Customer Rating: 
Summary: Elegantly-written, in-your face report on hedge funds
Comment: Hedgehoggers come in different sizes and personalities, and their results swing widely from high levels of success to abject failure. Hedge-fund investing is only for rich people and institutions; however, these funds play an important role in the stock market and the economy. Author Barton Biggs is a cultured, high-level money manager and global strategist. After 30 years with Morgan Stanley (which took public exception to parts of this book), he raised substantial capital through his wealthy family and investors, and entered the hedgehogging jungle. He describes the field both coldly and romantically. He is an effective raconteur, especially when he details war stories about Wall Street's unethical, double-crossing maneuvers, and strange but wealthy characters. getAbstract recommends this book for its smooth, dramatic writing about hedge funds, their context and the players who run them.
Customer Rating: 
Summary: market reflections
Comment:
This book is more a collection of personal observations about entering the hedge fund industry and anecdotes from a long career in stock broking rather than an up and down guide to the hedge fund industry. Anyone looking for the latter may be somewhat disappointed. However, Barton Biggs has been around a long time and has put together an interesting collection of market tales. To his credit he is also big enough to admit that he has called it wrong on a number of occasions - I was in Indonesia in the early 90s when he called a buy on that country, in the middle of a bear market. On one point I wold take issue with him. He glosses over the fact that most hedge funds returns, after fees, are no greater than the average mutual fund. Those that do offer superior returns are either closed end or effectively closed through high minimum investment levels.
But an entertaining book none the less.
Customer Rating:
Summary: Poorly written, but not a total loss.
Comment: Biggs isn't wise and he isn't smart. Don't read this book for investment advice. That said, the book does give a decent insiders view of the Wall Street culture, with plenty of character sketches and a good description of the mental agony of investing.
Overall I was left wondering how this joker survived on the street for as long as he did. I think Emanuel Derman had it right - all the brains in banking are in fixed income rather than equities "because there's no competitive edge to being smart in the equities business".
Customer Rating:
Summary: Demystifying the Hedge Fund Industry. An Educating and Impressive Account of What It Takes. Brilliiant!!!
Comment: Finally a book from a top industry's insider (Morgan Stanley has just bought into his hedge fund and the author has 30plus years of experience at this bank) on an industry that has U$1.8 trillion under management and still draws so much money, talent, hype and attention.
I am amused to read the stories/anecdotes that are so widely recycled around without actually making a reference to the original source that this book is. Highly educating and enlightening (if such a word can be applicable in the context) work.
It is very rare that I find a book written in such a style and in such great language, full of knowledge and ideas, first-hand experiences and inside information, that it is so hard to put down. Exceptionally stimulating and motivating intellectually, this book is a treasure.
However there were 2 major issues with this book:
- what's with tomorrow's WSJ???
- the author either doesn't understand (unbelivably) how the markets really work or is naive - he talks about the markets as the law onto itself - he doesn't talk about how the whole huge scheme is manipulated by the Fed. that is owned by a small group of individuals since 1913.. and how they essentially cause all the ups and downs, depressions, etc.
Customer Rating:
Summary: "Stay close to the shore"
Comment: Pages 96,97,98 and 99, alone are worth serious study. The book gives excellent insight on the psychology and lifestyles of successful and failing market participants. The key point I learnt from this book is that if you are serious about playing the markets you must love it.
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