Sunday, December 31, 2006

From Barton Biggs's book, "Hedgehogging"

Barton Biggs was an executive at Morgan Stanley before leaving to start a hedge fund. A.P. Jones is credited with starting the first hedge fund many years ago.





As a young man, Biggs was invited to lunch with Alfred Jones, considered the inventor of hedge funds.
The first question from Jones: “When you go to pee in a restaurant urinal, do you wash your hands before or after you pee?”
Biggs was stunned. “Afterwards, sir.”
“That’s the wrong answer,” said Jones sourly. “You’re a conventional thinker and not rational. I always wash before rather than after.”
Biggs doesn’t like Jones; I myself think he must be nuts.

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