Alfred W. Jones opened the doors of the world’s first hedge fund firm almost 70 years ago. He could not have known it at the time, but his innovations would sow the seeds of a new industry that would change the face of investing.
The story of the hedge fund industry since then has been one of continued growth and innovation. Today’s hedge fund firms trade in everything from vintage wines to risk factors, using cutting-edge mathematics to manage risks and even to execute trades—the stuff of science fiction in Jones’s days. […]