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Diary of a Hedgehog : Biggs' Final Words on the Markets by Biggs, Barton | eBay
View table of contents. Start reading. 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 , Biggs was a member of the five-man executive committee that ran the firm.
In , Biggs left Morgan Stanley and, with two other partners, formed Traxis Partners, a multibillion-dollar hedge fund. It also sparked a protracted period of high volatility in those markets.
But history lessons alone do not help the modern investor. By giving Mr Market a personality, Biggs reminds us that markets do not behave according to the historical parameters of quantitative models and that understanding the effect of human emotions and behaviour, both individually and collectively, is as important as having a rigorous investment process.
Diary of a Hedgehog : Biggs' Final Words on the Markets
The book ends with a conclusion written by Biggs, which could easily have been placed at the front. When managing risk in a portfolio… you always have to remember that there is the possibility of a catastrophic outcome. This is something for us all to bear in mind, at a time when policy has become a key driving force in markets. Better to acknowledge and manage the range of risks, than to bury six hundred heads in the hedgerow of unknown unknowns. Text Size: A A A.
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