biggs says rally soon

Discussion in 'Wall St. News' started by Free Thinker, Mar 14, 2008.

  1. Expects 1,000-Point Gain in Dow as Fear Recedes

    By Brian Sullivan and Michael Patterson

    March 14 (Bloomberg) -- The decline in U.S. stocks is ``way overdone'' and the Dow Jones Industrial Average may rally 1,000 points, investor Barton Biggs said.

    ``We're in a financial panic,'' Biggs said during a telephone interview with Bloomberg Television from New York. ``We're setting up for a really big rally. I don't mean three or four hundred points on the Dow, I mean 1,000 points on the Dow. I don't know if we're going to get it next week or the week after. But this thing has gotten crazy and is overdone.''

    Biggs, a former Morgan Stanley strategist who now runs the $1.5 billion hedge fund Traxis Partners LLC, said ``this is the time to be buying stocks around the world and not to be selling them.''

    The Dow average has tumbled 16 percent since reaching a record in October.

    ``I can't get wildly bearish,'' Biggs said. ``This is not the end of the world.''
     
  2. He might be right this "time" but he sure was wrong about the MELT-UP that he was predicting into the end of last year, from Thanksgiving on . . .
     
  3. stopped clock syndrome.
     
  4. S2007S

    S2007S

    HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA



    ARE YOU F$$$$$$ ME....

    hahaha



    I SAW HIM ON CNBC BACK IN LATE 2007 HYPING THE MARKETS AND SAYING THAT THERE WAS GOING TO BE AND I QUOTE A MELT UP, BOY WAS HE WRONG, REALLLLY WRONG...EVEN DENNIS GARTMAN AGREED

    HOLD UP I THINK I FOUND IT, I POSTED THIS BACK IN LATE 2007.

    S2007S


    Registered: Aug 2006
    Posts: 5845


    11-12-07 06:22 PM

    This is from 10/31/07 after the market rallied on the rate cut.



    video is on the cnbc page, his interview starts at 10:09.




    http://www.cnbc.com/id/21562349




    Biggs Expects Surge

    Barton Biggs of Traxis Partners joined the "Fast Money" crew to share his take on the markets. Biggs thinks the Fed did what it should have done and the market is being set up for a big surge higher. He also mentioned that he is hearing from the prime brokers that hedge funds are at their lowest levels of being net long in 4 years. He expects a stampede into year end in big cap big multinationals, tech, Asia and emerging markets.

    Biggs feels China right now is just like U.S. tech stocks in early 1999. He thinks the investment banks are signaling they will perform well into year end. The commercial banks he feels are a tougher story. He pointed out that Citigroup (C - Cramer's Take - Stockpickr - Rating) is too cheap. Lastly, Biggs mentioned that his favorite position right now is investment banks and he has been adding to that position recently.


    Dennis Gartman Take

    Dennis Gartman, author of The Gartman Letter, another guest on "Fast Money" discussed his take on the commodity space. Gartman thinks Barton Biggs is right about a stock market melt up into year end.
     
  5. bdon

    bdon

    yeah he was on Bloomberg after the close talking that game. Some other fund manager came on claiming record high on S&P by year end right after him (no word on whether it was stock_trad3r).

    These guys remind me of analyst upgrading tech stocks to strong buys in june 2000 trying to pump the market while their respective IB's dumped into the sheep buying created from said upgrades.
     
  6. rosy2

    rosy2

    has barton biggs ever made money investing/trading? he was a strategist at ms (aka. salesman/stock hype) and his hedge fund is sub par.
     
  7. the guy is an idiot. what kind of clown would tell people to buy stocks in this environment. i love how these so called pro's always seem to come out after a 200 point drop and scream buying opportunity.
     
  8. The fact that someone who spent so many years with MS in a high profile position can only raise USD 1.5bn says it all.

    Biggs is like Mobius - a hero of 1993.

    On a serioous note, people have to be gently moved out of senior positions as they get old because they become inflexible in their thinking and believe internal rather than external cues i.e they base their decisions on a road map of how things were, not how they are, and on what they want to believe not how things are.
     
  9. His fund manages $1.5bln. He started it in 2003 with 2 partners I believe after leaving Morgan Stanley. If I recall correctly (could be wrong, maybe somebody can correct me) I think the fund averaged a return net of fees in the mid teens from inception until the end of 2007 which would beat all the hedge fund indices I know. Bear in mind their fund is not an equities fund, they do global macro investing, i.e. betting on fundamental ideas in commodities, interest rates, currencies and global stock markets.

    I recall Biggs suggested we're due for a big rally in mid 2003 when others were predicting the SP500 will goto 600. He called equities overvalued in late 1999. He's neither a perma bear nor a perma bull. Did he make bad calls? Sure. Read his book, he has a great chapter on how they bet against crude in 2005 and got creamed. Actually a great book altogether.
     
  10. Excuse me... 'only' 1.5bln??????????????????????????? For a 4.5 years old fund with ZERO investment track record? You have got to be kidding me.

    How much should he have raised? $10bln? $25bln?
     
    #10     Mar 14, 2008