“He was a pioneer in technical analysis,” said Richard Russell, editor of the Dow Theory Letters newsletter, in a telephone interview. Zweig was a “terrible worrier,” said Russell, who took over Zweig’s investment advisory service.
Dow Theory, which stems from observations made by Wall Street Journal founder Charles Dow during the late 1800s, holds that moves by the transportation average must be “confirmed” by the industrial measure, and vice versa, to be sustained.
A patron of The Wharton School, who helped fund its Locust Walk lobby, Zweig played poker and collected pop-culture items, according to the 2007 profile. He owned the sequined dress Marilyn Monroe wore when she sang “Happy Birthday” to President John F. Kennedy and a baseball jersey worn by Brooklyn Dodger star Jackie Robinson in 1947, it said.
Martin Edward Zweig was born on July 2, 1942, in Cleveland. His father died when he was 9, and the family moved to Florida a year later following his mother’s remarriage, Zweig wrote in “Martin Zweig’s Winning on Wall Street.” His interest in the stock market began at 13, when he received a gift of six shares of General Motors Co. from an uncle.
Zweig graduated from Wharton in 1964 with a B.A. in economics. He later received an MBA from the University of Miami and a Ph.D. in finance from Michigan State University in East Lansing, Michigan.
“Marty became a mentor and close friend shortly after he hired me in 1977 while I was still in college,” DiMenna said in the statement. “He was a wonderful, kind and generous person and I will always be grateful for the opportunity to have been his friend and partner. Marty was one of a kind.”
He is survived by his wife Barbara and sons Zack and Alex.