Many sites on the Internet may provide charts of stocks but DWA is the only site that provides such a comprehensive charting site with portfolio capabilities and most importantly, the ANALYSIS that goes with the charts. Each analyst at DWA has been with the firm an average of almost 16 years. Each day the analysts put together a comprehensive report which features analysis of the markets, sectors, individual stocks, options, and prospecting.

DWA strives to supply the tools and support necessary for a stock broker, money manager or individual investor to become a true craftsman in investing, whether you choose to use equities, Exchange Traded Funds (ETFs), Mutual Funds or bonds to achieve wealth preservation and wealth accumulation goals. The goal of DWA is to provide the resources, technology, and support needed to become well educated, motivated and maintain the highest principles and integrity.

Dorsey Wright & Associates is an independent and privately owned registered investment advisory firm whose business includes two areas:

• Professional management of equity portfolios for investors.
• Investment research services for numerous broker-dealers and large institutions around the world.

Our primary goal as an investment advisory firm is to attain meaningful investment results for our clients with emphasis on meeting the particular needs and investment goals of each client. Clients served may include individuals, corporations, foundations and endowments, banks or thrift institutions, pension or profit sharing plans, and trusts or charitable organizations.

We at Dorsey, Wright understand there is uncertainty and risk in investing -- this will never be totally eliminated, but we believe they can be reduced and controlled. This much is certain. The cornerstone of Dorsey, Wright is identifying, measuring, and controlling this risk by adhering to our principles of research.

The cornerstone of our approach is technical analysis. Fundamental research tells what ought to happen, while technical research tells us what is happening and indicates the future probabilities. Technical analysis, and in particular the law of supply and demand, gives us the discipline to make timely purchases and sales.

Offense or Defense: One of the most important considerations when investing is determining whether to take the offensive or defensive posture. When defense is suggested we only endeavor to protect existing positions. When offense is suggested we employ the account's assets by making stock purchases. Dorsey, Wright uses technical market indicators, which have been in existence for almost forty years to determine whether offense or defense is dictated. It is these indicators, which took us out of the market prior to the Crash of 1987, and signaled to us to reenter the market in December1987, November 1990, and December 1991.

Relative Strength: In our analysis, relative strength plays a very important role. The relative strength charts will typically lead us to stocks with a higher probability of outperforming the market. These charts typically, though not always, last a couple of years. We will attempt to only purchase stocks whose relative strength is on a buy signal. Not only that, but we want to buy stocks where the relative strength has recently turned positive. This will give us a good opportunity to get in a stock early in that phase and ride out the move as relative strength signals can often last for years. We will also attempt to purchase these stocks where the underlying sector is oversold (less than 50%) and in a bullish mode of some kind. This will insure that we purchase stocks on pullbacks, enhancing our risk/reward ratio.

Top-Down Approach to investing. We use our primary market indicators to get a measure of overall risk. We then analyze our broad industry sectors to determine which sector or sectors are in favor. We want to purchase stocks in sectors, which are in one of the three bullish modes (Bull Confirmed, Bull Alert and Bull Correction). We then select individual stocks, which have positive relative strength and have a good probability of outperforming the market. In other words, demand is in control. There is always a time to buy and a time to sell even the most attractive security; we do not feel compelled to be fully invested in stocks when an alternative investment (cash reserves) offers a more attractive opportunity. In fact, it is our belief that avoiding severe losses is more important in determining overall market performance over the course of an entire market cycle.

The two principals of the firm, Thomas J. Dorsey and Watson H. Wright, have extensive experience in the equity markets, particularly in the field of risk management for which they are known internationally. Combined, Mr. Dorsey and Mr. Wright have over 35 years of experience in the equity and options markets. This record of longevity enables them to consistently and correctly analyze and interprets the investment climate.

Thomas J. Dorsey
President. Founding member, January 1987.

Created Dorsey Wright and Associates with the expressed purpose of providing quality equity analysis and options strategies to member firms and institutions.

Prior to starting Dorsey, Wright & Associates, his experience included 9 years at Wheat, First Securities where he developed and managed their Risk Management & Options Strategy department. His responsibilities included technical analysis on all optional securities, formulation of trading strategies for 500 account executives, and risk management education.

Mr. Dorsey is well known in the financial community. Representing the major stock exchanges in the United States, conducting Risk Management seminars across the country for industry professionals as well as individual investors

Author of numerous articles on equity market and options analysis for such publications as; The Wall Street Journal, Barron's, Technical Analysis of Stocks and Commodities Magazine, and Futures Magazine.

Mr. Dorsey is the author of Point & Figure Charting- the Essential Application for Forecasting and Tracking Market Prices.

Mr. Wright was an account executive with Wheat, First Securities for over four years moving into the Options Strategy department at Wheat's headquarters, where he ascended to Vice President and Assistant Director. He remained with Wheat until January 1987 when he left to help found Dorsey, Wright & Associates, Inc.

A graduate of Washington & Lee University with a B.S. degree in Business Administration with special attainments in Commerce.

Co-author of "Tom Dorsey's Trading Tips".

Mrs. DeRosier became a Dorsey, Wright analyst in 1992, yet her association with the company began in 1988. She started as a part-time employee gaining valuable experience throughout her college tenure before coming aboard full-time after graduation. She is also a coauthor of "Tom Dorsey's Trading Tips" and has appeared on CNBC's "Taking Stock" program.

Tammy was graduated from The McIntire School of Commerce at the University of Virginia with a B.S. in Finance and Marketing and a minor in Sociology.

Ms. Morrison joined Dorsey, Wright & Associates in 1987, prior to which she worked for Signet Bank, specifically in the Municipal Bond Department and the Trust Company (1984-1987). She is also a co-author of "Tom Dorsey's Trading Tips".

Ms. Morrison was graduated with honors from Virginia Commonwealth University with a B.S. degree in Finance and minor in Economics.

Mr. Ball joined Dorsey, Wright in 1990. Before coming to Dorsey, Wright Jay was with PaineWebber Inc. where he worked in the Taxable Fixed Income department (1986-1990). He is also a coauthor of "Tom Dorsey's Trading Tips".

Mr. Ball is a 1986 graduate of Virginia Military Institute with a B.S. in Civil Engineering.

Mr. Moody began his securities career as an account executive at Merrill Lynch in 1984. He moved to Smith Barney in 1987 and rose to the level of Senior Portfolio Manager before leaving to join Dorsey, Wright & Associates in 1994. Mr. Moody is a Chartered Market Technician and has been a speaker on the subject of technical market analysis and has provided commentary for national media such as Investor's Business Daily and Financial News Network/CNBC. He has also authored several original research papers on the subject of technical analysis.

Mr. Moody is a graduate of Pitzer College with a B. A. in Psychology and English.

Harold B. Parker, Jr.
Vice President and Senior Portfolio Manager

Mr. Parker started his investment career as an account executive with E. F. Hutton & Co. in 1978. He left E. F. Hutton as a Portfolio Manager in 1985 to join Smith Barney, where he ascended to Senior Portfolio Manager. Mr. Parker joined Dorsey, Wright & Associates in 1994 and is currently completing work to become a Chartered Market Technician. He has also collaborated with Mr. Moody on original research.

Mr. Parker graduated from the University of California, Davis with a B.S. in Agricultural Science and Management.