Martin D. Weiss
Encyclopedia
Martin D. Weiss is an American financial market
analyst and an advocate of long-term investor safety. He has been interviewed by U.S. media for his opinions on the money market
s, in particular of the reliability of the banking and insurance sectors, an issue on which Weiss has also testified before the United States Congress
.
and Piracicaba, Brazil
. After receiving a liberal arts degree from New York University
, Weiss moved to Japan for two years on a Fulbright fellowship
to study the Kabutocho, Tokyo's financial community. He later received a Ph.D. in cultural anthropology
from Columbia University
. Martin Weiss is the son of J. Irving Weiss, also an economist, who founded the Sound Dollar Committee in 1959, a nonprofit, nonpartisan organization that was instrumental in helping president Eisenhower balance the 1960 federal budget. As a teenager Martin Weiss would ghostwrite for his father's Money & Credit Report. Weiss is married to his high-school sweetheart Elisabeth, with whom he lives in Jupiter, Florida
.
In 1971, while beginning his doctoral work, Weiss founded Martin D. Weiss Research, Inc., later renamed Weiss Research Inc, to evaluate the investment reliability of banking and insurance institutions. Five years later, in 1976, Weiss began publication of his flagship newsletter, now published monthly and called the Safe Money Report.
In 1989, Weiss began rating life and health insurance companies, assigning letter grades from A to F. His rating agency, unlike others. did not accept compensation of any kind from the rated companies, deriving revenues strictly from the sale of the ratings to consumers.
Since his ratings were often lower than those of his competitors, he invoked the ire of some insurers accustomed to getting higher grades from established rating agencies. However, in 1994, the US Government Accountability Office (GAO) reported that Weiss's life and health insurance company ratings were first in warning consumers of future financial difficulties three times more often than those of the leading insurance rating agency, A.M. Best & Co., while also significantly outperforming those of Moody's, Standard & Poor's, A.M. Best and D&P (now Fitch).
In January 2002, Weiss wrote The Ultimate Safe Money Guide: How Everyone 50 & Over Can Protect, Save And Grow Their Money. The book was listed on the New York Times Business, Wall Street Journal, and BusinessWeek
best-seller lists, as well as the Barron's Roundup
for 2002. In January 2003, Weiss published his Crash Profits book, which predicted a financial crisis in the decade of the 2000s, and which also became a Wall Street Journal bestseller.
In October 2004, Weiss co-founded Financial Publishers Association, devoted to enhancing and maintaining the financial publishing industry's reputation for excellence while helping individual investors build their wealth. And in November of the same year, he relaunched his father's Sound Dollar Committee, a nonprofit organization that seeks honesty in government accounting, a balanced budget and sound economic policy.
In February 2005, Weiss began publishing Money and Markets, a daily investment e-letter, and shortly thereafter Weiss founded the Financial Publishers Association (FiPA) for the promotion of investor education and independence.
In March 2009, Weiss presented a white paper to the National Press Club in Washington, D.C. entitled Dangerous Unintended Consequences: How Banking Bailouts, Buyouts and Nationalization Can Only Prolong America's Second Great Depression and Weaken Any Subsequent Recovery.
In April 2009, Weiss published his latest book, The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income and Grow Wealthy Even In The Worst Of Times, listed as Wall Street Journal and New York Times bestsellers within days of its release. He donated all of his present and future royalties earned on the book to the Campaign to End Child Homelessness, with the first donation ($100,000) made on April 17.
In 2006, Weiss voluntarily settled his dispute with the SEC. The SEC instituted cease-and-desist proceedings against Weiss Research Inc., Martin Weiss and Lawrence Edelson. The proceeding stated, "13. Weiss Research, in promotional materials prepared by Martin Weiss, Edelson, and others, sometimes used selective, outdated, and/or hypothetical examples of specific returns that subscribers might have realized on individual trades had they followed Weiss Research's recommendations, without advising that the overall return was or might not be profitable," and "14. The overall performance of Weiss Research's premium services did not support these profit claims. In fact, during the relevant time period, many subscribers who followed each Weiss Research trading recommendation – as Weiss Research encouraged its subscribers to do – experienced overall returns that were substantially lower than Weiss Research's profit examples and most actually lost money."
In his open letter dated July 26, 2006, Martin D. Weiss fully disclosed the issues and background of his settlement with the SEC. He stated that fewer than 2 percent of his firm's paid subscribers were affected by the issues the SEC raised, and he provided data on improved investment performance. He further stated that this matter was not related to Weiss Research's large-circulation publications such as the highly rated Safe Money Report, Money and Markets, or Larry Edelson's Real Wealth Report, and that the SEC did not dispute the accuracy of Weiss's economic data or the objectivity of his analysis.
Financial market
In economics, a financial market is a mechanism that allows people and entities to buy and sell financial securities , commodities , and other fungible items of value at low transaction costs and at prices that reflect supply and demand.Both general markets and...
analyst and an advocate of long-term investor safety. He has been interviewed by U.S. media for his opinions on the money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
s, in particular of the reliability of the banking and insurance sectors, an issue on which Weiss has also testified before the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
.
Biography
Martin Weiss was born in 1946 in New York but was raised from the age of 6 in AnápolisAnápolis
Anápolis is the third largest city in the State of Goiás in Brazil. It lies in the center of a rich agricultural region and has become a leader in food processing and pharmaceutical plants.-Location and population:...
and Piracicaba, Brazil
Piracicaba
Piracicaba is a city located in the Brazilian state of São Paulo. The population in 2009 was 368,843 in an area of 1,369.511 km², at an elevation of 547 m above sea level.-Name:...
