Elaine Garzarelli

President of Garzarelli Research, Inc.

Elaine was a partner and managing director at Lehman Brothers prior to starting her own company in 1995. She has been studying the stock market for over 20 years and was ranked first team in Quantitative Research in Institutional Investor magazine's All-Star poll for 11 years; she was also top ranked in Portfolio Strategy and Market Timing.

She initially developed her Sector Analysis methodology for predicting industry earnings and her 14 stock market indicator model while working as a corporate profit economist at a major brokerage firm. This methodology allowed her to predict the major trends in stock prices and the earnings of 80 S&P 500 industry groups. She is credited with predicting the bear market bottom in the S&P 500 price index in 1982, the top and bottom in 1984, the crash of 87 and the upturn that followed, and the top and bottom in stock prices in 1990. She warned of overvaluation and problems with "phantom" company profits versus tax return profits as early as 1996, several months before Alan Greenspan's "irrational exuberance" speech. She was bullish from early 1997 until December 1999. Her indicators showed an overvaluation in the S&P 500 of more than 40 percent in late 1999. In May 2000, her indicators fell to a bear market signal of below 30 percent. Her indicators were bullish at the bear market bottom in late 2002. She turned negative in January, 2008, and had a 100.0 percent hedged position for most of 2008, into early 2009. In March 2009, her indicators turned bullish.

Elaine currently uses this mathematical approach for stock market timing and industry selection in producing her Sector Analysis monthly report. She issues this report to institutions, primarily portfolio managers and security analysts. Her clients include domestic and international mutual and pension funds, and hedge funds.

She was featured as a top businessperson in Fortune magazine and was listed in Business Week's "What's In" list. She appears on television including Fox Business News, CNBC, and The Nightly Business Report on PBS. Elaine spends three weeks each month doing research by working with economists in the industries she covers and analyzing the economy. During the rest of the month, she presents her forecasts on the economy, the stock market, and specific sectors and industries to institutional clients. Her education is in economics and statistics at New York University, and she holds a doctorate from Drexel University.

Elaine has a scholarship fund at Drexel University for female undergraduate students in the Bennett S. LeBow College of Business. The scholarship is granted annually.