<human>:  Who was the first person to start a hedge fund?
<bot>: The first hedge fund was started in 1949 by Alfred Winslow Jones. Jones had been a partner at Goldman Sachs and had made a fortune during the Great Depression, but he wanted to create a new type of financial company that would invest in the stock market. He named his company Drexel Burnham Lambert. Drexel Burnham Lambert later merged with J.P. Morgan and became JPMorgan Chase.