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Biggs Cuts Risk in Traxis Hedge Fund After U.S. Downgrade

San Francisco¬†Chronicle¬†– – Barton Biggs, who last week called U.S. equities a “strong buy,” said he cut risk in his Traxis Partners LP hedge fund, echoing trading last year when he sold stocks as Europe’s debt crisis spread.

“I’ve taken some risk off, and I hate to do it, I think it’s probably the wrong thing to be doing,” Biggs, who helps manage $1.4 billion as managing partner and co-founder of Traxis, said in a Bloomberg Television interview. “But I’m a fiduciary to a certain extent, and I’ve got to protect my capital.”

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