Alexander (aka Alec) was born in 1904, Oxford educated and a stockbroker in the City before the war. He founded his own investment consultancy and investment management business, Investment Research, in Cambridge upon being demobbed in 1945. Alec was one of the first few to take the brave step of advocating investment in equities rather than gilts in the post-war era. How right he was.
“The Art of Investment”, which Alec co-wrote with another STA Fellow, John Cuningham, was published in 1955 and has since been reprinted many times. It was the first European book to introduce readers to charts and combined their usage with investment management techniques. He also co-authored “A Post-War History of the Stock Market” with another STA Fellow, Thomas H. (aka Harvey) Stewart, and wrote five more pamphlets. Alec became one of the founders of ACTA, now The Society of Technical Analysts, and was also a member of The Society of Investment Analysts (now CISI); he remains the only person ever elected as a Fellow of both.
David Fuller gave his first presentation to the STA (then ACTA) in 1970 when it was a fledgling organization. As he said, “we were convinced that we had an important analytical methodology that few people in the City understood. That view has never changed although we often debated the relative effectiveness of different TA methodologies.”
David was Managing Director and later Chairman and owner of Chart Analysis Limited, a research firm which was one of the first to publish weekly chart books in the UK, largely Point & Figure. It was a Dickensian process in those days, as some wonderful analytical colleagues will recall, not least Anne Whitby. The latest version of his research firm is www.fullertreacymoney.com, a somewhat interactive service. This site uses mostly Candlestick charts. Over the years David also gave many courses and talks on technical analysis, his basic approach being behavioural and factual technical analysis – in other words, nothing theoretical.
Elli Gifford first became known as a technical analyst when she worked at Investment Research in Cambridge in the mid 1960s. From the late 1970s until 1986 she specialised in the commodity and futures markets, initially at Eurocommodities then at Rudolf Wolff, where she rose to be the Director of Research, responsible for both the technical and fundamental teams. In 1986 she returned to the newly incorporated Investment Research of Cambridge Limited and remained there until 2000.
In the 1986 change from ACTA to STA, Elli was one of the leaders. She was a regular speaker at meetings, as well as at other conferences and seminars, and an active teacher of technical analysis. She was also involved in the early days of the International Federation of Technical Analysts (IFTA).
Elli wrote two books on technical analysis, ‘Money Making Matters’ and ‘The Investor’s Guide to Technical Analysis’. She died in April 2004.
Philip Gray had over 30 years’ international experience in all aspects of investment banking, especially investment management and stock broking. He had also been a director of various companies listed on the UK, Zurich, Frankfurt and Johannesburg stock exchanges, and director of an ASX listed industrial company.
Philip was the leading figure in the change from ACTA to STA in 1986, when the Society became a company limited by guarantee, and was the first STA Chairman. He was a frequent speaker at technical analysis conferences over the years. In addition he has been Chairman of the Hong Kong Society of Investment Analysts. Philip was also a Fellow of the Institute of Directors. He died on 15 January 2021.
Brian was the first fund manager in the UK to manage large funds using only technical analysis, and for six years from 1976/81 was voted best technical analyst in the City. Also in 1980 he was quoted as having the best FX forecasting record in the world. During the 1980s Brian was a Member of the Visiting Faculty at IMI in Geneva, Europe’s oldest business school. In 1981 he founded Brian Marber & Co, at one time the world’s largest independent FX consultancy, and in 1990 started managing FX accounts.
In 2007 Brian published “Marber on Markets” in the UK. It was subsequently published in India in 2008 and in China in 2010.
Ian was born in Australia, but moved permanently to Canada in 1974, where he made his name in technical analysis. He created what became known as the Trend & Cycle Department at a major investment house. In the late 1980’s he went out on his own, forming Yelton Fiscal to become an independent research provider.
Ian was also one of the founders of both the CSTA (Canadian Society of Technical Analysts) and IFTA, and was the creator of the Walkabout sessions at IFTA conferences.
Ian died in May 2008, and in partnership with the MTA Educational Foundation, the Ian S Notley Memorial Award on Cycles Research was inaugurated in 2010.
Francoise (‘Fran’) built a world renowned technical team and created many innovative products at Credit Suisse/CSFB from 1992 to 2008. In her role there she genuinely made a difference to the spread of technical analysis in the financial industry. Her approach to market analysis was rigorous and thorough; professionalism at its peak.
In addition Fran also made significant contributions to the STA, and was a member of the 1994/95 Forward Planning Committee, which produced a number of considered recommendations for the Society’s future development. She also joined the American Association of Professional Technical Analysts, founded in 2004.
Fran died aged just 45 on 11 August 2008, taken far too early.
Thomas Harvey Stewart, aka “Harvey”, was educated at Trinity College, Cambridge and after graduation remained in this city, joining Alec Ellinger’s growing and much respected investment management and consultancy business where he soon became a partner. Harvey developed the Commodities, and later Futures, side of the business and for many years wrote the regular weekly “London Commodity Charts”, a publication which gained a transatlantic audience and was, at one stage, flown by Concorde every Friday night. He co-wrote with Alec “A Post-War History of the Stock Market“, describing and reasoning the fluctuating fortunes of the post-1945 equity and gilt markets. A charming and extremely sociable man, Harvey was much admired by those who met him. He died in 2002.
Eustace Storey was a stockbroker, born around the beginning of the twentieth century, and must be considered the doyen of technical analysis in the United Kingdom, having constructed his first chart in 1928. He wrote a book on his price plus volume method, which was based on the idea that the volume of shares was less important than the number of bargains done. He also concluded that historic highs and lows for both market indices and individual shares were characterized by similar price and volume action.
Eustace was totally committed to charting in various forms and wrote many articles in the Investor’s Chronicle and other publications. He was a market man who established a strong track record over many years.
Bronwen was instrumental in developing the STA’s formal qualification in technical analysis, and apart from teaching courses for the STA Diploma, in the early years she wrote and marked all the papers. She was a Board member from 1986 until 1993, when she went to work at Adia in Abu Dhabi, and was also a long-standing member of the board of IFTA and of its executive committee. Through this connection, she was widely respected throughout the world, as well as in the UK, as an outstanding technical analyst and an expert in the teaching of technical analysis.
Bronwen died on 30 December 1992, aged only 60. In her memory, the Board of the STA voted to create an annual award for the best Diploma paper, which is known as the Bronwen Wood Memorial Prize.