. After receiving a liberal arts degree from New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
, Weiss moved to Japan for two years on a Fulbright fellowship
Fulbright Program
The Fulbright Program, including the Fulbright-Hays Program, is a program of competitive, merit-based grants for international educational exchange for students, scholars, teachers, professionals, scientists and artists, founded by United States Senator J. William Fulbright in 1946. Under the...
to study the Kabutocho, Tokyo's financial community. He later received a Ph.D. in cultural anthropology
Cultural anthropology
Cultural anthropology is a branch of anthropology focused on the study of cultural variation among humans, collecting data about the impact of global economic and political processes on local cultural realities. Anthropologists use a variety of methods, including participant observation,...
from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
. Martin Weiss is the son of J. Irving Weiss, also an economist, who founded the Sound Dollar Committee in 1959, a nonprofit, nonpartisan organization that was instrumental in helping president Eisenhower balance the 1960 federal budget. As a teenager Martin Weiss would ghostwrite for his father's Money & Credit Report. Weiss is married to his high-school sweetheart Elisabeth, with whom he lives in Jupiter, Florida
Jupiter, Florida
Jupiter is a town located in Palm Beach County, Florida. As of the 2000 census, the town had a total population of 39,328. The estimate population for 2009 is 50,606. As of 2006, the population had grown to 50,028, according to the University of Florida, Bureau of Economic and Business Research....
.
In 1971, while beginning his doctoral work, Weiss founded Martin D. Weiss Research, Inc., later renamed Weiss Research Inc, to evaluate the investment reliability of banking and insurance institutions. Five years later, in 1976, Weiss began publication of his flagship newsletter, now published monthly and called the Safe Money Report.
In 1989, Weiss began rating life and health insurance companies, assigning letter grades from A to F. His rating agency, unlike others. did not accept compensation of any kind from the rated companies, deriving revenues strictly from the sale of the ratings to consumers.
Since his ratings were often lower than those of his competitors, he invoked the ire of some insurers accustomed to getting higher grades from established rating agencies. However, in 1994, the US Government Accountability Office (GAO) reported that Weiss's life and health insurance company ratings were first in warning consumers of future financial difficulties three times more often than those of the leading insurance rating agency, A.M. Best & Co., while also significantly outperforming those of Moody's, Standard & Poor's, A.M. Best and D&P (now Fitch).
In January 2002, Weiss wrote The Ultimate Safe Money Guide: How Everyone 50 & Over Can Protect, Save And Grow Their Money. The book was listed on the New York Times Business, Wall Street Journal, and BusinessWeek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
best-seller lists, as well as the Barron's Roundup
Barron's Magazine
Barron's is an American weekly newspaper covering U.S. financial information, market developments, and relevant statistics. Each issue provides a wrap-up of the previous week's market activity, news reports, and an informative outlook on the week to come....
for 2002. In January 2003, Weiss published his Crash Profits book, which predicted a financial crisis in the decade of the 2000s, and which also became a Wall Street Journal bestseller.
In October 2004, Weiss co-founded Financial Publishers Association, devoted to enhancing and maintaining the financial publishing industry's reputation for excellence while helping individual investors build their wealth. And in November of the same year, he relaunched his father's Sound Dollar Committee, a nonprofit organization that seeks honesty in government accounting, a balanced budget and sound economic policy.
In February 2005, Weiss began publishing Money and Markets, a daily investment e-letter, and shortly thereafter Weiss founded the Financial Publishers Association (FiPA) for the promotion of investor education and independence.
In March 2009, Weiss presented a white paper to the National Press Club in Washington, D.C. entitled Dangerous Unintended Consequences: How Banking Bailouts, Buyouts and Nationalization Can Only Prolong America's Second Great Depression and Weaken Any Subsequent Recovery.
In April 2009, Weiss published his latest book, The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income and Grow Wealthy Even In The Worst Of Times, listed as Wall Street Journal and New York Times bestsellers within days of its release. He donated all of his present and future royalties earned on the book to the Campaign to End Child Homelessness, with the first donation ($100,000) made on April 17.
SEC action and settlement of 2006
In the mid-2000s, a dispute arose between Weiss Research and the U.S. Securities and Exchange Commission (SEC), which centered on whether Weiss Research acted as a publisher or a financial advisor. In its filing, the SEC argued that the actions were those of an adviser, while Weiss Research maintained that it acted strictly as a publisher.In 2006, Weiss voluntarily settled his dispute with the SEC. The SEC instituted cease-and-desist proceedings against Weiss Research Inc., Martin Weiss and Lawrence Edelson. The proceeding stated, "13. Weiss Research, in promotional materials prepared by Martin Weiss, Edelson, and others, sometimes used selective, outdated, and/or hypothetical examples of specific returns that subscribers might have realized on individual trades had they followed Weiss Research's recommendations, without advising that the overall return was or might not be profitable," and "14. The overall performance of Weiss Research's premium services did not support these profit claims. In fact, during the relevant time period, many subscribers who followed each Weiss Research trading recommendation – as Weiss Research encouraged its subscribers to do – experienced overall returns that were substantially lower than Weiss Research's profit examples and most actually lost money."
In his open letter dated July 26, 2006, Martin D. Weiss fully disclosed the issues and background of his settlement with the SEC. He stated that fewer than 2 percent of his firm's paid subscribers were affected by the issues the SEC raised, and he provided data on improved investment performance. He further stated that this matter was not related to Weiss Research's large-circulation publications such as the highly rated Safe Money Report, Money and Markets, or Larry Edelson's Real Wealth Report, and that the SEC did not dispute the accuracy of Weiss's economic data or the objectivity of his analysis.