Ed Yardeni

Ed Yardeni studied economics at Cornell University and received his PhD from Yale University under James Tobin. He worked as an economist at the Federal Reserve Bank of New York and then at E.F. Hutton, Prudential-Bache Securities, C.J. Lawrence, Deutsche Morgan Grenfell, and Deutsche Bank — where he served as chief investment strategist. He founded Yardeni Research in 2007. Yardeni is best known for coining the term 'Bond Vigilantes' in the early 1980s — the concept that bond investors act as disciplinarians of fiscal and monetary policy, selling bonds and driving up yields when they disapprove of government deficits or inflation, thus constraining policymakers. The concept has been influential in discussions of fiscal and monetary policy constraints for four decades. He is also known for his earnings-driven approach to equity market valuation — consistently using forward earnings estimates and the Fed Model (comparing earnings yield to Treasury yields) to derive S&P 500 price targets. Yardeni Research provides detailed free chart books through yardeni.com that are widely used by institutional investors as reference materials. He has been one of the more consistently bullish equity strategists over his career.