Barton Biggs is Managing Partner of Traxis Partners LLC, a global macro hedge fund based in New York. In 1965 he founded and was a Managing Partner of Fairfield Partners, one of the first established hedge funds. Mr. Biggs joined Morgan Stanley as a Partner in 1973 and founded Morgan Stanley's investment management company ("MISM"). He also formed the firm's Equity Reserach department and has held the positions of Director of U.S. Research and Director of Global Research. Mr. Biggs was Chairman and Chief Investment Officer of MISM (and its predecessor), as well as Chairmon of Morgan Stanley & Co. Incorporated from 1991 until the merger with Dean Witter & Co. in 1996. Institutional Investor magazine named Mr. Biggs as a strategist to its All-American Research Team 11 times, and from 1996 to 2002 he was voted top global strategist by the Institutional Investor Global Research poll. He graduated from Yale University and from the New York University Graduate School of Business with Distinction, and served three years as an officer in the U.S. Marine Corps. Mr. Biggs is also Chairman of Riversville Foundation and a Director of Said Holdings Limited.