Nigam Arora is a distinguished master of the macro, a stock market strategist known for a long record of accurate calls, a popular columnist, an engineer, and a nuclear physicist. He is the founder of global investment research firm The Arora Report, has also founded two Inc. 500 fastest growing companies, and has been involved in over 50 entrepreneurial ventures. Nigam is the developer of Theory ZYX of Successful Change Management, is the author of the book on Theory ZYX, as well as the developer of the highly successful ZYX Change Method of Investing and Trading.

Nigam Arora is truly a master.
The Arora Report insights are fantastic, and their analysis is truly unparalleled.
Other world famous gurus do not even come close to anticipating events the way Nigam Arora does. In all, I am an extremely satisfied subscriber. If I could only have one newsletter service, it would be The Arora Report.
Charlie W, Massachusetts
A doctor by profession
who is passionate about macro
and a subscriber to The Arora Report

Nigam is also the Chief Investment Officer of The Arora Report. The Arora Report has a large subscriber base across the globe including private investors, investment advisors, and money managers.

Nigam has innovated a unique framework for thinking about the markets that has led to unrivaled insights and remarkable accuracy in both bull and bear markets.

Arora has staked out new terrain and provides signposts for all to follow. Arora has a unique gift and genius to peel away layer after layer to arrive at the essence of one truth after another regarding the markets.
Linda C., Ph.D.

Nigam’s advanced mathematics skills have played a key role in the success of the ZYX Change Method and the adaptive ZYX Global Asset Allocation Model in making accurate calls and providing unrivaled insights. ZYX Global Asset Allocation Model automatically changes based on market conditions. The adaptiveness has overcome the weakness of conventional models in that they work for a while and then stop working as conditions change.

People close to Nigam call him an economist due to his deep knowledge in combining leading economic indicators with proprietary quantitative factors to call the markets to generate high risk-adjusted returns. The knowledge gained from hands-on operating experience in a number of different industries has contributed to Nigam’s remarkably accurate investment calls.

The rules Nigam developed over 30 years have come to be affectionately known as Arora’s 30 Laws of Investing and Trading. These laws are not publicly available but reserved for a select group dedicated to dramatically enhancing performance. Arora’s laws also provide guardrails against making many common mistakes.

Nigam’s writings have generated over 100 million page views.

Nigam has been a contributor to Forbes, MarketWatch which is an online affiliate of The Wall Street Journal, Kitco, and Seeking Alpha. His writings have also been seen or referenced in numerous additional media and investment research platforms across the globe. His columns have routinely been among the most popular and often the headline at MarketWatch. His columns have also been often among the most popular at Forbes and Seeking Alpha.

Nigam is known for his prescient insights from which subscribers to The Arora Report have handsomely benefited. Over the years, Nigam has made thousands of accurate calls on macro, individual stocks, individual ETFs, currencies, and commodities including precious metals and crude oil. Here are some of his major macro calls.



