Joseph E. Granville (1923–2013)

History of Financial Advice Collection Granville’s New Strategy of Daily Stock Market Timing for Maximum Profit is a work which testifies to the continuing influence of technical analysis in the postwar period. Granville seeks to place the “market in a tight cyclic mould”, arguing that “the eternal struggle between the bulls and the bears” provides “easily defined patterns” that allow investors to “better understand the modus operandi of the market game.” For Granville investment decisions are divided between technical and fundamental analysis—he entirely dismisses the “random walk” as “one of the silliest notions to come along in recent years”—and claims that the former is superior because it alone can predict the future. Granville’s work is perhaps most notorious, especially amongst his more acerbic critics, for proposing the “climax indicator,” a “dynamic volume indicator” that will “tell you more about the true technical state of the 30 Dow Industrial stocks than will the Dow-Jones industrial average itself.”… (altro)