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Hedgehogging Paperback – February 4, 2008
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From the Inside Flap
"Barton Biggs writes about markets with greater style, clarity, and insight than any other observer of the Wall Street scene. His new book, Hedgehogging, entertains immensely even as it provides countless valuable lessons regarding hedge funds and the investment world they inhabit."
David F. Swensen, Chief Investment Officer, Yale University
"Since the glory days of the tech bubble, investing has become a perilous enterprise. Not the least for those running money in the proliferating hedge fund business. In Hedgehogging, Biggs offers a fascinating glimpse behind the scenes at the personalities and egos making decisions about the enormous sums being dumped en masse into these funds. This book is great. It's full of personal anecdotes and critical insights from an insider's insider. You should not even consider giving money to anyone on Wall Street ever again until you've read this book."
Addison Wiggin, Agora Financial LLC, author of the New York Times bestseller The Demise of the Dollar, and coauthor of Empire of Debt
Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Top Customer Reviews
However, the book's strength is not an "inside look" into the world of hedgehogs, but a series of instructive vignettes about how to be an "investor". According to Biggs, a true investor sees one step ahead, while the rest of us are responding to the "now".
The true investor pays a high price for this insight. A true investor makes mistakes, is inevitably early, has doubts, lives in a lonely world, and is abandoned at precisely the wrong time by his most loyal investors. Sleepless nights, grinding teeth, and poor digestion are just part of the price paid. (I certainly can attest to this, though I would never claim to be a true investor. I guess that I am just a "journeyman".)
The goal of people with money to invest is to find these true investors, give them their money, watch them closely, and stick with them through thick and thin. One must constantly watch, though, for the weaknesses that often come with success.
In the first half of the book, Byron provides many instructive stories, centered on his town of Greenwich, of successful hedgehogs who let their money determine their lifestyles. Inevitably, pride comes before the fall, destroying both lifestyles and businesses.
I strongly recommend this book, not as an investment guide, but as an "investor guide" -- a guide on how to be a successful investor or how to find successful investors to work for you. This book fills an critical hole in my library.Read more ›
Having spent 35 years in the industry, and I still love it every day, I have nothing but respect and admiration for this man who spent most of his career at Morgan Stanley. He was actually the lead man in putting together the Morgan Stanley research department. This is a major feat by itself. By whatever matrix you want to compare this man, you will find him on every winner's list.
I have run into him at several conferences, and I have never failed to be impressed by his massive intellect, which can focus like a laser on individual stocks, sectors, commodities or equities, and a whole array of economic issues.
He is a first rate thinker, and a first rate analyst. He's just basically smarter than his peers, and he has decades of experience to couple that brainpower with. In this book you have the opportunity to take in about 300 pages of pure wisdom. How else are you going to be able to do this, and from who?
Every couple of years I try to retool. It helps me remain humble. This can be done in a number of ways. You can take a stack of books like this one, tuck them under your arm and get away to a retreat or a beach somewhere, and just start taking in the knowledge, and try to integrate it.
Back at the height of the Internet Boom when I couldn't understand the valuations being given to hundreds of companies with no earnings, I decided to retool. It wasn't that I just couldn't understand the lack of earnings.Read more ›
Many of the other reviews focus on how "well-written" the book is.Read more ›
Most Recent Customer Reviews
This book provides, from an insider's perspective, a brief but very useful look into the hedge fund industry. Read morePublished 5 months ago by blue table
Didn't get very far with this one...not well written and the content and narrative would only be of interest I suspect to those who are in the hedge fund business.Published 12 months ago by Hboro Sammy
I'll mark this as incomplete, because I did not find it interesting enough to finish.Zzzzz. Don't get me wrong: his knowledge is immense,. He's just not much of a writer. Read morePublished 14 months ago by Jim
Wonderful comprehensive discussion of the hedge fund industry. Of particular interest were the discussion of the pitfalls of starting your own fund, changing your lifestyle, or... Read morePublished 14 months ago by Mazagj2