A wave energy converter system comprises two floats; a first being generally flat and heaving up and down in phase with passing surface waves on a body of water, and the second being elongated and heaving up and down out of phase with the passing waves. Preferably, the first float is annular with a central vertical opening therethrough, and the elongated float, with a weighted bottom end, extends vertically through the central opening of the first float. The two floats thus move out of phase with one another, thus providing a relatively large relative motion between the two floats giving rise to highly efficient energy conversion. Each float serves as a “ground” for the other; thus avoiding the need for anchoring the floats to the floor of the body of water.