Eighteen times Michael Shaoul has watched the U.S. stock market lose 5 percent or more since 2009. Eighteen times he’s been rewarded for holding on.
The bulls are being tested anew by a retreat that started in emerging markets and has since spread to developed countries, erasing $3 trillion from global equity values. Again, Shaoul’s Marketfield Asset Management LLC isn’t selling.
“This is a real bull market,” Shaoul, whose assets under management have risen to $21 billion from $400 million in 2008, said in a phone interview. “What happens in real bull markets is they do fine, and then they are occasionally interrupted by an exogenous shock.”
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