 According to Madhav Dhar, Biggs' partner, he enjoyed the intellectual challenge of running a fund.He "sealed his fame" as an investor when he correctly identified the dot-com bubble at a time the Dow Jones Industrial Average was posting annual gains that had averaged 25 percent from 1995 to 1999.In a July 1999 interview in Bloomberg Television, Biggs called the U.S. stock market "the biggest bubble in the history of the world", a view that was dismissed by the industry until March 2000, when the Nasdaq Composite Index dropped 78 percent.