Birinyi Associates is a money management and research firm. Our analysis and research of the markets complement our portfolio management efforts. We are unique in that we do not analyze the economy, have little interest in corporate developments and fundamentals, and have little use for traditional, technical, quantitative or other market indicators. Our approach is to understand the psychology and history of the market, and most importantly the actions of investors. Much of our effort involves money flows, or what has traditionally been called ticker tape analysis. We follow the ideology of Charles Dow in our methods. As he stated years ago, start with the market's input:
"The market reflects all that the jobber knows about the condition of the textile trade; all that the banker knows about the money market; all that the best-informed president knows of his own business, together with his knowledge of all other businesses; it sees the general condition of transportation in a way that the president of no single railroad can ever see; it is better informed on crops than the farmer or even the Department of Agriculture. In fact, the market reduces to a bloodless verdict all knowledge bearing on finance, both domestic and foreign.
The price movements, therefore, represent everything everybody knows, hopes, believes and anticipates. Hence, there is no need to supplement the price movements, as some statisticians do, with elaborate compilations of commodity price index numbers, bank clearings, fluctuations in exchange or anything else. The price movements themselves reflect all these things, and therefore an understanding of the price movements of the market."
-Charles Dow
The firm has three main areas of focus: US equity research, Global equity research and Money Management.
US Equity Research: Laszlo Birinyi began analyzing and writing about US equity markets with Salomon Brothers in 1976. He worked there until 1989 when he left to establish his own firm, Birinyi Associates. The firm remains at the cutting edge of market analysis through its equity research products.
Global Equity Research: Birinyi Associates monitors global equity markets and provides real-time research to global investors. Our coverage includes over 4000 stocks in more than 40 markets worldwide.
Money Management: Birinyi Associates has effectively utilized its research expertise in a money management practice and has been managing investment accounts for high net-worth individuals for over 12 years.
Laszlo Birinyi, Jr is the President of Birinyi Associates Inc. He began his career as a sales trader where he conceived the idea of a trading calendar and other market- oriented products. In 1976, he joined Salomon Brothers with a mandate to develop products and analysis that would provide market intelligence and information to the firm's clients and traders. The first of these, the Block Trading Monitor, detailed the movement of block trades and unusual accumulation and distribution and led to even more detailed information, or money flows.
In addition, he wrote the firm's first weekly market commentary, Stock Week, and topical studies on volatility, flow of funds, market structure and transaction costs. One of his efforts was The Equity Desk, a book written for Salomon Brothers' training classes and was highlighted in the book, Liar's Poker. Mr. Birinyi was later given the additional responsibility for international analysis and was the architect of the Salomon- Russell International Index.
In 1989, while a Director at Salomon Brothers, Mr. Birinyi left to form Birinyi Associates where his first consulting client was Bloomberg LP for whom he designed a variety of equity functions.
While Birinyi Associates is the primary focal point of his professional activity, Mr. Birinyi is also an occasional contributor to Forbes and Bloomberg Personal Finance. In addition, he has been a panelist on Wall $treet Week with Louis Rukeyser since 1990. He has been on the year-end show in six of the last ten years and was inducted into the W$W Hall of Fame in 1999.