Martin Zweig, who predicted the infamous stock market crash of 1987, has died of undisclosed causes. He was 70 years old.
Zweig became famous for his predictions regarding a crash the financial world hadn't seen since the beginning of the Great Depression, eventually turning what he saw into a career that afforded him many luxuries. He spoke up about his beliefs that the market was about to take a dive on a Friday, and the next Monday would later be dubbed "Black Monday" after the DOW lost 22.6% of its value...becoming even worse than the crash which caused the Depression.
"I haven't been looking for a bear market per se. I've been really in my own mind looking for a crash," Zweig said. "But I didn't want to talk about it publicly because it's like shouting 'fire' in a crowded theater."
Zweig went on to write "Winning On Wall Street" and published newsletters concerning stock picks for over 26 years, becoming one of the most trusted names in the business world. Friends and colleagues describe him as a man who was not only business-savvy, but one who deserved his hard-earned success.
“He was a very fine technical analyst, also a very fine money manager, and he put those two together in a profitable manner,” said Kenneth Safian, who worked on technical analysis with Zweig. “He’s a very hard-working gentleman. He was obviously deserving of the successes he had.”
Zweig's associates had only nice things to say about him once news got around regarding his passing; it seems he was almost an anomaly in the business world, a man who balanced being pleasant with having a big name and personality.
"In an intense and competitive business, I do not ever recall a nasty comment on Marty," said Art Cashin, director of floor operations at the New York Stock Exchange. "In decades on Wall Street that's a very rare comment on a very high profile personality. May he rest in peace."
Image: Wikimedia Commons