金融英語泛讀:投資父子兵，分享投資秘訣

Five Father-son Teams Share Investing Secrets投資父子兵，分享投資秘訣

It's a cliche, but it happens to be true：You can't learn everything from books. As important as a degree from a business school can be to the education of a young money manager or advisor, there's nothing quite like the lessons imparted by an older, wiser, more experienced professional.

And who better to learn from than dear old dad?

“Steve first became interested in investing when he was about eight years old and he found out that you could put money in a bank and it would earn interest，”says Ronald Rogé of his son Steven, who together run R.W.Rogé&Co.and the Rogé Partners fund.“In other words, he discovered that you could make money without working，”the elder Rogé says with a chuckle.

Later Steven was curious about mutual funds. He collected baseball cards at the time, so his father explained that a mutual fund was kind of like a pack of cards-a basket of individual stocks, some of which were potentially more valuable than others.By the time Steven was 12，he was hooked.

That's a common theme among the father-son teams SmartMoney spoke with ahead of Father's Day weekend. When talk at the family dinner table centers around stocks, bonds, mutual funds and the market, well, an interest in investing tends to get kindled at a very young age.

Even more important is that those relationships create an appreciation for history, for experience, for risk and for unconventional thinking-things that can't necessarily be learned in an MBA program.

After all, when your dad's been in the business a long time, you stand to benefit from his decades on the front lines of the securities markets. Here, then, is a look at five father-and-son investing teams-and some of the generational wisdom that has stood them in good stead.And lest we forget, daughters can benefit, too.Abigail Johnson helps run the company her family founded, mutual fund giant Fidelity.

Learn the investing secrets of Steven and Ronald Rogé and four other father-son investing teams.

Bryan and Bob Auer|Auer Growth Fund

Bryan，73，had been managing his own investments quite successfully for a long time when his son Bob，48，took a job as a broker at Dean Witter Reynolds in 1986. Bryan opened accounts with his son but wasn't interested in the firm's research or recommendations.Rather, he had his own stock-picking system-one the duo continues to employ at Auer Growth fund to this day：Cull through thousands of stocks looking for 25%earnings growth, at least 20%sales growth and a forward price/earnings multiple of less than 12.“Once a stock stops having those characteristics or doubles in price, we sell，”Bryan says.“We started that process in 1987 and by 2007 our accounts had an annualized return of more than 30%，”says Bob.So in late 2007 they launched Auer Growth, with Bob acting as portfolio manager and Bryan in charge of portfolio analysis.Naturally 2008 was an inauspicious time to start a fund, but for the year to date it's up 22%.When asked what's the greatest lesson he's learned from his dad, Bob laughs.“Only how to compound money at 30%a year.”

Gordon, Kent and Russell Croft|Croft Funds

Gordon, now 76，had been a director and manager at T. Rowe Price for 20 years when his older son, Kent decided to leave his job at Salomon Brothers in 1989 and return to Baltimore to start a firm with his dad.“The first thing I did was make Kent president, so he has been the boss for 20 years，”Gordon says.Russell joined the firm in 1999.“Both of them have the highest ethics and highest character that you can imagine，”says Gordon，“and that holds them in good stead in this business.”The Croft Value fund seeks out high-quality companies with low P/Es that can be held for the long term.It's a strategy that's allowed the fund to beat the S&P 500 over the last three-，five-and 10-year periods.Kent，46，says the greatest lesson he's learned from his dad is the importance of keeping long horizons on stocks.“When you're younger you tend not to quite think like that，”he says.Russell，35，says his father taught him and his brother to constantly question the conventional wisdom.“That's in our blood，”he says.“The search for inherent, hidden value with a contrariant nature-we got that from our father more than anything.”

Lloyd and Larry Glazer|Mayflower Advisors

In 1989 Lloyd, now 70，was a partner at Bear Stearns in Boston, a place he had worked for two decades. His son Larry，41，had senior positions at H.C.Wainwright, Trammell Crow and Bank of Tokyo.They had long talked about working together and decided that the time was right.So they formed what Lloyd calls“a terrific partnership，”setting up their advisory, Mayflower Partners, within Advest, a regional brokerage firm.When Merrill Lynch acquired Advest in 2005，the Glazers'clients urged them to strike out on their own.“And it has worked out wonderfully for us，”Lloyd says.“Mayflower was one of the first advisors to transition to a fee-based structure from a commission-based one, and was also quick to grasp the utility of ETFs for asset allocation and hedging positions.”Larry says.But the most important lesson learned from Dad?“In our household we talked about debt and leverage at the dinner table，”the son says.“I had that benefit from a very young age.As a result, our firm has no debt, and we advise clients to have little or no leverage.”

