Chairman
Marketfield Asset Management LLC
New York
Shaoul beat 99 percent of rivals in the global asset allocation fund category in the 12 months ended on Nov. 5.
Understand Investor Sentiment
"In early 2003, I sat at a table in a fund manager's office talking to two junior partners while the senior partner sat a few feet away quietly working at his desk. For an hour, we traded gloomy anecdotes, taking turns to outdo each other. The senior partner later called me over and said it had been a pleasure listening to three intelligent men discuss the state of the world in such detail and that, 'Now, in my opinion, it is time to buy.' I learned a valuable lesson about investor sentiment."
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