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Joseph Parnes
Joseph Parnes (born November 23, 1946) is an American businessperson and registered Investment Advisor notable for his involvement in short selling. He is president of Technomart Investment Advisors and editor of the market letter ''Shortex''. As an investment advisor, he has distinguished himself as one of the foremost short sellers in the stock market. His investment strategy is known to be contrarian in nature as referenced in Barron's feature article "Now a Word From the Dark Side".〔see Barron's "And Now a Word From." href=http://online.barrons.com/article/SB112631632229637046.html?mod=9_0031_b_this_weeks_magazine_main〕
==Early years==
Parnes was born in 1946 in Iran. 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. 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 and began work at Western Electric, part of AT&T. The early 1970s were detrimental to the stock market, as a result of the Watergate scandal and the oil shortage. This is when Parnes found short positions to be an asset in developing a successful stock portfolio.
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