information from Warren Buffett, CEO of Berkshire Hathaway Inc. (Financial History Magazine, Issue 86, Summer 2006, Letter to the Editor, page 8.)
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