Question: A collar strategy is used as the one of the ways to hedge against possible losses, a hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion what?

Context paragraphs:
Real estate technology: Real Estate Technology or Property Technology, often referred to as ("RE Tech") or ("Proptech"), is an economic industry composed of companies which use technology to make real estate transactions more efficient.  Real estate technology is a sub-category under financial technology as real estate is an asset class which represents a significant investment.  Besides for own stay, there are investors who generate income and capital gains by investing in different categories of Real Estate properties over time - They are broadly residential, commercial and industrial.  Historically used as a more tactical investment or for providing portfolio alpha, real estate has been used as part of a long-term core strategy due to increased market efficiency and increasing concerns about the future long-term variability of stock and bond returns.  In fact, real estate is known for its ability to serve as a portfolio diversifier and inflation hedge.

Asymmetric payoff: An asymmetric payoff (also called an asymmetric return) is the set of possible results of an investment strategy where the upside potential is greater than the downside risk.  Derivative contracts called “options” are the most common instrument with asymmetric payoff characteristics.  Hedge funds that employ this kind of investment strategy include Universa Investments, A North Investments, Pershing Square Capital Management, and others.

Collar (finance): In finance, a collar is an option strategy that limits the range of possible positive or negative returns on an underlying to a specific range.  A collar strategy is used as the one of the ways to hedge against possible losses and it represents long put options financed with short call options.

Performance fee: A performance fee is a fee that a client account or an investment fund may be charged by the investment manager that manages its assets.  A performance fee may be calculated many ways.  With respect to a separate account, it is often based on the change in net realized and unrealized gains, although in some cases, it can be based on other measures, such as net income generated.  While not very common, some fund managers have attempted to link the performance fee to both upward and downward movement in a fund's gains, such as the shock absorber fee, where the fund manager gets penalised (before the investor) for adverse movement in the fund value.  With respect to hedge funds and other investment funds, it is generally calculated by reference to the increase in the clientfund's net asset value (or "NAV"), which represents the value of the fund's investments. Performance fees are widely used by the investment managers of hedge funds, which typically charge a performance fee of 20% of the increase in the NAV of the fund in addition to the base management fee.

Hedge (finance): A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment.  In simple language, a hedge is used to reduce any substantial losses or gains suffered by an individual or an organization.

Manhattan Investment Fund: Manhattan Investment Fund was a hedge fund managed by Michael Berger, who pursued an investment strategy of betting against US stocks that appeared to be overvalued.  During the stock market bubble of the late 1990s, this strategy led to about $400 million in losses on IT related products.  Berger hid the losses from the investors in the fund for more than three years.  This resulted in criminal charges against Berger for securities fraud.

1951 NBA All-Star Game: The 1951 NBA All-Star Game was an exhibition basketball game played on March 2, 1951, at Boston Garden in Boston, Massachusetts, home of the Boston Celtics.  The game was the first edition of the National Basketball Association (NBA) All-Star Game and was played during the 1950–51 NBA season.  The idea of holding an All-Star Game was conceived during a meeting between NBA President Maurice Podoloff, NBA publicity director Haskell Cohen and Boston Celtics owner Walter A. Brown.  At that time, the basketball world had just been stunned by the college basketball point-shaving scandal.  In order to regain public attention to the league, Cohen suggested the league to host an exhibition game featuring the league's best players, similar to the Major League Baseball's All-Star Game.  Although most people, including Podoloff, were pessimistic about the idea, Brown remained confident that it would be a success.  He even offered to host the game and to cover all the expenses or potential losses incurred from the game.  The Eastern All-Stars team defeated the Western All-Stars team 111–94.  Boston Celtics' Ed Macauley was named as the first NBA All-Star Game Most Valuable Player Award.  The game became a success, drawing an attendance of 10,094, much higher than that season's average attendance of 3,500.

Offset strategy: An offset is some means of asymmetrically compensating for a disadvantage, particularly in a military competition.  Rather than match an opponent in an unfavorable competition, changing the competition to more favorable footing enables the application of strengths to a problem that is otherwise either unwinnable or winnable only at unacceptable cost.  An offset strategy consequently seeks to deliberately change an unattractive competition to one more advantageous for the implementer.  In this way, an offset strategy is a type of competitive strategy that seeks to maintain advantage over potential adversaries over long periods of time while preserving peace where possible.

Negative gearing: Negative gearing is a form of financial leverage whereby an investor borrows money to acquire an income-producing investment property and expects the gross income generated by the investment, at least in the short term, to be less than the cost of owning and managing the investment, including depreciation and interest charged on the loan (but excluding capital repayments).  The investor may enter into such an arrangement and expect the tax benefits (if any) and the capital gain on the investment, when the investment is ultimately disposed of, to exceed the accumulated losses of holding the investment.  The investor would take into account the tax treatment of negative gearing, which may generate additional benefits to the investor in the form of tax benefits if the loss on a negatively geared investment is tax-deductible against the investor's other taxable income and if the capital gain on the sale is given a favourable tax treatment.  Some countries, including Australia, Japan, and New Zealand, allow unrestricted use of negative gearing losses to offset income from other sources.  Several other OECD countries, including the US, Germany, Sweden, and France, allow loss offsetting with some restrictions.  In Canada, losses cannot be offset against wages or salaries.  Applying tax deductions from negatively geared investment housing to other income is not permitted in the UK or the Netherlands.  With respect to investment decisions and market prices, other taxes such as stamp duties and capital gains tax may be more or less onerous in those countries, increasing or decreasing the attractiveness of residential property as an investment.

Loss on sale of residential property: Section 165(c) of the United States Internal Revenue Code limits losses that taxpayers can deduct into three categories: business or trade losses, investment losses, and losses incurred from casualty or theft.  A loss incurred by a taxpayer from the sale of the taxpayer's personal residential property is not deductible.  Personal residential property losses do not fit under any of the enumerated categories under Internal Revenue Code section 165(c).  Furthermore, Income Tax Treasury Regulation section 1.165-9 states that a loss sustained on the sale of residential property purchased or constructed by the taxpayer for use as his personal residence and so used by him up to the time of the sale is not deductible under Internal Revenue Code section 165(a).

Supporting paragraphs: Collar (finance) Hedge (finance)
Answer: investment