Mr Biggs worked for Morgan Stanley for 30 years and was notable for being able to move markets with his statements. In 1993 he declared himself “maximum bullish” on China and sent the Hong Kong stock market soaring.
But the 71 year-old sage doesn’t always get it right. The same year he said of the US administration: “We want to get our clients’ money as far away from Bill and Hillary Clinton as we can. The president is a negative for the US market. I’m embarrassed that I voted for him and contributed money to his campaign.” In fact, under Mr Clinton the deficit and interest rates fell, profits and employment grew and the stock market doubled in value. Like every other stock picker, Mr Biggs needs his government health warning.
