Masters in Business: Jeff Saut

Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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Jeff Saut's dad made him read Benjamin Graham's "The Intelligent Investor" when he was 13 years old. That stays with a young man for some time. Saut, chief strategist at Raymond James & Associates, recalls how he got started in investing in this week's Masters in Business podcast.

When Saut's tenure began on Wall Street 42 years ago, he was making $100 per week. He considered buying a seat in Chicago Board Options Exchange for $10,000, but the weather scared his wife away from the city. He took a job in Atlanta as a market maker. By 1974, he was writing market strategy for E.F. Hutton at a time when the Dow Jones Industrial Average reached a low of 577.60. He has been writing commentary every since.

Saut recalls the early days of the last great bull market that began in 1982. Following the 16-year bear market that dated from 1966, no one really believed that the bear was dead or that a new secular bull market had begun.

He notes that the current cycle is a new secular bull market similar to 1982-2000 and says he expects this could last 10 to 20 years. In our interview, we discuss the various tools that he uses: market cycles, technical, fundamentals and valuation.

You can stream the interview on SoundCloud or download the podcast here. Next week, our guest is Byron Wien, vice chairman of investments at Blackstone and former chief strategist at Morgan Stanley.

This column does not necessarily reflect the opinion of Bloomberg View's editorial board or Bloomberg LP, its owners and investors.

To contact the author on this story:
Barry L Ritholtz at britholtz3@bloomberg.net