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Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes.
Wiley
January 2006
320 pages
ISBN: 0471771910
Hardcover
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Non-Fiction
Hedgehogging is one of the most instructive, fascinating,
and inherently entertaining investment books of this or any
year. Written by legendary Wall Street investor and
executive Barton Biggs, it provides an impressionistic view
of ?professional investors as well as the agony and ecstasy
that are endemic to this frenetic and highly competitive world. The book tells of the successes and the failures of these
men and women. It unveils the moral code that they live by,
and describes their different life styles and operating
patterns. It also relates the adventures and travails of
these incredibly intense and obsessed investment
personalities, their peculiarities, and the stresses they
experience. Hedgehogs are strange, insecure, but fascinating
characters, preying on each other and other investors in the
battle for investment survival. Biggs was an English and Creative Writing major at Yale who
studied under Robert Penn Warren. His book is populated with
a mixture of real identifiable people and real disguised
people as well as with occasional fiction. There is no
exaggeration. Everything except for one whimsical tale,
which is completely fictional, actually happened. Stories of
investment adventures and individual journeys, both triumphs
and disasters, are related, but there are no answers, only
retrospective wisdom. The book is not an investment primer nor does it tell how to
start a hedge fund, although it does recount some of Biggs's
experiences in the formation of his fund. However, there are
chapters that describe the way others�ranging from Count
Otto von Bismarck to the Yale Endowment�have dealt with the
battle for investment survival, and it provides a model of
how hedge funds might be employed in a modern portfolio.
Inevitably some of Biggs's investment biases surface. Hands-on experience is an unparalleled teacher, and Barton
Biggs has seen and experienced the highs and lows of Wall
Street as few others have. Now, Biggs has written about the
professional investment world in general and hedgehogs in
particular. As engaging, blunt, and intellectually
provocative as its author, Hedgehogging pulls back the
curtain to provide a rare insider's look at what actually
goes on, both in Wall Street's corner offices, at dinner
meetings, and in the highly competitive, lucrative world of
hedge fund management.
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