Elaine Garzarelli

ELAINE GARZARELLI, President of Garzarelli Capital, Inc., was a partner
and managing director at several major brokerage firms prior to starting
her own company in 1995. She has been studying the stock market for
over 20 years and has been ranked first team in Quantitative Analysis in
Institutional Investor magazine’s all-star poll for 11 years. She was
also ranked in Strategy and Market timing. She initially developed her
sector analysis methodology for predicting industry earnings and the
stock market while working as a corporate profit economist with her
staff of econometricians. 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 in 1984 and the bottom, the crash
of 87, the upturn that followed, and the top and bottom in stock prices
in 1990. Her indicators showed an overvaluation in the S&P 500 of 40%
in late 1999 and she warned of overvaluation and problems with company
cash flow statistics as early as 1996, several months before Alan
Greenspan’s ‘irrational exuberance’ speech. Ms. Garzarelli currently
uses this mathematical approach for stock market timing and industry
selection in producing her Sector Analysis Monthly Monitor. She issues
this institutional report to clients managing over $100 million. She was
featured as a top businesswoman in Fortune magazine and in
BusinessWeek’s ‘What’s In’ list. She appears frequently on television,
including ABC Good Morning America, CNN’s MoneyLine, Fox Business News,
and The Nightly Business Report. Ms. Gazarelli spends three weeks each
month doing research (working with economists in the industries she
covers and analyzing her industry earnings models). During the rest of
the month, she presents her forecasts on the economy, the stock market
and specific industries to institutional clients. Her education is in
economics and statistics at New York University, and she holds a
doctorate from Drexel University. Her clients include domestic and
international mutual funds, hedge funds and pension funds.