There's more than one way to skin a cat

Early on in the hedge fund days, the late 1980s and early 1990s, hedge funds were looking to short instruments, thus creating balance-sheet liabilities. IT systems at the time, however, were unable to handle this, given the long-only nature of most software programmers' investment clients at that time.

Shorting was problematic, requiring "somersaults and workarounds" from an accounting perspective, according to Tony Swei, chief executive of Tradar, a widely used portfolio management system.