Former director of Blue Sky Alternative Investments Elaine Stead is suing the Australian Financial Review and columnist Joe Aston over two articles and one tweet she says have defamed her professional reputation.

In her opening to the Federal Court on Tuesday, Dr Stead's lawyer Sue Chrysanthou SC said that her client cut an extremely impressive professional figure and was highly educated and awarded.

"She was considered trustworthy, intelligent, professional and highly experienced. She was known for her strategic thinking and her tenacity, and she was known for being ethical and hardworking," Ms Chrysanthou said.

Before the articles, her reputation was "remarkable," especially in a heavily male-dominated profession with very few female venture capitalists, she said.

The "gossip columnist" was clearly misogynistic in his attacks on Dr Stead by using particularly sexist language in his baseless claims, she said.

"Mr Aston targeted my client because she is a woman."

The articles alleged she "recklessly destroyed the capital of business ventures" and Dr Stead was a "stupid" woman "who made stupid investments into worthless companies".

In one article Aston uses a social media post to link author and high-profile feminist Clementine Ford, who he calls a "feminist cretin", with Dr Stead who he implied was similar in nature, Ms Chrysanthou said.

"For my client to wake up one morning to find herself subject of an article with another woman with no connection, with no interests aligned, other than being female and social media accounts ... is highly relevant to damages."

In another article, Aston says "venture capital pyromaniac" Dr Stead "set fire to other people's money" with an investment in an "unviable enterprise".

But Shoes Of Prey, one of the "peanut start-ups" Aston holds Dr Stead accountable for attracted other high-profile investors including Atlassian's Michael Cannon-Brookes.

Under Dr Stead's direction, Blue Sky invested in online wine company Vinomofo in 2016, a decision which came under Aston's fire despite the company continuing to generate healthy revenue and turning a profit.

The former South Australian Venture Capital Fund manager also took offence to the line "downright embarrassing, even by Adelaide's basement-low standards".

"Other than defaming everyone in Adelaide ... the allegation is it's a disgrace that my client is employed ... that's how bad she is ... hopeless and useless," Ms Chrysanthou said.

She has argued that if their case is won the total damages awarded must be "huge" to recover some reputational damage done by the columns which have remained online and in print for about two years.

Originally Dr Stead sought removal of the articles and an apology but Fairfax Media stood by the stories.

The AFR is published Australia-wide with Aston's Rear Window column likely the most highly read section, the court heard.

A problem highlighted in his writing was the interweaving of sarcasm, opinion and fact, and how a reader may find it hard to distinguish one from the other.

The hearing is set to resume on Wednesday before Justice Michael Lee.

Australian Associated Press