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"Richard Russell is a legend among financial newsletter writers with over 1500 'Dow Theory Letters' to his credit. His consistent ability to find the few kernels of value among the tons of Wall Street chaff is remarkable. He's one of the few who not only has the perspective of decades of experience, but also can apply it successfully to investment strategy. Plus readers get his wonderful stories, starting with his experience as a World War II bombardier."


-- A. Gary Shilling, PhD, President, A. Gary Shilling & Co., Inc.



“Richard Russell has made extraordinary contributions via his prodigious writing, in educating generations of investors in the fine art of Dow Theory and other aspects of investing and Technical Analysis.  Richard’s thoughts on such a wide range of topics, well beyond investments … have enriched many of our lives and he has single-handedly broadened the intellectual horizons of countless investors with his wonderfully readable style and persistent curiosity … A simple ‘Thank You’ for everything I’ve learned form you seems like such an under-statement.”


-- Ian McAvity, author of Deliberations on World Markets



"I've been reading Richard Russell for 20 years... I just don't feel comfortable about the markets until I've read his comments.  He's got so much experience.  If he's worried...I feel like I should worry.  If he's not worried, I'm not going to worry either."


-- William Bonner, founder and president, Agora Publishing, best-selling author



"I have followed Richard’s work for more than two decades. There is nobody like him and no more straight-forward approach to market analysis. One of the toughest lesson’s an investor learns is to stick with what works. I would guess that a legion of investors have learned this lesson from Richard. If so, they are doing very well.


-- Stephen Briese, 40-year market veteran and author of The Commitments of Traders Bible



“Richard Russell is ‘a giant standing on the shoulders of a giant.’ The genius of Charles Henry Dow is embodied in his famous Dow Theory - a timeless macro view of the stock market – which has been carried into the future by the tireless efforts and historic writings of Richard Russell, a man we owe so much to for keeping the flame alive."


-- Ralph Acampora, Co-Founder of Market Technicians Association, Professor at New York Institute of Finance



"Richard Russell is a legend in himself. We owe him the continuous study of Dow Theory in its pure form, keeping that original technical application of Charles Dow alive for future generations.  His own PTI indicator has kept one on the right side of the market and protected on the downside. Richard was also an original proponent of Gold and its place in ones portfolio as protection against fiat money.  From a personal perspective, he has always been forthcoming and generous with his time with the courtesy of a gentleman. It has been a privilege to have known him professionally for so many exciting years." 

-- Louise Yamada, author of Technical Research Advisors




I have been reading you faithfully since the 1990’s … and you have been responsible for creating millions in our invested assets over that time (from not at all that big a base). You have always been a good writer, but recently your written expression has sharpened quite a bit to my great delight!  Thanks! 



New York



Dear Mr. Russell, Ms. Doering and Mr. Strebler,


Wall Street is a scary street – especially for a 67-year-old widow who is responsible for 15 business associates and their families.  I need all the help I can get to continue traveling this street safely.


I’ve been a student of yours, Mr. Russell, since 1975 (as was my late husband) and will remain eternally grateful for your making it possible for us to enjoy a comfortable life, successfully support a business through some dreadful recessions and help educate countless high-achieving, disadvantaged young people.


I value the knowledge, research and experience the three of you bring to the daily editions of Dow Theory Letters.  How lucky am I!  Moreover, I genuinely appreciate your sharing your personal convictions and experiences.





North Carolina




You have made a HUGE difference in my life and my family’s wealth … I have accumulated wealth due to you.  Think about the impact on my life and family.  I don’t worry about college costs or retirement.  You have a legacy that is immeasurable. 

Eternally grateful,






What a superb piece of good fortune for me as I started on gold accumulation back in 1989 following Richard’s advice.  My wife thought I was nuts until gold hit $900 and I finally got her in at that time and price.






Mr. Russell,


Excellent report – still!!!  Just as insightful as nearly a half-century ago!  You really hit a nerve; printing money on whim is immoral if not illegal.  The Fed is illegal according to the Constitution.  Certainly many in the nation recognize the horror of the printing press, with Utah and not a small number of other states looking to gold as legal tender.


