Bull or Bear Market? Flip a Coin
WILLOUGHBY HILLS, Ohio (AP) _ Flipping a coin to predict Wall Street’s mood was supposed to be for fun, but the idea is turning bullish.
Eugene Kunsitis said his Pocket Analyst business has grown so fast that the intended hobby has become very demanding, especially at this time of year.
In 1983, Kunsitis, a retired industrial salesman and repairman, developed an idea to make light of Wall Street’s unpredictable nature. He minted a coin that would be flipped to predict if there will be a bull market - a rise in prices on the stock exchange - or a bear market - a drop in stock prices.
The faces of the coin are adorned with a bull on one side and a bear on the other.
″It’s just a fun item,″ he said. The coins are the size of silver dollars.
Over the last several years, Kunsitis and his wife, Ursula, have been selling the coins by mail. He drummed up some initial business with an ad in The Wall Street Journal.
Prior to this year, Kunsitis sold about 4,000 of the coins from his Willoughby Hills home, about 10 miles east of Cleveland. He ordered large amounts of the coins from a Wisconsin mint, then handled the distribution.
This holiday season, though, business has been bullish.
Kunsitis estimated that he would sell about 2,500 this year alone at $10.50 each.
″I’m swamped with orders,″ he said. ″It’s going wild and it’s hard to keep up with.″
His wife said she still enjoys reading the letters that accompany orders. Many say the Pocket Analyst will work better than a broker. One woman ordered a coin because she said her broker husband needed help. One man wrote: ″I have three broker friends needing improvement with their predictions.″
Although it nets the couple some extra pocket change, the business has become a grind.
″It’s just me and the wife working on this,″ he said. ″I’m supposed to be retired. I’m not supposed to be working.″
Kunsitis said he was considering selling the rights to his bull and bear drawing and coin stamp, along with the copyrighted Pocket Analyst name. He said he has received some offers, but he is not sure what he will do.
″It just started out as a joke,″ he said. ″I did it not to make money, just to do something, to accomplish something.″
To obtain the Pocket Analyst, contact Kunsitis at 31200 Chardon Road, Willoughby Hills, Ohio, 44094