Hedge fund pioneer dies at 79

Barton Biggs, a former chief global strategist for Morgan Stanley who predicted that the internet bubble would burst a year before it did, has died, the bank said yesterday. Biggs also played a significant role in the hedge fund industry where he co-founded one of its first firms, Fairfield Partners, in 1965. Nearly four decades later in 2003 he founded hedge fund firm Traxis Partners and remained one of its portfolio managers until the end of his life.