Jeffrey Saut is Chief Investment Strategist and Managing Director of Equity Research at Raymond James & Associates. Mr. Saut began his career on a trading desk in New York City. In 1973, he joined E.F . Hutton, where he began following equities and writing research. He subsequently worked as a securities analyst for Wheat First Securities, and then Branch Cabell, where he ran the equity research group as director of research and acted as portfolio manager for the firm's affiliate, Exeter Capital Management. As director of research, he built the research and institutional sales departments for the regional brokerage firm Ferris, Baker and Watts, Inc. and subsequently Sterne, Agee & Leach, Inc. Mr. Saut is well known for his insightful and colorful commentary regarding the stock market, and he makes regular media appearances. Note: Mr. Saut is not an active contributor to Seeking Alpha; rather, SA editors excerpt regularly from Mr. Saut's public commentary.