Paul Macrae Montgomery, best known as the originator of the Time Magazine Cover Indicator, and for popularizing the Hemline Indicator of the stock market, died this weekend. He was 72.
I was fortunate to have had several conversations with Mongomery over the years. He was humble and soft spoken but he took delight in puncturing the bad theories that pass for analysis on Wall Street.
Long before behavioral economics became popular, he argued that standard economic theories “overlooked the human factor in markets.”