President of Garzarelli Research, Inc.
Elaine is president of Garzarelli Capital, Inc.
She 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 25 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
She initially developed her Sector Analysis methodology for predicting industry
earnings and her 12 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 predicted a market top in January, 2008 and turned
bullish in March, 2009.
Elaine currently uses this mathematical approach for stock market timing and industry
selection in running her Sector Analysis Fund and 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 each month doing research
by working with economists in the industries she covers and analyzing the economy
and managing the Fund. Her education is in economics and statistics at New York
University, and she holds a doctorate from Drexel University.