Founder & Chief Investment Analyst
In addition to heading Third Stream, Levine maintains his long-term affiliation with global research and advisory firm 451 Research, as an advisor and editor for the flagship publication of the 451 ChangeWave Alliance.
The 451 ChangeWave Alliance is a 25,000-member research network whose industry-leading surveys provide a peek around the corner on trends in consumer and business technology buying plans, as well as the direction of the overall economy.
Since 451 Research’s acquisition of ChangeWave Research in 2011, Levine has explored new ways to evaluate data and research, interpret its meaning and context, and convey the essence of narratives and trends for industry experts and investors.
1983-2001: Education, New Technologies, Wall Street
Levine’s dedication to clarity in writing and communications began in his university years. He studied English literature and philosophy as an undergraduate at Concordia University in Montreal (1983) and later completed a Masters degree in specialized journalism at Polytechnic Institute of New York University (1991).
His fascination with technological and economic trends started early, inspired by Scientific American, Arthur C. Clarke and R. Buckminster Fuller among others. He contributed articles on emerging technologies and related topics to a range of publications including:
Solar industry and Wall Street for PV International (1988), virtual reality and its applications for urban planning and architecture – cover story for Planning, the American Planning Association’s magazine (1991), technology licensing at universities for Technology Transfer Business (1995), and growing tech bubble in San Francisco Business Times (1998).
Levine’s Wall Street experience, spanning from 1984 to 2001, encompassed sales, marketing, research, and corporate finance. He started at Herbert Young Securities, a boutique investment bank, where nurturing and funding late venture-stage technology companies was the primary mission. During this period, he was also a partner in a technology-transfer consultancy and published a technology business newsletter (1992-94).
As a financial consultant to Xoom.com (acquired by NBC in 1999), Robotic Vision Systems (a leading machine-vision company) and several other Nasdaq-listed companies (1995-2000), he spearheaded outreach programs to institutional investors, portfolio managers and analysts.
From 1996 to 2001, Levine produced a financial website – NextWaveStocks.com – which captured a “Best of the Web” honor from Money Magazine. He also introduced NextWave 100, the first and only small-cap technology stock index, and developed Technodynamic Investing, a proprietary methodology for analyzing and valuing technology stocks. Speaking about NextWave 100, renowned hedge fund manager Victor Niederhoffer commented: “It’s amazing that you have ferreted out so many winners.”
2002-2018: ChangeWave, 451 Research, Third Stream
In 2002, Levine joined ChangeWave Research, and has since worked in multiple roles, including editor of ChangeWave MicroCap Investor (2004-10) and editor of ChangeWave Investing (since 2007).
During his 16 years as an analyst and editor for ChangeWave Research, the ChangeWave Investing newsletter has achieved an excellent record:
The macro economy
- Prescient macroeconomic analysis and calls, such as the January 2008 signal of a consumer and business recession.
- A high degree of accuracy during the nine years of recovery, in relation to consumer spending, business demand, and monetary policy.
Pivotal technology trends
- Early calls on the demise of the Blackberry smart phone and huge success of Apple’s iPhone; likewise for PCs and tablets markets.
- Identified the beginning of cloud computing’s eclipse of overall IT spending as far back as 2011.
Investment advisory and performance
- During the 12 months ending Aug. 31, 2009 (the year following the Lehman crash) Levine piloted ChangeWave Investing’s portfolio to a 19.5% gain. This placed it third among nearly 200 investment newsletters based on performance, according to The Hulbert Financial Digest.
- ChangeWave Investing has consistently outperformed the S&P 500 Index and other major benchmarks in the ensuing years, often by a wide margin.
- The average gain on sales of positions in the ChangeWave Investing portfolio for 2016, 2015 and 2014 was 45.16%, 52.77%, and 53.03% respectively. The average hold period was 24, 40, and 27 months. This performance compares to S&P 500 gains of 11.96%, 1.38%, and 13.69% in these years.
- As of January 31, 2018, the average gain for the current open positions in the ChangeWave Investing portfolio was 189.62%, with an average hold period of 64 months.
Levine acquired MicroCap Investor in 2010 and published it as Levine’s Technology Investor until 2014, when it transformed into Third Stream Research and Third Stream Strategies. From 2014 to 2016, the Third Stream advisory service had explored the evolution of digital technologies and their markets and described investment strategies for subscribers.
Third Stream Research relaunched in 2017 to provide custom research, analyst expertise and actionable research ideas for the buy-side and sell-side.
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