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Macro-Cycle Diaries

Thirty-year Morgan Stanley veteran Barton Biggs offers an insightful, engaging and often hilarious first-person account of the hedge fund industry in an exclusive excerpt from his recently published book Hedgehogging.

MOST HEDGE FUND MANAGERS SHY AWAY FROM the public spotlight. Not Barton Biggs. Three years ago the 30-year veteran of Morgan Stanley gave up his well-paying job as the investment bank's global market strategist and éminence grise to launch Traxis Partners, a value-oriented, long-short equity fund. As he and his

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