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Alfred Winslow Jones is credited with launching the first hedge fund in 1949. He used leverage 但ﾂﾂ� borrowing 但ﾂﾂ� to buy more stock. And he used short-selling 但ﾂﾂ� borrowing shares in anticipation they would decline in value 但ﾂﾂ� to avoid market risk when stocks dropped. Given his 但ﾂﾂ徂edged但ﾂﾂ� position, his fate was not determined by whether the market rose or fell, but by his choice of stocks.
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