Richard Ney was an actor, financier, creator of The Ney Report, and author of bestselling investment books such as The Wall Street Jungle. He is considered to be the “Father of the Specialist Theory”, and was an extremely successful investor, money manager, investment advisor, and self-made millionaire. He was also the foremost authority on the manipulation of stock prices by Specialists and insiders on the floor of the New York Stock Exchange. Since 1961 Mr. Ney had guided investors to Stock Market profits as both a money manager and investment advisor. He managed stock portfolios for individuals, corporations, and pension and profit sharing plans.
Mr. Ney had an insightful view of what he called stock "merchandising operations" by individual stock. As traders played around with new highs and round numbers, Richard Ney would have been watching the volume moves in a few key stocks of the Dow Jones Industrials. Richard Ney pointed out that frequently the person selling short at market tops was a market-making specialist on the floor of the NYSE.
Mr. Ney was not against short selling because he knew its value to markets. He was against the hidden actions and agendas of market specialists that have unilateral power to set price on NYSE issues they trade. The "smoking gun" is found in details of a day's transactions, Ney used these indicators of manipulation to piggy-back his investor's actions on medium and long term positions taken by specialists.
Observation will show what Mr. Ney continually pointed out, prices are normally moved on low volume - they reach extremes on high volume. He presented his evidence that at lows the NYSE specialists and market insiders were buying strongly while the public sells in panics. He then would follow the progression as the prices were moved up on lower volume to an emotional big move trigger point where high volume was once again used for those insiders to first sell the stock they had purchased, and then sell much more stock short into that topping volume. The prices would then be dropped again on low volume to where the short sales could be profitably covered and long positions re-established.
The specialists, or stock market professionals, used the emotional greed and fear generated by price action to move their merchandise in a profitable fashion. Again and again he pointed out where large market moves created volume - not the other way around.
Regarding price and volume, he analysed it far differently then you will see in the financial press. The NYSE will provide press releases during and after the day highlighting how new highs were accompanied by huge volume. The financial media will repeat this "news" with the implication that volume drove stock prices higher.
Mr. Ney first gained national attention in June 1962 when a Time magazine cover story singled him out as having called the 1962 Stock Market crash. Since that time he had successfully called virtually every major turn in the market including the crash of 1987, and until his passing, thus earning remarkable profits for himself and his clients.
In 1970 Mr. Ney stunned the investment world with the publication of his bestselling book, The Wall Street Jungle, an expose of behind the scenes Stock manipulation on insiders at the New York and American Stock Exchanges. This was followed by the publication of two more explosive best sellers, expanding upon the same theme, The Wall Street Gang (1974) and Making it in the Market (1975).
In 1976 - - after requests from thousands of his readers Mr. Ney began publishing his own investment advisory letter, The Ney Report. The Ney Report was one of the most successful and widely respected newsletters in the country. He stopped publishing it at the end of 1999, when he semi-retired.
With more than two million copies of his books in print, and thousands of newsletter subscribers, Richard Ney has helped countless investors, large and small, from all over the world make big money in the Stock Market.