Hedge fund

We define a hedge fund as a couple of guys with a bright idea and a rented office in Mayfair.

The Oxford English Dictionary says it is an “offshore investment fund, typically formed as a private limited partnership, that engages in speculation using credit or borrowed capital.”

That neglects to mention how much they charge, or that they talk a lot about alpha — even leveraged alpha — while doing a lot of vega.

Hedge funds hang out with

• Prime brokers
• Administrators
• Depositaries
• Hookers

See also

• Greeks
• AIFMD
• Leverage
• Synthetic prime brokerage

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