THANK YOU for an excellent education in monetary values.   Your writings are as a friend coming alongside to share and encourage.  As times get difficult you “hold hands with subscribers” through the newsletters giving background to understand Dow Theory.  This serves us well.  You are far more than a writer about Dow Theory and the economy – You are a personable part of the family!



New York





I have been reading your letters since the mid ‘70’s.  That’s through two marriages and a divorce.


I want to thank you for your work and your insights.


As I read about your own life challenges, your observations and insights continue and they truly help me keep centered, keep my feet on the ground in this ever changing world.


Again, thank you.  Stay well, and all the best to you.



South Dakota



Hello Richard,


Everyone has a talent in life, mine is reading fast.  I have probably read more than anyone else you have ever met.


I have read countless, millions, of pages on finance and investing.  As I learned more about finance and investing, I have read less and less about finance and investing.  I finally winnowed the wheat from the chaff …


You are at the top of the list.  I read you first every day.  You keep me coming back to the truth, financially and personally.


Warm personal regards,






Mr. Russell,


If you were absolutely wrong on every market interpretation, I would still pay $300 per year for the privilege of reading your daily musings.  Your sincerity, integrity, weaknesses and your ever questioning about the meaning of your life reflects the same curiosity mankind has held for millennia.  You have the same desire that any thinking person should, and that is: “How should one live a life that is meaningful?”  I admire you immensely.  Continued success to you and thank you very much.






Dear Daria,


…  I have been reading Richard Russell for fifty years and have been a paid subscriber for the past 25 or so … He has captured the hears of his faithful following with a unique combination of integrity, common sense, contrarianism, curmudgeonly folksiness, and a complete dedication that is unmatched anywhere else in the industry.  And somehow for all those years he has been able to convey that to his subscribers.  Most of us truly appreciate his wide range of topics and musings which add a charm to his writing that makes him so beloved and admired. 


He also has a habit of mostly being right throughout those years …


I am 78 years old and after 15 years as a stockbroker, spent the next 20 years or so as a trader on the floor of the CBOE and then the CBOT … I am very knowledgeable in bonds, stocks and commodities.  I value integrity above any of your father’s wonderful attributes.  You can never replace Richard Russell, but if you somehow manage to maintain his honesty, you can’t go too far wrong …








Happy Birthday!  Signing up for your service a bunch of years ago has been one of the best things I have ever done.  Thank you for your market analysis and especially thank you for sharing your personal life.  Keep it up!


All the best.  God bless,



New York



Dear Mr. Russell,


I am a recent subscriber.  I just turned 45, but I’ve been reading you on and off since I was a discount stockbroker in my late 20’s from 1995-1998 in Seattle.  The Seattle Public Library carried your letter, for which I was grateful, as I couldn’t afford it at the time.  The first I probably heard of you was in Barron’s.


At any rate, I wanted to let you know that I’ve learned so much from you …


There is really only one reason I’m writing to you, and that is to say thank you.  Thank you for all of your hard work.  Your insights.  Thank you for being an inspiration to me …


Thank you for keeping such a close eye on the market.  I have to say that you are my favorite newsletter writer of all time … What I like about you is that you don’t have a theory other than the knowledge of that the market is always right.  You don’t put the cart before the horse.  You let the market speak, and you look and you listen.


I’ve learned so much about the market from you, but I’ve learned just as much about life from the stories of your life.  So if you needed any, I just wanted to offer you the encouragement, to keep it up.  Life is a never-ending journey, one that continues on after we leave this world as well. I guess I just can’t say thank you enough.






Dear Dow Theory and Richard Russell,


Thank you for 12 years of continuous brilliant analysis on the markets and financial history.  I began my subscription in 1998 when I knew nothing about money or how it worked or how to invest.  Richard you have helped me hold onto my capital without taking the great loss, while focusing on income during very volatile times in the markets.  I am extremely grateful for your guidance over the years and your wisdom.


Please continue your great work for all others like me who very much need to learn about money and markets. Many thanks.


Kind regards,


Auckland, New Zealand