A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets with complicated portfolio-construction and risk management techniques. It is administered by a professional investment management firm, structured as a limited partnership, limited liability company, or similar vehicle. Hedge funds are distinct from mutual funds and regarded as alternative investments, as their use of leverage is not capped by regulators, distinct from private equity funds, as the majority of hedge funds invest in liquid assets. However, funds which operate to hedge funds but are regulated to mutual funds are available and known as liquid alternative investments; as Hedge Funds are only loosely regulated, they are only accessible by accredited investors, according to an Investopedia guide. The term "hedge fund" originated from the paired long and short positions that the first of these funds used to hedge market risk. Over time, the types and nature of the hedging concepts expanded, as did the different types of investment vehicles.
Today, hedge funds engage in a diverse range of markets and strategies and employ a wide variety of financial instruments and risk management techniques. Hedge funds are made available only to certain sophisticated or accredited investors, cannot be offered or sold to the general public; as such, they avoid direct regulatory oversight, bypass licensing requirements applicable to investment companies, operate with greater flexibility than mutual funds and other investment funds. However, following the financial crisis of 2007–2008, regulations were passed in the United States and Europe with the intention of increasing government oversight of hedge funds and eliminating certain regulatory gaps. Hedge funds have existed for many decades and have become popular, they have now grown to be a substantial fraction of asset management, with assets totaling around $3.235 trillion in 2018. Hedge funds are always open-end funds, allow additions or withdrawals by their investors; the value of an investor's holding is directly related to the fund net asset value.
Many hedge fund investment strategies aim to achieve a positive return on investment regardless of whether markets are rising or falling. Hedge fund managers invest money of their own in the fund they manage. A hedge fund pays its investment manager an annual management fee, a performance fee. Both co-investment and performance fees serve to align the interests of managers with those of the investors in the fund; some hedge funds have several billion dollars of assets under management. The word "hedge", meaning a line of bushes around the perimeter of a field, has long been used as a metaphor for placing limits on risk. Early hedge funds sought to hedge specific investments against general market fluctuations by shorting the market, hence the name. Nowadays, many different investment strategies are used, many of which do not "hedge risk". During the US bull market of the 1920s, there were numerous private investment vehicles available to wealthy investors. Of that period the best known today is the Graham-Newman Partnership, founded by Benjamin Graham and his long-time business partner Jerry Newman.
This was cited by Warren Buffett in a 2006 letter to the Museum of American Finance as an early hedge fund, based on other comments from Buffett, Janet Tavakoli deems Graham's investment firm the first hedge fund. The sociologist Alfred W. Jones is credited with coining the phrase "hedged fund" and is credited with creating the first hedge fund structure in 1949. Jones referred to his fund as being "hedged", a term commonly used on Wall Street to describe the management of investment risk due to changes in the financial markets. In the 1970s, hedge funds specialized in a single strategy with most fund managers following the long/short equity model. Many hedge funds closed during the recession of 1969–70 and the 1973–1974 stock market crash due to heavy losses, they received renewed attention in the late 1980s. During the 1990s, the number of hedge funds increased with the 1990s stock market rise, the aligned-interest compensation structure and the promise of above high returns as causes. Over the next decade, hedge fund strategies expanded to include: credit arbitrage, distressed debt, fixed income and multi-strategy.
US institutional investors such as pension and endowment funds began allocating greater portions of their portfolios to hedge funds. During the first decade of the 21st century hedge funds gained popularity worldwide, by 2008 the worldwide hedge fund industry held US$1.93 trillion in assets under management. However, the financial crisis of 2007–2008 caused many hedge funds to restrict investor withdrawals and their popularity and AUM totals declined. AUM totals rebounded and in April 2011 were estimated at $2 trillion; as of February 2011, 61% of worldwide investment in hedge funds came from institutional sources. In June 2011, the hedge fund management firms with the greatest AUM were Bridgewater Associates, Man Group, Paulson & Co. Brevan Howard, Och-Ziff. Bridgewater Associates had $70 billion in assets under management as of 1 March 2012. At the end of that year, the 241 largest hedge fund firms in the United States collectively held $1.335 trillion. In April 2012, the hedge fund industry reached a record high of US$2.13 trillion total asset
Mohan Upreti was an Indian theatre director, playwright and a music composer, considered one of the pioneers in Indian theatre music. A popular figure in Kumaon, Mohan Upreti is remembered for his immense contribution towards the revitalisation of the Kumaoni folk music. Upreti is known for his song "Bedu Pako Baro Masa". Mohan Upreti was born in 1928 in Almora, where he received his early education. Almora was a quaint little town, still untouched by rapid development that the British brought to other hill stations like Nainital and Shimla, it was this environment that drew, dancer Uday Shankar to create his institute at Almora in 1937. He was influenced by trade union leaders like P. C. Joshi, who became a prominent leader of the Communist Party of India and Upreti's mentor. In the 40s, Indian People's Theatre Association and the Progressive Writer's Association were formed, as a response to the Indian freedom struggle by the artistic community, Mohan Upreti couldn't remain untouched by this burgeoning movement, while still at Allahabad University he formed his theatre group,'Lok Kalakar Sangh'.
