Diary of a Hedgehog (PDF)

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

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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