I understand that most market makers maintain non directionality i.e. they always aim to be perfectly hedged. So if they take a long position in X, they will take an offsetting short position in a hedge Y. My question is however, say that a market maker has inventory of 100 google stocks and he sells 50 google stocks from his own inventory, does this action require hedging? I am a bit confused because I understand that if he were to SHORT the 50 google stocks (i.e. those stocks that he sold were not from his inventory), then there would be a reason for him to hedge this position since he would have to return those stocks. But does a sell position coming from your own inventory require a hedge since after all you're just getting rid of it from your books? Thanks.