Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.

In this quote, Gary Weiss comments on the long-standing practice of insider trading within the world of hedge funds. He suggests that this practice has been a part of hedge fund history for a long time, dating back to an era when the concept of a hedge fund was not widely known or understood. Weiss highlights the distinguished history of insider trading, implying that it has been ingrained in the operations of hedge funds, even before the industry became well-known.

Weiss’s statement suggests that insider trading—the illegal practice of using non-public information for trading advantages—has been a hidden yet persistent feature of financial markets, especially within hedge funds. The reference to a time when people were unaware of what a hedge fund was serves to illustrate how this unethical practice may have been carried out in the shadows, without public scrutiny or regulation.

By describing the history of insider trading in such terms, Weiss also comments on the lack of transparency and the loopholes within financial markets that have allowed such practices to thrive. The fact that insider trading was happening even before the public became aware of the industry suggests a system that has been built on secrecy and unfair advantages.

Ultimately, the quote is a critique of the hedge fund industry and its role in perpetuating unethical practices like insider trading. Weiss's words point to a need for greater regulation and accountability within the financial world to address the historical and ongoing issues of market manipulation.