JULY 16, 2012 10:02 AM
Barton M. Biggs, a money management veteran whose decades of successful predictions at Morgan Stanley included calling the rise of bull markets and the dissolution of the dot-com era, died on Saturday. He was 79.
He died after a short illness, Jeanmarie McFadden, a spokeswoman for Morgan Stanley, said by phone.
Over nearly four decades at Morgan Stanley, Mr. Biggs became one of the best-known prognosticators of market trends around the world. As the founder of the firm’s research department and its global market strategist, he wrote often, correctly forecasting a number of stock market rallies. His essays were often passed around Wall Street for their nuggets of investing wisdom.
But it is probably Mr. Biggs’s prediction that the United States stock market, and particularly the technology sector, was showing signs of a bubble that made his name.
Surprising many, he left Morgan Stanley in 2003 to strike out on his own, co-founding the hedge fund Traxis Partners, though he remained an adviser to his old firm.
“Barton left an indelible mark on our business, our culture and our shared notion of leadership at Morgan Stanley,” James P. Gorman, Morgan Stanley’s chief executive, said in an internal memorandum that was reviewed by DealBook. “He was known as an independent thinker, colorful writer and one of the pioneers of emerging markets investing, and our firm benefitted from his vision.”
Mr. Biggs is survived by a son, two daughters and nine grandchildren.
Here is the full internal memo
July 16, 2012
To: All Employees
From: James Gorman
It is with great sadness that I share the news of Barton Biggs passing away on Saturday, July 14. On behalf of the senior management team, I want to express my condolences to Barton’s family and to share some reflections on Barton’s contributions to Morgan Stanley over the course of his nearly four decades with the Firm.
Barton left an indelible mark on our business, our culture and our shared notion of leadership at Morgan Stanley. He was known as an independent thinker, colorful writer and one of the pioneers of emerging markets investing, and our Firm benefitted from his vision. Eight years after co-founding one of the first hedge funds, Fairfield Partners, in 1965, he joined Morgan Stanley as a General Partner and Managing Director. Barton established our Research department and served as its director and global market strategist, repeatedly topping industry polls and forging a culture of premier thought leadership within our business. He founded Morgan Stanley Investment Management in 1975, serving as its chairman until 2003, and he sat on our Board of Directors until 1996.
After leaving in 2003 to found the investment advisory firm Traxis Partners, Barton continued to serve as a trusted adviser to Morgan Stanley. He also authored three books and served as chairman of the Riversville Foundation, which funds scholarships for disadvantaged students. He graduated from Yale University and the New York University Graduate School of Business, and served as an officer in the U.S. Marine Corps. He is survived by his son, his two daughters and nine grandchildren.
We will always remember Barton for his legacy to Morgan Stanley. We will provide information on a memorial service for Barton when his family makes details available.
Barton Biggs was born on November 26th, 1932 according to http://en.wikipedia.org/wiki/Barton_Biggs
November 26th, 1932
11 + 26 +1+9+3+2 = 52 = his life lesson = Keen. Astute. Perceptive. Nobody’s fool.
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