Robert Prechter, CMT – Executive Director at the Socionomics Institute will present the Memorial Award to Paul MacRae Montgomery. Paul’s wife Wendy and the Montgomery family will be present to receive the Memorial Award on his behalf.
Paul was an Investment Strategist at Legg Mason, a nationally-renowned analyst of stock and bond markets, a pioneer in the area of behavior of the markets, and a serious student of statistics whose sense led to the notable discovery of the magazine cover indicator. Paul passed away in October 2014 at the age of 72.
In the August 2007 issue of Technically Speaking, Bernie Schaeffer noted “Paul is certainly an accomplished technician but that would be far too restrictive a description of his work. The best way I can describe him is as a student of behavior – whether it be the behavior of the markets or the behavior of we fallible humans who create the ebb and flow of the markets. His pioneering work, for example, on the contrarian significance of magazine covers for stocks and the financial markets made a huge impression on me over the years.” Barry Ritholtz noted in “Remembering One of Wall Street’s Great Thinkers” that long before behavioral economics became popular, Montgomery argued that standard economic theories “overlooked the human factor in markets.”
Following the commemoration, Bob Prechter will present some of his own research that builds on the framework laid out by Paul Montgomery. His talk, The Financial-Economic Dichotomy and Continuum will offer an exploration of the economic vs. financial aspects of various types of markets.