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Praise for HedgeHogging "Barton Biggs writes about markets with greater style, clarity, and insight than any other observer of the Wall Street scene. His new book, Hedgehogging, entertains immensely even as it provides countless valuable lessons regarding hedge funds and the investment world they inhabit."

—David F. Swensen, Chief Investment Officer, Yale University "Since the glory days of the tech bubble, investing has become a perilous enterprise. Not the least for those running money in the proliferating hedge fund business. In Hedgehogging, Biggs offers a fascinating glimpse behind the scenes at the personalities and egos making decisions about the enormous sums being dumped en masse into these funds. This book is great. It's full of personal anecdotes and critical insights from an insider's insider. You should not even consider giving money to anyone on Wall Street ever again until you've read this book."

—Addison Wiggin, Agora Financial LLC, author of the New York Times bestseller, The Demise of the Dollar and coauthor of Empire of Debt Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.

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他对于新兴市场投资有不少高见，比如说，“强龙压不过地头蛇”——到头来做得最好的总是本国投资者。在政治事件引发的大恐慌之后，地头蛇们高高兴兴地从外国人手中接过价格已经触底的股票。可你要指望以后股票升值时还能卖给他们，那就是做梦。要想在新兴市场上获得利润，唯一的办法就是以更高的价格卖给比自己更傻的外国投资者。

“水位线”的规定实际上会鼓励那些亏损的基金关门了事，再改头换面发起一只基金。

然而，有些投资者想法完全不同。他们的逻辑就是“回归平均值”的理论对任何事物都适用，对基金经理也一样。

在投机力量的撞击中，情绪所扮演的角色已经偏离了商业和行业的常轨。如果不重视这一点，就无法充分地解释股价脱离其商业环境的现象。在华尔街，“中庸”这个词并不存在，因为投机机制注定一切行为都会过度。就算是幻象的高潮和失望的深渊过后，人们恢复性的反应都会过激，比正常的商业趋势波动更大。人们若是只想把股票变动与商业统计挂钩，而忽略股票运行中的强大想象因素，伙食看不到股票涨跌的技术基础，一定会遭遇灾难，因为他们的判断仍是基于事实和数据这两个基本维度。而他们参与的这场游戏却是情绪的第三位和梦想的第四维上展开的。

黄金是一种收益为负的投资，没有什么明显的投资价值。它的价格主要取决于恐惧——对通胀，战争和纸币贬值的恐惧。

靠在这些资产类别间进行配置来创造业绩，而他的手下人做得比各自行业的平均指数更加出色，从而达到锦上添花。

贾尼斯把集体思考描绘成：“一种小集团成员参与的思考模式，成员们为维护一团和气而不愿发表真实意见。一种因小集团压力形成的对信息处理，事实检验与思考水平的扭曲。

书籍介绍

在线阅读本书

Praise for HedgeHogging "Barton Biggs writes about markets with greater style, clarity, and insight than any other observer of the Wall Street scene. His new book, Hedgehogging, entertains immensely even as it provides countless valuable lessons regarding hedge funds and the investment world they inhabit."

—David F. Swensen, Chief Investment Officer, Yale University "Since the glory days of the tech bubble, investing has become a perilous enterprise. Not the least for those running money in the proliferating hedge fund business. In Hedgehogging, Biggs offers a fascinating glimpse behind the scenes at the personalities and egos making decisions about the enormous sums being dumped en masse into these funds. This book is great. It's full of personal anecdotes and critical insights from an insider's insider. You should not even consider giving money to anyone on Wall Street ever again until you've read this book."

—Addison Wiggin, Agora Financial LLC, author of the New York Times bestseller, The Demise of the Dollar and coauthor of Empire of Debt Rare is the opportunity to chat with a legendary figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.