Barton Biggs spent thirty years at Morgan Stanley. In that time, he formed the firm’s number one- ranked research department, built up its investment management business, and served as chairman of the investment management firm. At various times during this period, he was ranked as the number-one U.S. investment strategist by the Institutional Investor magazine poll and then, from 1996 to 2003, as the number-one global strategist. He was also a member of the five-man executive committee that ran the firm until its merger with Dean Witter in 1996. In 2003, Biggs left Morgan Stanley and, with two other colleagues, formed Traxis Partners. Traxis now has well over a billion dollars under its management. Biggs’s previous book, Hedgehogging, was also published by Wiley and is an international success.