Elaine Garzarelli is the president of Garzarelli Capital, Inc., and runs the Sector Analysis Fund. She was a partner and managing director at Lehman Brothers prior to starting her own company in 1995. Ms. Garzarelli has been studying the stock market for over 20 years and was ranked first team in quantitative research in Institutional Investor's all-star poll for 11 years, as well as earning a top ranking in portfolio strategy and market timing. She initially developed her sector analysis methodology for predicting industry earnings and her 14 stock market indicator model while working as a corporate profit economist at a major brokerage firm. This methodology allowed her to predict the major trends in stock prices and the earnings of 80 S&P 500 industry groups. Ms. Garzarelli is credited with predicting the bear market bottom in the S&P 500 price index in 1982, the top and bottom in 1984, the crash of 1987 and the upturn that followed, and the top and bottom in stock prices in 1990. She warned of overvaluation and problems with "phantom" company profits versus tax return profits as early as 1996, several months before Alan Greenspan's "irrational exuberance" speech. Ms. Garzarelli was bullish from early in 1997 until May of 2000. Her indicators showed an overvaluation in the S&P 500 of more than 40% in late 1999. Ms. Garzarelli predicted the top in stock prices in May of 2000, and the bear market bottom in late 2002. She predicted a market top in January 2008 and turned bullish in March 2009. Ms. Garzarelli currently uses this mathematical approach for stock market timing and industry selection in producing her sector analysis monthly report. She issues this report to institutions, primarily for portfolio managers and security analysts. Her clients include domestic and international mutual and pension funds, and hedge funds. Ms. Garzarelli was featured as a top businessperson in Fortune and was listed in BusinessWeek's "What's In" list. She appears on television including FOX Business News, CNBC, and The Nightly Business Report on PBS. Ms. Garzarelli's education is in economics and statistics from New York University, and she holds a doctorate from Drexel University.