The answer is that aw jones was the first to use the long short hedging strategy. That is why his fund is called a hedge fund and is considered the first of its kind. Others have used shorting before but he was the first to use the strategy of specifically entering a short position to protect a different long position. Well, he was the first one to officially theorize it and market it, at least. That is why when carol loomis described his fund, she coined the word hedge fund.