The Cleveland native wrote Winning on Wall Street and published stock-picking advisories such as the Zweig Forecast for 26 years, helping start his career in hedge funds and philanthropy. He co-founded Zweig-DiMenna Partners in 1984 and, according to the New York Post, bought a 16-room apartment at Manhattan's Pierre hotel in 1999 for US$21.5 million.
"He was a very fine technical analyst, also a very fine money manager, and he put those two together in a profitable manner," Kenneth Safian, the founder of Safian Investment Research Inc in New York who worked on technical analysis with Mr Zweig, said. "He's a very hard-working gentleman, he was obviously deserving of the successes he had."
Born in 1942, Mr Zweig began his career in the 1970s writing investment newsletters, which became the Zweig Forecast that was published from 1971 to 1997, the company said through Business Wire without disclosing his date of birth. In 1984, Mr Zweig and Joe DiMenna founded Zweig-DiMenna Partners, their first long-short hedge fund, followed by The Zweig Fund in 1986 and the Zweig Total Return Fund in 1988.
A regular guest on the PBS television show Wall Street Week With Louis Rukeyser, Mr Zweig is credited with developing the technical analysis tool known as the put-call ratio, according to his firm. The indicator plots bearish versus bullish options as a way of determining investor sentiment.
Mr Zweig's best-known call came during Rukeyser's programme on Oct 16, 1987, when he predicted stocks were poised for a "vicious" decline reminiscent of the crash of 1929. The Dow Jones Industrial Average plunged 508 points, or a record 23 per cent, in the next session, now known as Black Monday.
He is survived by his wife Barbara and sons Zack and Alex. - Bloomberg