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John W. Schott
Director, portfolio manager
Steinberg Global Asset Management
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Talk about putting your money where your mouth is -- Dr. Schott not only talks about investment psychology, he uses it to make money. Yet Schott's work goes far beyond overseeing Steinberg's investments in health care and drug companies, and value stocks in general.
He is one of a few trained physicians who double as professional money managers, and as chairman of the psychiatric department at a Massachusetts hospital, Schott might be the only practicing psychiatrist who also runs an investment fund and publishes an investing newsletter. And in-between those three jobs, stints as a teacher at Harvard Medical School and symposium lectures, Schott found the time to write a book, Mind over Money.
Schott has 17 years of experience as an investment pro, and has been with Steinberg since 1995. He graduated from Johns Hopkins University and Harvard Medical School.
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Bernie Schaeffer
Chairman, CEO
Schaeffer's Investment Research
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A returning guest, Schaeffer has a reputation as a trader and technical analyst that rests on plenty of laurels.
Timer Digest ranks Schaeffer as the top long-term market timer for the last three years and out of more than 100 individuals, the fifth-best intermediate market timer for the last decade. In 2002, he won the BusinessWeek Market Forecast Survey for most accurately forecasting year-end levels for the Dow Jones Industrial Average, the NASDAQ Composite and the S&P 500. Schaeffer received the "Best of the Best" award from the Market Technician's Association. He's also a three-time winner of The Wall Street Journal's stock picking contest.
Schaeffer on the Nov. 15, 2002 broadcast of Wall $treet Week with FORTUNE correctly predicted that technology sector would rise over the succeeding months. The five stocks he named on that program have gained an average of 55.6 percent over the past eight months. Four of those stocks each picked up 17.9 percent or more, far above the S&P 500's gain of 7.9 percent over the same period, and three of them rose at least 40.5 percent, compared to the Nasdaq Composite Index's 20.3 percent return.
In 1987, he predicted the market top and also turned bullish at the correct point after that year's crash. Schaeffer was bullish throughout the 1990s bull market, although he only slowly reacted to the recent bear market -- Schaeffer didn't change his long-term stance to bearish until February 2001, about 11 months after the bubble's peak.
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James P. Barrow
Founding partner, principal
Barrow, Hanley, Mewhinney & Strauss
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Barrow, a guest on Wall $treet Week with FORTUNE's inaugural show, has been portfolio manager for Vanguard's Windsor II fund since its inception in 1985. For the most part, his performance over the past the years probably has Windsor II's investors relieved that he's managing their money.
Despite being one of the largest funds with more than $22 billion in assets, Vanguard Windsor II has produced market-beating returns, including a 16.9 percent gain in 2000, a 3.4 percent loss in 2001, a 16.9 percent loss in 2002 and a 13.8 percent gain so far this year, according to Morningstar. Windsor II's annual returns have been among the top 30 for four of the past seven years in Morningstar's Large-Cap Value category, and is ranked 11th in that segment year-to-date.
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Werner F.M. DeBondt
Professor, behavioral finance
DePaul University
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Few people have devoted more time to studying market psychology than DeBondt.
A frequent collaborator with behavioral finance luminary Richard Thaler, DeBondt has established himself as one of the field's top academics in his own right. He has been editor of the Journal of Psychology and Financial Markets since 2000, and after 16 years at the University of Wisconsin-Madison, recently became director of DePaul's Richard H. Driehaus Center for Behavioral Finance.
DeBondt generally is skeptical about long-term market forecasts. At a recent lecture in Hampton Roads, Va., DeBondt said people should go against market trends because the investing masses often overreact. And investors often don't differentiate between quality companies and quality stocks, DeBondt said. "There are plenty of bad companies out there, real junk," he said. "But junk, if you buy it sufficiently cheap, can make a lot of money for you."
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William Donaldson
Chairman
United States Securities and Exchange Commission
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Donaldson became the SEC's 27th chairman on Feburary 18. Before that, he was chairman and CEO of a private investment firm he originally founded in 1981, and chairman of the board of the Carnegie Endowment for International Peace. He was CEO of Aetna from February 2000 to April 2001. He chaired the New York Stock Exchange from 1991 to 1995, and was dean of Yale University's School of Management from 1975 to 1980. In 1959, He co-founded Donaldson, Lufkin, Jenrette, which eventually became the first Wall Street brokerage to go public.
Donaldson graduated from Yale University in 1953 with a bachelor's degree in American Studies and received an MBA from the Harvard Graduate School of Business Administration in 1958.
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