Three years ago, and just two years after stating that "hedge-fund mania now grips the us and Europe" and "is rapidly assuming all the classic characteristics of a bubble", Barton Biggs, then aged 70, started a hedge fund of his own. But if irrational exuberance finally captured Mr Biggs-who had spent the previous 30 years at Morgan Stanley, where he founded the research department and chaired the investment management division-it does not show. In "Hedgehogging", his engaging memoir-cum-treatise on the "never-ending search for investment acorns", Mr Biggs never lets the reader forget that even for the greatest investors, disaster may be but a trade away.
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