Please describe what a "real hedge fund" is for us...
Early hedge funds did what their name suggests: they hedged long positions with short positions (in different securities, of course) with the idea of mitigating risk. Most were only interested in extremely liquid investments: currencies, bonds, some commodities, some very liquid equities.
Over the decades, they've become associated with shorting, but in reality they still have mixed portfolios.
Because they were sexy for awhile, other kinds of entities--even some toxic funders--began to call themselves "hedge funds". They aren't.
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