Barton Biggs 90% Net Long
Bloomberg.com reporting: Biggs Boosts Bullish Bets on Stocks to 90% Net Long
Barton Biggs, the hedge-fund manager who increased bets on equities before the Standard & Poor’s 500 Index rallied this year, is getting more bullish.
“I’ve been gradually increasing and I’m up to 90 percent now,” said Biggs, referring to the proportion of his fund that benefits from higher share prices. He spoke in a radio interview today on “Bloomberg Surveillance” with Tom Keene. “There is an awful lot of money that is out of stocks and in very low- yielding fixed-income instruments. I think the odds are that money is going to migrate back.”
Biggs reduced the net-long position in the Traxis Global Equity Macro Fund to about 40 percent at the end of September before increasing it to 65 percent on Oct. 17 and 80 percent on Oct. 31, according to interviews with Bloomberg. On Nov. 21, he said he cut the level to less than 40 percent. On Dec. 2, he said he boosted it to about 60 percent.
The last paragraph says it all. Talk about asset allocation volatility.