  • Correctly called gold rally to new highs in 2024
  • Correctly called the stock rally at the beginning of 2024
  • Correctly called in January 2024 that the market was wrong in assuming six or seven rate cuts starting in March.
  • Correctly called heavy emphasis on buying artificial intelligence stocks in 2023 and 2024
  • Correctly called the start and end of the correction in 2023
  • Correctly called the new bull market of 2023
  • Correctly called the start of the artificial intelligence rally in 2022 before anyone else, leading to buying positions such as Nvidia (NVDA) and Microsoft (MSFT) near the lows
  • In the 2022 bear market, correctly called the start and end of most counter trend rallies for profitable tactical trades
  • Correctly called in advance the big drop in bonds that occurred in 2022 and took advantage of the call with a highly profitable position in a leveraged inverse bond ETF
  • Correctly called the bear market of 2022 in advance — portfolios up to 69% protected in 2022
  • Called in advance the rapid rise in interest rates in 2022 — the call has proven spot on
  • Correctly replaced bonds with cash in a 60/40 portfolio ahead of the big losses in bonds
  • In 2021, called that popular long duration stocks would experience significant hits — subsequent to the call, most long duration stocks lost 50 – 90%
  • In 2021, called that most SPAC stocks would be decimated — subsequent to the call, most SPAC stocks lost 60 – 90%
  • Repeated calls in 2021 that the Fed was wrong about inflation being transitory at a time when the market believed the Fed; the calls have proven spot on  — the Fed has admitted that their forecast was wrong
  • In 2020 when almost nobody was concerned about inflation, repeated calls that monetary and fiscal policies would result in inflation taking hold; the calls have proven spot on
  • In April 2020, as the virus was spreading and there were serious concerns about the stock market, made a call that the stock market would hit new highs; the call has proven spot on
  • In the third week of March 2020, right at the bottom of the pandemic dip, several important stocks such as Apple and Microsoft and several important ETFs dipped in the Arora buy zones allowing investors to buy at the lows and resulting in subsequent large gains
  • In 2020, before the big virus drop in the stock market, protected up to 86% of the portfolios
  • In January 2020 when nobody was talking about the virus impact on the stock market and the stock market was making new highs, called for a severe stock market drop before the big virus-related drop in the stock market in late February and March
  • In 2019, stayed bullish on the stock market with prudent protective measures
  • Gave a new buy signal on Christmas Eve 2018 which turned out to be the low of the cycle followed by a 20% rise in the stock market
  • In the fourth quarter of 2018, took protective measures before the 20% fall in the market on taper tantrum
  • From 2017 to the third quarter of 2018, stayed bullish throughout the market rise with prudent protective measures
  • On the day of Trump’s election, when Wall Street was talking about a stock market crash, correctly called for a big market rally and subsequently called for Dow Jones Industrial Average to reach 30,000 in Trump’s first term; the call has proven spot on
  • In 2016, correctly called Trump’s election at a time when Wall Street had anointed Hillary Clinton as the president
  • In 2016, did not buy into Wall Street’s caution about financial stocks and held on to significant financial stock positions going into the election; financials performed the best after the election
  • When the Dow Jones Industrial Average was in the 16,000 range, called for Dow Jones to reach 30,000; at that time no one was calling for such a big rise in the stock market
  • Called for aggressive hedging and other protective measures in late 2015 before the market downturn of early 2016; aggressively bought the dip before the big rebound
  • Correctly stayed bullish, at times with protective hedges and other measures, during the long bull market that started in 2009
  • Aggressive hedging and profit-taking before the market downturn in 2011 made 2011 a profitable year for The Arora Report subscribers, a year in which most investors lost money
  • On March 9, 2009, issued a signal perfect to the day to back up the truck and buy stocks; March 9, 2009, turned out to be the start of a decade long bull market
  • Called to take profits on all short positions in February 2009, just before the market bottom
  • Called to take profits on inverse ETFs in February 2009, just before the market bottom
  • In the 2008 crash when most investors lost half of the value of their portfolios, subscribers to The Arora Report generated over 45% return with the judicious use of hedges, cash, and inverse ETFs; the return was significantly higher for those who could use short selling signals from The Arora Report
  • In the early stages of the decline prior to the 2008 crash when the stock market lost half of its value, calls to go heavily in inverse ETFs that go up when the market goes down
  • Called to go to 100% short prior to the 2008 crash for investors who were able to short
  • Called to go to 100% cash and hedges prior to the 2008 stock market crash for long-only investors prior to the stock market losing 50% of its value
  • From 2017 to 2022 made numerous correct calls on gold and silver
  • In 2016, on Trump’s election night when gold was shooting up, gave a strong sell signal right at the top before over $200 drop-in gold — Business Standard, a leading investor news publication in India, credited The Arora Report call for the drop in gold
  • Correctly stayed bearish on gold and silver from 2011 top to early 2016 with numerous calls to trade mostly from the short side and  correct calls to take a handful of long positions to profit from countertrend rallies
  • In 2011, called perfectly to the hour to sell half of the gold at the exact top at $1904 and put a stop on the remaining at $1750, subsequently gold fell to the $1000 ran
  • In 2011, called perfectly to  the day to short sell silver right at the  $50 top;  held the short position all the way down to the $14 range
  • In 2011, called to sell all of the long silver position at $48.50 close to the top at $50
  • Called to allocate 20% (maximum allowed under diversification rules) to silver in the $16-18 range with an average of $17.73 before a run to $50
  • Called to back up the truck and buy gold in $600s with an average of $663 before a run to $1904
  • From 2023 – 2024, made numerous correct calls on oil
  • In 2022, gave a signal perfect to the minute right at the top at $130 to short sell oil or buy inverse oil ETF at a time when analysts were uniformly issuing buy signals on the Russian invasion of Ukraine — oil fell to $93 in a week
  • From 2017 to 2022 made several correct calls on oil
  • Correctly turned first neutral in low $30’s and then bullish on oil in 2016 before a run to $50s
  • Made 64% profits over a few months by buying oil MLP closed-end funds with about 12% dividends at the bottom in oil
  • Correctly stayed bearish on oil in 2014 to early 2016 as oil dropped to the $27 
  • Bearish calls to sell short crude oil at $108 in 2014 right near the top before a significant drop
  • Called to take profits on all of the crude oil long position at $103.43 in 2011 before a major drop
  • Bullish calls to buy crude oil long in 2009 in the range of $43-49 with an average of $47.18 before a run to the range of $108 in 2011
  • Called to take profits on all of the crude oil short position in 2009 at $41.86 right near the bottom
  • Made bearish calls to sell crude oil short in 2008 in the range of $121-133 with an average of $127.34 before a fall to the $40 range
  • Called to sell all of the crude oil position in 2008 at $138.87 in 2008 right near the top in the $140 range
  • Made bullish calls to buy crude oil long in 2007 in the range of $65-73 with an average of $68.71 before a run to the range of $140 in 2008
  • From 2018 to 2024, made several correct calls on Europe including not broadly investing in Europe prior to the Russian invasion of Ukraine
  • In 2017, correctly stayed bullish on Europe during the stock bull market
  • Made a spot call to buy Europe in 2016 before a 50% run-up
  • In 2016, The Arora Report was one of the rare advisory services that were right on Brexit and stock market reaction
  • Made several specific investment calls stemming from the foregoing macro call that  generated large profits
  • During the European sovereign debt crisis when many gurus were calling for the failure of the euro, made the correct bold call that the euro would survive as a currency and European Union would not break up
  • Made several successful calls related to the U.S. and China trade war
  • When China GDP was growing at about 12% and everyone with rare exceptions was bullish on China, made a bold bearish call that China’s super-cycle was over; by 2019 China’s true GDP growth fell to about 6%
  • Made several specific investment calls stemming from the foregoing macro call that have generated large profits
  • Correctly called the Indian stock market rally of 2024
  • Correctly called the Indian stock market rally from 2020 – 2023
  • Correctly picked small caps for outperformance in India
  • Made numerous correct calls on investment in India from 2007 – 2020
  • In 2007, correctly identified before most analysts that India was on its way to become the world’s third largest economy in due course
  • Correctly called the rally in Japanese stocks from 2023 – 2024
  • Made numerous correct calls on Japanese stocks from 2007 – 2023
Skip to content