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Who should read it
Synopsis At various times during his tenure, he was ranked as the No. 1 U.S. investment strategist by the “Institutional Investor” magazine poll, and from 1996 to 2003 he was ranked as the No. 1 global strategist. In 2003, Biggs formed Traxis Partners, a hedge fund that now has more than a billion dollars under its management. With hilarious anecdotes and laugh-out-loud descriptions, Biggs takes you on a tour of big money and power.
His description of some of the people who invest in hedge funds is quite frank and reminds us that not everyone is cut out for this volatile business. At least 2,000 hedge funds have closed since the end of 2004, and probably 2,500 new funds have opened. The stress to perform is tremendous and Biggs gives us an idea of what it’s like for most hedge fund managers, since there are relatively few who are successful for long periods. “There is an investment black dog and when you are doing badly, it comes and sits on your chest in the middle of the night, and on Saturday mornings, and on sunny spring afternoons in the office. It’s almost impossible to banish the dog when he gets on you. He plagues your life.”
Strong/weak points This book is not aimed at the novice investor, but anyone who wants to read a good story about the people who make up this crazy hedge fund business will find the book entertaining. Biggs’ writing is intelligent and witty.
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