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I think it's time we stop, fools, what's that sound Everybody look what's going down

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July 04, 2010 – Comments (1)

"There's something happening here
What it is ain't exactly clear
There's a man (Barton Biggs) with a gun over there
Telling me I got to beware
I think it's time we stop, fools, what's that sound

Everybody look what's going down" 

 From May 11, 2010 

Biggs Says U.S. Stocks May Rise 20% as Economy Rebounds

By Shani Raja and Susan Li - May 11, 2010 

http://www.bloomberg.com/news/2010-05-11/barton-biggs-says-u-s-stocks-may-advance-20-as-global-economy-rebounds.html 

U.S. stocks could jump as much as 20 percent, led by technology companies, as the global economy rebounds from Europe’s debt crisis, said Barton Biggs.

“I’m betting the next move in the U.S. market is going to be up 15 to 20 percent,” Biggs, who runs New York-based hedge fund Traxis Partners LP and whose flagship fund returned three times the industry average last year, said in a Bloomberg Television interview. “I would just point out that the world is having a strong economic recovery, and so is Europe.”

Biggs recommended buying U.S. stocks last year when benchmark indexes sank to the lowest levels since the 1990s.  

Biggs is a bull no longer. This week, he went from 70% stocks to about 30%. The story is here.

From July 03, 2010


Biggs Sells  Stocks on Concern `Soft Patch' to Worsen http://www.bloomberg.com/news/2010-07-02/biggs-sells-technology-stocks-on-concern-soft-patch-to-worsen.html   "Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.

“I can change my mind very quickly,” Biggs, who manages $1.4 billion, said in a telephone interview following the Bloomberg Television appearance. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point. I just want to have less exposure at a time like this.”

The withdrawal of government stimulus, including the U.S. Senate’s vote against extending unemployment benefits on June 30, "    

http://www.youtube.com/watch?v=1rVLOKuA8Xg

FYI - From Jan. 6, 2010

Barton Biggs: Stock A Safe Haven With Food And Firearms To Protect Against Doomsday Pillagers

Morgan Stanley research guru turned hedge fund manager Barton Biggs (pictured), who called the market rally, advises that you buy a farm a good distance away from a city and, he advises, make sure that your doomsday safe-haven: Be self-sufficient and capable of growing some kind of food Be well-stocked with seed, fertilizer, canned food, wine, medicine, clothes, etc


Read more: http://www.businessinsider.com/barton-biggs-stock-a-safe-haven-with-food-and-firearms-to-protect-against-pillagers-2010-1#ixzz0sjXBD93Q   

1 Comments – Post Your Own

#1) On July 04, 2010 at 3:17 PM, abitare (87.76) wrote:

Actually, zerohedge.com has a good write up here:

The Laws Of A Traxis: From Permabull To Bear in 48 Hours

Submitted by Tyler Durden on 07/03/2010 10:53 -0500

 

June 30 (Bloomberg):

Biggs said bullish bets make up about 70 percent of his investments and isn’t selling because he expects the S&P 500 to finish the year 10 percent to 15 percent above its level now. He favors property developers, oil service companies and technology suppliers in the U.S. and emerging-market equities.

July 2 (Bloomberg):

Signs the U.S. economy is weakening convinced Traxis to reverse course as the S&P 500 posted a weekly slump of 5 percent, bringing its loss since April 23 to 16 percent. Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.

 

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