As a young man in the 1940s and 50's, Mohan Upreti travelled across Uttarakhand, along with B. M. Shah, collected the fast vanishing folk songs and traditions of the region to preserve them for posterity. Mohan Upreti was instrumental in bringing the Kumaoni culture and music into national focus by establishing institutions like the Parvatiya Kala Kendra, which he constituted in Delhi, in 1968; the institution produces plays and ballads rooted in the Kumaoni culture. In fac, B. M. Shah and Mohan Upreti together, are credited with the revival of the theatre in the Uttarakhand He remained in the faculty of National School of Drama, New Delhi, for many years, directed plays for NSD Repertory Company, where his most known work was the play,'Indra Sabha', his most important work is the epic ballad'Rajula Malushahi', published in 1980, offers never before insights into the Kumaoni folk culture. His other important plays are'Nanda Devi Jagar', upon which he made a film as well,'Sita Svayamvar', and'Haru Heet'.
Apart from that he gave music for many theatre productions, including'Ghasiram Kotwal', his music for Hindustani version of Brecht's Three Penny Opera was vastly appreciated and still remembered as his finest. He worked for many years to bring them to urban audiences, he gave music for a number of television productions in the 80's including in a series based on Ruskin Bond's stories,'Ek Tha Rusty', where again his compositions were noticeable for the distinct Kumaoni folk touch. He died in New Delhi. Mohan Upreti was married to Naima Khan Upreti, a graduate of National School of Drama in 1969; each year on his birth anniversary,'Parvatiya Kala Kendra', an institution set up by him, presents a new play. In the 2004, "Bedu Pako Baro Masa" – a creation of Mohan Upreti, was used in Coca-Cola commercial "Thanda Matlab Coca Cola", by Prasoon Joshi, himself from Kumaon. In the ad a "Pahari Guide" is shown humming the tune; the song is still played at Kumaoni weddings and cultural functions and has now become a popular mobile ringtone.
It is the marching song of the Kumaon Regiment. In 2006, National School of Drama published his biography, Mohan Upreti – The Man and His Art, written by theatre critic, Diwan Singh Bajeli. Malushahi: The Ballad of Kumaon. New Delhi, Sangeet Natak Akademi. Diwan Singh Bajeli, Mohan Upreti: The Man and His Art, 2006, New Delhi, National School of Drama, ISBN 81-8197-016-0. Vidya Sagar Nautiyal, Mohan Gata Jayega. "How Mohan Upreti Found His Guru:Joshi, P. C, The Rithagarh Episode." 2000, Sangeet Natak 135/136: 27–46. UTTARAKHAND KE KALA PRADETA MOHAN UPRETI KA SANGEETIK YOGDAN – DR. DEEPA JOSHI Dr. Deepa Joshi, *SMRITYON MEIN MOHAN UPRETI* mohan upreti lok sanskriti kala aiwam vigyan sodh samiti Almora ISBN 978-93-5267-271-4 Kumauni People Music of Uttarakhand Theatre in India a newspaper article on Mohan Upreti Mohan Upreti's Seeta Svyamvar, staged by'Parvatiya Kala Kendra', 2007
Michael Ayrton was an English artist and writer, renowned as a painter, printmaker and designer, as a critic and novelist. His varied output of sculptures, illustrations and stories reveals an obsession with flight, myths and mazes, he was a stage and costume designer, working with John Minton on the 1942 John Gielgud production of Macbeth at the age of nineteen, a book designer and illustrator for Wyndham Lewis's The Human Age trilogy. An exhibition, ` Word and Image', explored artistic connections, he collaborated with Constant Lambert and William Golding. Ayrton was born Michael Ayrton Gould, son of the writer Gerald Gould and the Labour politician Barbara Ayrton, took his mother's maiden name professionally, his maternal grandmother was inventor, Hertha Marks Ayrton. In his teens during the 1930s he studied art at Heatherley School of Fine Art and St John's Wood Art School in Paris under Eugène Berman, where he shared a studio with John Minton, he travelled to Spain and attempted to enlist on the Republican side in the Spanish Civil War, but was rejected for being under-age.
In the 1940s, Ayrton participated in the BBC's popular radio programme The Brains Trust. Beginning in 1961, Michael Ayrton wrote and created many works associated with the myths of the Minotaur and Daedalus, the legendary inventor and maze builder, including bronze sculpture and the pseudo-autobiographical novel The Maze Maker, he wrote and illustrated Tittivulus Or The Verbiage Collector, an account of the efforts of a minor devil to collect idle words. He was the author of several non-fiction works on fine art, including Aspects of British Art, he died in 1975. In 1977, Birmingham Museum and Art Gallery organised a major retrospective exhibition of his work which subsequently went on tour, his work is in several important collections including the Tate Gallery, National Portrait Gallery, Museum of Modern Art, New York, Fry Art Gallery, Essex. 1946: British Drawing. London: Collins ASIN B00149X1DM 1947: Aspects of British Art. London: Collins 1953: Tittivulus or The verbiage collector. London: Max Reinhardt 1962: The Testament of Daedalus.
London: Methuen. Reprinted 1991, with a foreword by Rex Warner: London: Robin Clark, 1991. ISBN 978-0-86072-140-6 1967: The Maze Maker: a novel. New York: Holt and Winston 1972: Fabrications". London: Secker & Warburg. / New York: Holt and Winston. 1973 Ankylosing spondylitis Icarus complex James Laver, Paintings by Michael Ayrton C. P. Snow, Michael Ayrton Drawings and Sculpture Cannon-Brookes, Michael Ayrton: an illustrated commentary Peter Tucker,'The book illustrations of Michael Ayrton', in The Private Library. Leissring Collection Oxford Dictionary of National Biography index entry