Joseph Parnes
Encyclopedia
Joseph Parnes is an American businessperson and registered Investment Advisor notable for his involvement in short selling
. He is president of Technomart Investment Advisors and editor of the market letter Shortex. As an investment advisor
, he has distinguished himself as one of the foremost short sellers
in the stock market
. His investment strategy is known to be contrarian in nature as referenced in Barron's feature article "Now a Word From the Dark Side".
. He is the fourth and youngest child. Both of his parents died when he was 12, leaving him on his own and forcing him to take on multiple jobs to support himself, including being a taxi driver. Parnes then emigrated to the U.S. to study electrical engineering
at the University of Louisiana
. There he struggled to support himself while in school, and found himself working and sleeping at nights at the local Catholic hospital in Lafayette, LA. Once he graduated, he moved to New York City
and began work at Western Electric
, part of AT&T. The early 1970s were detrimental to the stock market, as a result of the Watergate
and the oil shortages
. This is when Parnes found short positions to be an asset in developing a successful stock portfolio
.
.
TV of impending devaluation. Often, he is unable to comment on companies based on the perceived negative nature of a short recommendation.
Wealth Manager. Joseph was highlighted in the "Baltimore Business Journal" for not losing money in 08.. Joseph has been a featured speaker at Reuters Advice Point
in 2007, and has been asked to provide his insight and theory into short selling to the Financial Markets Law Committee
c/o Bank of England
in 2011. Parnes is featured regularly in print publications such as Barron's Magazine
, Investor's Business Daily
, and Forbes
. Parnes frequents Bloomberg Television
, CNBC
, and Nightly Business Report
.
Short selling
In finance, short selling is the practice of selling assets, usually securities, that have been borrowed from a third party with the intention of buying identical assets back at a later date to return to that third party...
. He is president of Technomart Investment Advisors and editor of the market letter Shortex. As an investment advisor
Investment Advisor
The term Investment Advisor is an individual or firm who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities...
, he has distinguished himself as one of the foremost short sellers
Short selling
In finance, short selling is the practice of selling assets, usually securities, that have been borrowed from a third party with the intention of buying identical assets back at a later date to return to that third party...
in the stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
. His investment strategy is known to be contrarian in nature as referenced in Barron's feature article "Now a Word From the Dark Side".
Early years
Joseph Parnes was born in 1946 in IranIran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
. He is the fourth and youngest child. Both of his parents died when he was 12, leaving him on his own and forcing him to take on multiple jobs to support himself, including being a taxi driver. Parnes then emigrated to the U.S. to study electrical engineering
Electrical engineering
Electrical engineering is a field of engineering that generally deals with the study and application of electricity, electronics and electromagnetism. The field first became an identifiable occupation in the late nineteenth century after commercialization of the electric telegraph and electrical...
at the University of Louisiana
University of Louisiana
University of Louisiana may refer to:* University of Louisiana System, public multi-campus university system** Northwestern State University of Louisiana...
. There he struggled to support himself while in school, and found himself working and sleeping at nights at the local Catholic hospital in Lafayette, LA. Once he graduated, he moved to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and began work at Western Electric
Western Electric
Western Electric Company was an American electrical engineering company, the manufacturing arm of AT&T from 1881 to 1995. It was the scene of a number of technological innovations and also some seminal developments in industrial management...
, part of AT&T. The early 1970s were detrimental to the stock market, as a result of the Watergate
Watergate scandal
The Watergate scandal was a political scandal during the 1970s in the United States resulting from the break-in of the Democratic National Committee headquarters at the Watergate office complex in Washington, D.C., and the Nixon administration's attempted cover-up of its involvement...
and the oil shortages
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
. This is when Parnes found short positions to be an asset in developing a successful stock portfolio
Portfolio (finance)
Portfolio is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual.-Definition:The term portfolio refers to any collection of financial assets such as stocks, bonds and cash...
.
Professional career
In 1979, he founded Technomart Investment Advisors, which develops custom accounts for both individual and institutional investors. He also created Shortex, a market letter which selects seven long and seven short positions. Parnes is currently President of the firm, directing all research, analysis, and corporate strategy. He is responsible for supplying the firm's private and institutional clients with actionable investment advice. He has experience across a broad array of industries, with a special focus on growth companiesGrowth stock
In finance, a growth stock is a stockof a company that generates substantial and sustainable positive cash flow and whose revenues and earnings are expected to increase at a faster rate than the average company within the same industry...
.
Short Selling
Joseph Parnes' short-selling ability has led to a recent surge in investment material in the last six years in the market. His contrarian style has branded him as a lone voice in a mass of Wall Street homogeneity, and has led to recent controversy with companies such as American Home Mortgage and Hansen Natural for his public declaration with the CEO on BloombergBloomberg Television
Bloomberg Television is a 24-hour global network broadcasting business and financial news. It is distributed globally, reaching over 200 million homes worldwide. It is owned and operated by Bloomberg L.P...
TV of impending devaluation. Often, he is unable to comment on companies based on the perceived negative nature of a short recommendation.
Accomplishments
, he has over $140 million. His account strategy contains an average of 20% short positions. Technomart Investment Advisors has been recognized as one of the top wealth managers in 2004-2010 by BloombergBloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
Wealth Manager. Joseph was highlighted in the "Baltimore Business Journal" for not losing money in 08.. Joseph has been a featured speaker at Reuters Advice Point
Reuters
Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...
in 2007, and has been asked to provide his insight and theory into short selling to the Financial Markets Law Committee
c/o Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
in 2011. Parnes is featured regularly in print publications such as Barron's Magazine
Barron's Magazine
Barron's is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an informative outlook on the week to come....
, Investor's Business Daily
Investor's Business Daily
Investor's Business Daily is a national newspaper in the United States, published Monday through Friday, that covers international business, finance, and the global economy...
, and Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
. Parnes frequents Bloomberg Television
Bloomberg Television
Bloomberg Television is a 24-hour global network broadcasting business and financial news. It is distributed globally, reaching over 200 million homes worldwide. It is owned and operated by Bloomberg L.P...
, CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
, and Nightly Business Report
Nightly Business Report
Nightly Business Report is a Business news television magazine broadcast live Monday to Friday evenings on most public television stations in the United States. Every weeknight, Nightly Business Report distills the essence of what matters in the business world, and provides analysis and reflection...
.
External links
- http://www.technomartrga.com
- http://www.shortex.com