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避险基金是20世纪90年代兴起的一种国际资本市场投资工具，不追求高报酬率，而以减低风险为主，投资对象则从货币期货至证券、大宗货品，无所不包。这类基金的种类很多，并非指单一的一种基金。听上去是不是有点晕?读完本文，也许你就会明白啦! Introduction: Alfred Winslow Jones (1900–1989), a diplomat, financial journalist and author, is generally credited with forming the first hedge fund in 1949. After he graduated from Harvard in 1923, he served as a vice consul in Berlin, Germany. In 1941, he received his doctorate in Sociology from Columbia University. While he was working at Fortune Magazine in the 1940s, he did extensive research on how to invest in the stock market. In his famous article entitled “Fashions in Forecasting,” he assessed and analyzed each technical method on investment approach. He finally concluded that “leverage” and “short selling” are the best two investment tools. He used “leverage” to buy more shares, and used “short selling” to avoid market risk. He was so successful that his hedge fund had outperformedthe best mutual fund over the previous five years by 44 percent, and on a 10-year basis, his fund had beaten the top performer Dreyfus Fund by 87 percent. He was widely recognized as the father of the modern hedge fund. Tom: I’ve been studying “hedge fund” related issues since we talked about derivatives last time. | 
