Diary of a Hedgehog. Biggs' Final Words on the Markets

  • ID: 2132084
  • Book
  • Region: Global
  • 214 Pages
  • John Wiley and Sons Ltd
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Barton Biggs is a legend on Wall Street. Known for both his insights and his creativity as a writer and an observer of markets and the Wall Street scene, his opinions are very highly regarded, and he is considered one of the best brains in the business. In Diary of a Hedgehog: Biggs′ Final Words on the Markets, he shares his insights into why the markets remain at this low level and offers his theories for the future. Drawn from his actual diary of recent events in this time of economic turbulence written in the heat of the moment, not retroactively this book addresses the downward economic spiral we have landed in within the last year and reveals Barton′s gut feelings on where we are headed.

"Understanding the effect of emotion on your actions has never been more important than it is now," says Biggs. "In the midst of this great financial and economic crisis that grips the world, central banks are printing money in one form or another. This makes our investment world even more prone to bubbles and panics than it has been in the past. Either plague can kill you." But while offering dire warnings such as this, Biggs also provides readers with key advice on how to protect their assets and survive even the worst of times.

With keen insight, global experience, and informed opinions on investing, this book showcases Biggs at his best, offering readers the inside scoop into what′s happening and where we go from here.

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Acknowledgments xv

Introduction xvii

Mid–2010

FDR s Fiscal Policy Redux 3

Staying Close to the Shore 11

Stay Long but Watch the Ticks 15

This Is No Time to Get Wobbly, George! 18

Make No Mistake: More QE Is Big Stuff 21

The Best and the Brightest Are Still Licking Their Wounds 25

Nobody Can See His Own Backswing 29

Fire and Ice 31

Miss at Least One Meeting a Day 38

Stick to Your Guns 43

Stage Two of a Cyclical Bull Market 45

The First Word in Analyst Is Anal 49

2011

Be Long Term but Watch the Ticks 57

Shake Well Before Using 63

Fancy Dinner and Candlelight 68

Stevie Cohen Tells a Good Story 71

The Canary in the Coal Mine? 73

Still Hanging in There 79

The Market Is a Discounting Mechanism 82

The Madness of Crowds 86

Earthquakes and Equities 89

The Riddle of Japan 93

Start Buying the Dips 101

Babbling Away 104

Swensen and Yale 107

The Atlantic Crisis 113

Turn Off Your Bloomberg and Tune Out the Babel 116

The New Face of China 119

Harvesting the Grapes of Our Own Wrath 125

No More Water, the Fire Next Time 128

The Valley of Death 130

Lest We Forget 133

If You re Going through Hell, Keep Going! 136

Begin Thinking about Buying 140

Agnostic Optimist 144

My Bet Is that the Rally Is Still a Work in Process 148

The Truth Will Set You Free but Chardonnay Isn t Bad Either 152

Investing in a World Lit Only by Fire 155

Private Equity 158

Another Tsunami 168

2012

A Tough Call 175

No Bull 179

The Elderly Kid Goes to a Tech Conference 185

Positive Change at the Margin Continues 190

Simpson Bowles Forever 194

Shake Well Before Using 198

This Business Is Getting More Complicated 201

Conclusion 207

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The late Barton Biggs was as familiar a figure in the investment world as John Bogle, Warren Buffett, George Soros, or Mario Gabelli. He spent thirty years as a senior partner at Morgan Stanley, during which time he formed Morgan Stanley′s #1–ranked research department, built its investment management business, was chairman of the investment management firm, and then became the firm′s leading global strategist. After Morgan Stanley merged with Dean Witter in 1996, Biggs was a member of the five–man executive committee that ran the firm. In 2003, Biggs left Morgan Stanley and, with two other partners, formed Traxis Partners, a multibillion–dollar hedge fund. Biggs was named by Institutional Investor magazine to its "All–America Research Team" ten times, spoke frequently at forums around the globe, and appeared on CNBC and other programs on more than 300 occasions.

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