The man who called the '87 Crash, among other things, died yesterday.
Mr. Zweig wrote the first investing book that I ever read. I was about 12 years old and I either checked it out from the library or got it off of my dad's book shelf. I'm sure I did not understand most of what was written in the book, but if it only taught me that this was a man of importance in the investing/trading world, that was good enough. I believe that my decision to read "Reminiscences of a Stock Operator" came about because of his admiration for Jesse Livermore.
Zweig received degrees from Wharton, Michigan State, and the University of Miami in the 1960's. He started out "on Wallstreet" writing a newsletter in the 1970's. He then penned articles for Barron's Magazine, and finally became an advisor to Wallstreet. At one time Zweig owned the most expensive condo in America.
In addition to excellent stock picks using fundamental analysis, Zweig combined technical analysis into his analysis. He came up with the Put-Call Ratio as a tool for measuring investor sentiment. He also helped promote other technical analysis methods to evaluate stocks and the market overall.
In some sense, Zweig's book started me on a journey since age 12 that has shown no signs of slowing down. I am grateful for that.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.