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I use the protection talisman from Sepulcher in all magic fights, and I dont have talisman mastery. I'd say I benefit from it, but not more than a shield with the same stats.

Thanks for correction, you are right that was a misclick in a hurry to post that :)

You can easily use dps with a shield if you have too low mitigation to play with talisman.

http://goo.gl/TQax8Y

Above would work very nice as high agro tank and also dps if you swap stance.
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