GARY SHILLING
President
A. Gary Shilling & Company


Dr. Shilling is President of A. Gary Shilling & Co., Inc. In addition to his forecasting record, his portfolio management, and his column for Forbes, which he has written since 1983, he is also known for his well-received books concerning economic themes and investment strategies, and for his numerous articles on the business outlook and techniques of economic analysis and forecasting. He is a member of The Nihon Keizai Shimbun (Japan Economic Journal) Board of Economists. He appears frequently on radio and television business shows.  Recognized as an effective and dynamic speaker, he often addresses national and international conventions of various business groups, including the Young Presidents' Organization.

His first book, Is Inflation Ending?  Are You Ready? , was published by McGraw-Hill early in 1983.  In 1986, he wrote The World Has Definitely Changed:  New Economic Forces and Their Implications for the Next Decade, and in early 1988, published the sequel, After the Crash:  Recession or Depression?  Investment and Business Strategies for a Deflationary World.  His next book, published in June 1998, was entitled Deflation: Why it's coming, whether it's good or bad, and how it will affect your investments, business, and personal affairs , and was subsequently translated in China and Korea.  A year later, McGraw-Hill published Deflation: How to Survive and Thrive in the Coming Wave of Deflation, which was translated for readers in China.  Dr. Shilling is also the creator of The Deflation Game, a board game that illustrates and reinforces his long-term forecast that deflation is a greater threat than a return to high inflation.

Image Although we do not yet manage mutual funds, CNBC anchor Bill Griffeth was so impressed with Dr. Shilling's investment approach that he profiled him along with 19 well-known mutual fund managers in his book, The Mutual Fund Masters (Probus Publishing, 1995).

Dr. Shilling is well known for his forecasting record.  In the spring of 1969, he was among the few who correctly saw that a recession would start late in that year.  In 1973, he stood almost alone in forecasting that the world was entering a massive inventory-building spree to be followed by the first major worldwide recession since the 1930s.  In the late 1970s, when most thought that raging inflation would last forever, he was the first to predict that the changing political mood of the country would lead to an end of severe inflation, as well as to potentially serious financial and economic readjustment problems, and a shift in investment strategy from one favoring tangible assets to emphasis on stocks and bonds.  Subsequently, he has become known as  "Doctor Disinflation."

The January 22, 1993 edition of The Wall Street Journal reviewed the track records of interest rate forecasters polled semi-annually by the Journal since 1981 and said, "The economist with by far... the best record in picking when to buy long-term bonds:  A. Gary Shilling, who heads an economic consulting firm and manages money.  During the 1980s, Mr. Shilling... saw sharply lower interest rates ahead.  ...investors who bet on his rate forecasts by putting their money in long-term bonds did very well."

The July 7, 1997 edition of the Journal stated that "Mr. Shilling... had the best overall forecast" of the economy, interest rates, exchange rates and inflation "among the...57 economists polled in the latest survey."

Dr. Shilling received his bachelor's degree in physics, magna cum laude, from Amherst College, where he was also elected to Phi Beta Kappa and Sigma Xi. He earned his master's degree and Ph.D in economics at Stanford University.

Before establishing his own firm in 1978, Dr. Shilling was Senior Vice President and Chief Economist of White, Weld & Co., Inc.  Earlier he set up the Economics Department at Merrill Lynch, Pierce, Fenner & Smith at age 29 and served as the firm's first chief economist.  Prior to Merrill Lynch, he was with Standard Oil Co. (NJ)--now Exxon-- where he was in charge of U.S. and Canadian economic analysis and forecasting.

Dr. Shilling is on the Board of Directors of National Life of Vermont, Palm Harbor Homes and the Episcopal Preaching Foundation, Inc., of which he is Chairman.  He is also an Advisory Director of Austin Trust Co.