How hedge funds began

My November article in Research magazine on "The Birth of Hedge Funds" is out, about how Alfred Winslow Jones created a new financial industry. The piece is online at the magazine's partner portal AdvisorOne. Excerpt:

Alfred Winslow Jones was a financial journalist before he became a wildly successful investor who would be known as the father of the hedge fund industry. The moment of transition is captured in a March 1949 Fortune magazine article Jones wrote, titled “Fashions in Forecasting.”
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A brief intro to the piece mentioned that Jones’s “initial interest in the new methods of market analysis described in this article came from a small investment in one of the services mentioned,” an outfit known as Market Action. That gave a hint that Jones was inclined to be not only a journalistic observer of the investment world, but a participant.

Whole thing here.