The Lookout Mountain Hedge Fund Review was a rare resource when launched early in 1994, an era with no databases and scant intelligence on hedge funds. As a non-newsy publication focused on the details of how different funds were managed, we also provided historical context from the successes and failures of the first half-century of hedge funds.
The primary goal was to encourage fund managers to find us on a mountain in Tennessee, and they did. Our script opened doors to current and past managers and service providers, giving us access and insight rarely shared with investors. Many visited us to share details of their operations, some from across the seas.
Our articles were (then and now) extraordinarily rare in pointing out the distinctly different risk/return characteristics for true vs nominal hedge funds. Some provided here are quite dated, so accept only their most salient points.
The ambiguity for defining hedge funds is perpetuated to shelter nominal hedge funds, but certainly not to advance the interests of investors. Our 18-word definition for hedge funds is diagnostic and based on the extraordinary system Alfred Jones articulated in the 1950s but sometimes failed to deliver. It’s explained in the accompanying article:
“A hedge fund is an investing program designed and managed to amplify alpha while always mitigating market risk.”
To the degree you may find these articles of interest, you are welcomed to forward them with attribution.