Research Team

With approximately 70 analysts covering nearly 1,200 companies working in the U.S. and Canada, Raymond James fields one of the larger research organizations in the brokerage industry. Based on companies under coverage in North America, Raymond James is a top provider of equity research. Our fundamental research effort is complemented by macro research from our well known economic, strategic, and technical experts. On average, Raymond James’ senior research analysts possess an average 15 years of sell-side experience, and many have extensive prior experience in the industries they now cover. In addition, many of our analysts and associates have earned their CFA or other professional designation.

Our research analysts seek attractive niches within broader industries and then cover these sectors deeply to develop differentiated sector expertise and relationships. While our focus is middle- and small-capitalization companies, our go deep philosophy typically results in coverage of large, medium, and small companies across the sector. Our research philosophy is further distinguished by our supply chain approach. Many of our analysts and industry groups have constructed coverage universes that include the complete supply chain for that industry: key suppliers, manufacturers, and distributors. We believe these approaches contribute to our goal of providing investors with the information they need to make the fully informed, yet timely investment decisions that can lead to long-term capital appreciation.

Scott J. Brown, Ph.D.

Senior Vice President, Chief Economist
Raymond James & Associates

Scott Brown joined Raymond James Equity Research in July 1995 after two years as an economist in the firm’s Fixed Income Research Department. Before his arrival at Raymond James, he was manager of economic research at Pacific First Bank in Seattle and had previously been director of economic research at First Imperial Advisors in San Diego. He also worked as an economist for the San Diego Gas & Electric Company. Dr. Brown earned his doctorate in economics from the University of California at San Diego, where he studied time series analysis and forecasting under Nobel Laureates Robert F. Engle and Clive W.J. Granger. Dr. Brown also holds a master of science degree in statistics from the University of Illinois and a bachelor of arts degree in mathematics from the University of California at Irvine. Dr. Brown serves on the Economic Advisory Committee of the American Bankers Association and is a member of the Bond Market Association’s Economic Advisory Committee. He has also served as a member of the Governor’s Council of Economic Advisors for the state of Florida.

Jeffrey D. Saut

Managing Director, Chief Investment Strategist
Raymond James & Associates

Jeffrey Saut joined Raymond James in September 1999 as one of the managing directors of research working with the senior managing director Bob Anastasi. He also serves as the firm's Chief Investment Strategist. Previously, Mr. Saut was managing director of research at Roney & Co., which was acquired by Raymond James & Associates. Prior to that, he was managing director of equity capital markets for Sterne, Agee & Leach, Inc. His responsibilities there included equity research, investment banking, institutional sales, and syndicate. After graduating from St. Andrews in 1971, Mr. Saut began his career on a trading desk in New York City and became the trade desk manager in 1972. 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. In addition, as director of research he built the research and institutional sales departments for the regional brokerage firm Ferris, Baker, Watts, Inc. and subsequently Sterne, Agee & Leach, Inc. Mr. Saut is well known for his insightful and colorful commentary regarding the stock market and makes regular appearances on Wall Street Week, CNBC, Bloomberg TV, USA Networks, Fox TV, NPR, and many local radio and TV networks. He is also often quoted in The Wall Street Journal, New York Times, Barron's, Washington Post, Business Week, U.S. News and World Report, Fortune, SmartMoney, as well as on many websites like MSNBC and

J. Michael Gibbs

Managing Director, Head of Equity Portfolio & Technical Strategy Group
Raymond James & Associates

Mike Gibbs joined Raymond James in 2012 through the acquisition of Morgan Keegan & Co. and currently serves as head of the firm’s Equity Portfolio & Technical Strategy group, which assists advisors with developing investment/portfolio solutions using fundamental, quantitative, and technical analysis. Mr. Gibbs joined Morgan Keegan in 1986 as a financial advisor, and became Senior Investment Strategist for the firm in 2003. In 2009 he assumed the role of Director of Equity Strategy. As Investment Strategist, his role was to guide financial advisors on market strategy and stock selection through the use of fundamental and technical analysis. Mr. Gibbs also served on the Morgan Keegan Focus Committee. His insight has been featured on various financial news networks, including Fox Business News, CNBC, and Bloomberg, as well as in print media such as MarketWatch and Bloomberg. Mr. Gibbs graduated with honors from the University of Tennessee.

Andrew Adams, CFA, CMT

Senior Research Associate
Market Strategy

Andrew Adams, CFA, CMT joined Raymond James in 2008 and serves as the Senior Research Associate to Chief Investment Strategist Jeff Saut and Chief Economist Scott J. Brown, Ph.D. He focuses on macro investment strategy, with an emphasis on technical and quantitative analysis of the global markets. Mr. Adams is a Chartered Financial Analyst (CFA) and Chartered Market Technician (CMT). He graduated with honors from the University of Florida.