Joseph Parnes
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Joseph Parnes (born November 23, 1946) is an American businessperson and registered investment advisor notable for his involvement in
short selling In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the ...
. He is president of Technomart Investment Advisors and editor of the market letter ''Shortex''. His investment strategy is known to be contrarian in nature and is a regular contributor to ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' and ''Futures Magazine''. His short strategy was expressly referenced in ''Barron's'' feature article "Now a Word From the Dark Side".


Early years

Parnes was born in 1946 in
Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
to a
Persian Jewish Persian Jews or Iranian Jews ( fa, یهودیان ایرانی, ''yahudiān-e-Irāni''; he, יהודים פרסים ''Yəhūdīm Parsīm'') are the descendants of Jews who were historically associated with the Persian Empire, whose successor s ...
family. 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 at Lafayette The University of Louisiana at Lafayette (UL Lafayette, University of Louisiana, ULL, or UL) is a public research university in Lafayette, Louisiana. It has the largest enrollment within the nine-campus University of Louisiana System and the s ...
. There he struggled to support himself while in school, and found himself working and sleeping at nights at the local Catholic hospital in Lafayette, Louisiana. Once he graduated, he moved to
New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
and began work at Western Electric, part of
AT&T AT&T Inc. is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the world's largest telecommunications company by revenue and the third largest provider of mobile te ...
. The early 1970s were detrimental to the stock market, as a result of the
Watergate scandal The Watergate scandal was a major political scandal in the United States involving the administration of President Richard Nixon from 1972 to 1974 that led to Nixon's resignation. The scandal stemmed from the Nixon administration's contin ...
and the oil shortage. This is when Parnes found short positions to be an asset in developing a successful stock portfolio.


Professional career

In 1979, Parnes 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 companies In finance, a growth stock is a stock of 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. A growth c ...
. Parnes' focus on short-selling has led to recent controversy with companies such as
American Home Mortgage American Home Mortgage Investment Corporation was the 10th largest retail mortgage lender in the United States and was structured as a real estate investment trust (REIT). In 2007, it filed for bankruptcy and was liquidated. The company was foc ...
and Hansen Natural for his public declaration with the CEO on
Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and m ...
TV of impending devaluation.


Accomplishments

, Parnes had over $220 million, and was included in ''
Barron's Barron's or Barrons may refer to: *Barron's Educational Series, a publisher of books, as well as college entrance exam preparation classes and materials, now an imprint of Kaplan Test Prep ** B.E.S. Publishing, the former owner of Barron's * ''Barr ...
'' Top Investment Advisor Money Poll. Technomart Investment Advisors was recognized as one of the top wealth managers by ''Bloomberg Wealth Manager'' from 2004 to 2012. Parnes was highlighted in the "Baltimore Business Journal" for not losing money in 2008. He was a featured speaker at Reuters Advice Point in 2007, and was asked to provide his input on short-selling to th
Financial Markets Law Committee
c/o Bank of England via the Supreme Court of the United Kingdom in 2011. He has been featured regularly in media including ''
Barron's Barron's or Barrons may refer to: *Barron's Educational Series, a publisher of books, as well as college entrance exam preparation classes and materials, now an imprint of Kaplan Test Prep ** B.E.S. Publishing, the former owner of Barron's * ''Barr ...
'', ''
Investor's Business Daily ''Investor's Business Daily'' (''IBD'') is an American newspaper and website covering the stock market, international business, finance and economics. Founded in 1984 by William O'Neil as a print news publication, it is owned by News Corp and is ...
'', '' Futures Magazine'', ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'',
Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and m ...
,
CNBC CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk sho ...
, and formerly the ''
Nightly Business Report ''Nightly Business Report'' was an American business news magazine television program that aired on public television stations from January 22, 1979 to December 27, 2019, for most of that time syndicated by American Public Television. Interna ...
''. In 2020 Joseph Parnes released his first book, ''Short Selling for the Long Term''. The book focuses on leveraging short selling to increase long positions.


References


External links


Technomart Investment AdvisorsShoreteX
{{DEFAULTSORT:Parnes, Joseph 1946 births Living people American finance and investment writers American money managers American financial analysts Businesspeople from Baltimore Stock and commodity market managers University of Louisiana at Lafayette alumni People from Kermanshah Iranian Jews Iranian emigrants to the United States American people of Iranian-Jewish descent