Aren't hedge funds often thematically a form of insurance? If I had a million, I'd probably put 80% in index funds, 10% in hedge funds that were shorting compan

Aren't hedge funds often thematically a form of insurance? If I had a million, I'd probably put 80% in index funds, 10% in hedge funds that were shorting companies that would be negatively affected by global warming, 10% in hedge funds that were betting on another recession.