The article discusses how hedge fund managers are like modern-day alchemists, using strategies to make money while reducing risks. The concept of hedge funds was pioneered by Alfred Winslow Jones in the 1950s, who balanced buying undervalued stocks with selling overvalued ones to minimize losses. This approach, known as the equity long-short strategy, helped Jones outperform other investment funds. In 2006, hedge fund managers gathered at Hedgestock to promote their alternative investment movement, contrasting with the counterculture message of Woodstock.