AW Jones: The Father of Hedge Funds

AW Jones is often credited as the father of hedge funds, as he developed the concept of going long on underpriced stocks and shorting overpriced ones. Despite initially aiming for a market neutral fund, AW Jones didn't stick to this strategy over time. The idea of paired securities and profit sharing was also used by Ben Graham in the Benjamin Graham Fund in 1924. Overall, AW Jones' approach laid the foundation for modern hedge funds.