http://www.bloomberg.com/apps/news?pid=20601213&sid=aiuR.GNB5vbA&refer=home Biggs, co-founder of New York-based hedge fund Traxis and formerly chief global strategist for Morgan Stanley, said in February last year that U.S. stocks were âvery, very cheapâ and the market was âat or very close to an important bottom.â The S&P 500 subsequently fell 49 percent.