Seeking Alpha Profile| Send Message| ( followers)    With so
much in the press lately about "bears being wrong" and "missing
the rally", I wanted to discuss a strategy that is neither
inherently bearish nor bullish but earns a consistent return
over time-- long and short investing using options for leverage
and income.  A.W. Jones was arguably the first traditional hedge
fund, but a few of the unsung heroes of the Depression era
investing were investors using a risk averse hedging technique.
Some of these long and short investors were Ben Graham and Roy
Neuberger (My condolences on his recent passing). Neuberger
shorted enough RCA stock to breakeven during the great crash,
while Graham had used hedging techniques to boost returns with
leverage prior to the great crash, although following the crash
he used almost exclusively his cigar butt long only basket
technique.  It was A.W. Jones who ran the first long term
focused long short equity fund with a typical 70% net long bias
with $1.10 of longs and $.40 of sh