Portfolio manager Michael Aronstein began his investment career in 1979 at Merrill Lynch, eventually becoming Senior Market Analyst, Senior Investment Strategist, and Manager of Global Investment Strategy. Mr. Aronstein was also President of Comstock Partners for six years (AUM of $2 billion in 1998). In 2004, he joined Oscar Gruss & Son Incorporated where he held the position of Chief Investment Strategist. In 1985, his written work was cited by Institutional Investor as the most valuable strategic research on Wall Street. He graduated from Yale College with a Bachelor of Arts degree in 1974.

Michael Shaoul is Chairman and CEO of Marketfield and also Chief Executive Officer of Oscar Gruss & Son Incorporated, a position he has held since 2001. He joined Oscar Gruss in 1996 as Chief Operating Officer. Between 1992 and 1996, Mr. Shaoul ran Park Square Associates, a Manhattan-based real estate investment and management company. Mr. Shaoul has written articles on behalf of Barron’s and has been regularly quoted in The Wall Street Journal and Dow Jones Newswires regarding his opinions on the investment markets. He was awarded a Ph.D. in Accounting and Finance in 1992 from Manchester University (UK).

Myles D. Gillespie joined Marketfield Asset Management in 2007. Mr Gillespie is a graduate of The Hotchkiss School and holds a Bachelor of Arts degree from Franklin and Marshall College (Class of 1983). From 1983 to 1986, he worked as a stock index futures trader with Henderson Brothers and in 1986 became a NYSE Specialist at Quick & Reilly. He was appointed Executive Vice President of JJC Specialist Corp., the successor firm to Quick and Reilly, in 1989. In 1999 he became President of Fleet Specialist, Inc., the successor firm to JJC Specialist Corp., retiring from this position in 2004. During his time at the NYSE, Mr Gillespie served as a NYSE floor Official (1993- 1999) and NYSE floor Governor (2001-2004).

David C. Johnson, Jr. joined Marketfield Asset Management LLC as Director of Research in April 2011. Mr. Johnson is a graduate of the University of North Carolina at Chapel Hill. He received his MBA in 1984 from Darden School of Business, University of Virginia. Prior to joining Marketfield, Mr. Johnson was an investment analyst, portfolio manager, and head of business development at Wilkinson O’Grady & Co., Inc. He spent the first ten years of his career in the fixed-income department of Salomon Brothers, where he managed one of its primary sales groups. Mr. Johnson was president of Preservation Group, where he worked closely with Mr. Aronstein.