Masters in Business: Jeff Saut
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.
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