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Barton Biggs is returning to his roots.

Last month Morgan Stanley's chief global strategist announced that he was retiring after three decades to start a global, multiasset-class hedge fund called Traxis Partners. In the 1960s, before joining Morgan Stanley, Biggs was a hedge fund pioneer, helping to launch and manage Fairfield Partners (the fund group is now named Fairfield Greenwich). "You could say my career has come full circle," Biggs says. In 1973 Morgan Stanley recruited Biggs, then 40, to build a research department and later gave him the additional mandate of creating Morgan Stanley Asset Management. Gleefully contrarian, Biggs forged a legacy with prescient calls -- he foresaw the crash of 1987 -- and entertaining writing. He is starting Traxis with Madhav Dhar, the onetime Morgan Stanley emerging-markets chief, and Cyril Moulle-Berteaux, a Morgan Stanley portfolio manager.