PROFILE

Raymond James Financial Inc. (RJF) is a St. Petersburg, Florida headquartered diversified financial services holding company founded in 1962. RJF – through its subsidiaries, provides investment management services to both retail and institutional clients and banking and trust services in the US, Canada, Latin America and Europe. The company also provides underwriting and brokerage services and distributes debt & equity products, mutual funds and alternate investment products.

The main subsidiaries of the firms Raymond James & Associates, Inc. (RJ&A), Raymond James Financial Services Advisors, Inc. (RJFSA), Raymond James Financial Services, Inc. (RJFS), Raymond James Financial Services, Inc. (RJFS), Raymond James Bank, FSB (RJ Bank) and Eagle Asset Management, Inc. (Eagle). Raymond James Investment Services Limited (RJIS) is a joint venture in the United Kingdom where the firm owns 75% stake. Raymond James managed client assets worth $256 billion as of September 30, 2011 and employed about 5,400 financial advisors to manage 2 million accounts across 2,400 locations. The firm also sells insurance and annuity products through a wholly owned subsidiary of RJ&A – Planning Corporation of America (PCA) in all the fifty states of the US.

Jeffrey Saut is the Chief Investment Strategist and one of the managing directors of research at Raymond James & Associates. Prior to joining Raymond James in September 1999, Mr. Saut was the managing director of research at Roney & Co. in Detroit, which was acquired by Raymond James & Associates. Mr. Saut started his career on a trading desk in New York in 1971 after graduating from St. Andrews and eventually joined E.F Hutton in 1973.

Mr. Saut is a well-known trader and is quoted regularly in leading dailies like Barron’s, The Wall Street Journal, Washington Post, New York Times, Business Fortune and SmartMoney. He also makes regular appearances in the CNBC, Bloomberg TV, Wall Street Week, USA Networks, Fox TV, NPR, and other local TV and radio networks.

Quotes:

Quote 1: “I have often republished Ken Fisher’s sage quote ever since first reading it in 1989 because it speaks to the centerpiece of my investment philosophy. To wit, “Here’s the paradox: the odds are overwhelming I will end up richer by aiming for a good return rather than a brilliant return – and sleep better en route.” Or as Benjamin Graham wrote, “The essence of investment management is the management of RISKS, not the management of RETURNS. Well-managed portfolios start with this precept.” Indeed, if you manage the downside the upside will take care of itself. Avoiding the big loss is the key to investment success. And, that’s why when I think the odds are not decidedly tipped in my favor I tend to be more cautious in my investment approach.”

Quote 2: (On US slipping into double-dip recession) “The public gets nervous, they don’t go to Applebee’s. These are not the kind of metrics you see going into a recession.”