Buffett on Hedge Funds
Saturday, September 30th, 2006An article on bloomberg.com reports Warren Buffett’s comments about hedge funds.
Buffett gently begs to differ with a statement in the magazine that the first known hedge fund was started in 1949 by Alfred Winslow Jones.
This is, says Buffett, “an error that has often appeared elsewhere, including in a Federal Reserve report.” While Jones was indeed an early practitioner of the hedge-fund art, says Buffett, he was not the first. The esteemed investor and writer Benjamin Graham managed a hedge fund as early as the mid-1920s.