This piece is fun and fascinating, but its history is off the mark.
Bachelier's "Theory of Speculation" (1900) didn't inspire the modern hedge fund, even if it came to inform some funds' investment strategies.
The real story is wilder.🧵 1/9 newyorker.com/culture/cultur…
The first modern hedge fund arrived on the scene in 1949--decades before the reanimation of Bachelier in the 1970s.
Its "proposition” wasn’t so crass as “profit at all prices.”