Stephen and Samuel Lieber|Alpine Funds

Stephen，83，and Samuel，53，used to do a lot of sailboat racing together.“That's how we learned to work together as a team，”says Stephen. That experience was critical to the 1989 launch of the Alpine International Real Estate Equity fund, the first global real estate offering of its kind.Not only did that wed the son's experience in real estate and REITS with the father's decades of asset and portfolio management, it taught Samuel a valuable professional-and personal-lesson.“In the late 1980s, we were so big in the real estate sector that we found we were moving share prices around，”Samuel says.“I expressed concern to my dad.He said look farther afield, broaden your horizons and look for other types of opportunities.”That's how the first international real estate fund was born.Today Alpine runs nine funds, but that first lesson remains key, Samuel says.“Take a broad, holistic approach not only to investing, but also to life.”Ronald and Steven Rogé|Rogé Partners Fund.

Ronald，62，started R. W.Rogé in 1986 as a financial planning and advisory business.He first started stock picking in the early 1970s but found that he wasn't very good at it.He was better at finding good fund managers-like his son Steven，28，who joined the company in 1997.“I’m really good at strategy and looking at the big picture，”Ronald says.“Steve is very good at finding undervalued stocks.”Steven might have been a longtime disciple of Benjamin Graham and Warren Buffett, but his first job at Dad's office was making copies and doing other menial chores.After seven years of learning the business, Steven become portfolio manager of the Rogé Partners fund, which launched in late 2004.The fund got off to a good start, posting total returns of 10%and 21%in 2005 and 2006，respectively, but cooled off in 2007 and, of course，2008.But then that just makes the lessons instilled by the father all the more important.“When you are a value investor the most important thing is patience，”Ronald says.“Warren Buffett watched Coca-Cola for 25 years before he purchased it.”

這顯然是陳詞濫調(diào)，不過確實是真的：書上是學不到這一切的。一個商學院學位對一個年輕的資金經(jīng)理或咨詢師的成長很重要，同樣，一個年長睿智、經(jīng)驗豐富的職業(yè)老手傳授的經(jīng)驗也是無可取代的。

談到學習對象，還有誰會比親愛的老爸更好呢？

羅納德·羅杰和他的兒子斯蒂文·羅杰共同運營著R.W.Rogé&Co.和Rogé Partners基金。羅納德談到自己的兒子時說：“斯蒂文大約在八歲的時候，就發(fā)現(xiàn)把錢放到銀行就可以得到利息，那是他第一次表現(xiàn)出對投資的興趣?！绷_納德笑著說，“換句話說，他發(fā)現(xiàn)不干活也能掙錢?！?/p>

斯蒂文后來又對共同基金產(chǎn)生了興趣。他當時在收集籃球卡，因此羅納德就向他解釋說，一只共同基金有點像是一沓籃球卡——一籃子個股，一些股票可能會比其他股票更值錢。當斯蒂文12歲的時候，他開始癡迷于此了。

《財智月刊》在父親節(jié)那個周末之前做了一個關于父子團隊組合的報道，這是其中的一個共同主題。當股票、債券、共同基金和市場成為家庭餐桌談話中心的時候，小孩子自然從小就會對投資產(chǎn)生興趣。

更為重要的是，這些關系能引發(fā)你對歷史、經(jīng)驗、風險，以及非常規(guī)思維的重視——這可是你在MBA課程中不一定能學到的東西。

畢竟，如果你的爸爸長期從事這項業(yè)務，那他在證券市場前沿數(shù)十年的經(jīng)歷肯定會讓你受益匪淺。下面我們就看看五對父子投資組合的情況——其中一些家傳秘訣的參考價值會很高。當然，女兒們也會從中受益，阿比加爾·約翰遜就在協(xié)助運營著她家人創(chuàng)立的共同基金巨頭富達基金。

那我們就分享學習羅杰父子以及其他四對父子投資組合的投資秘訣吧。

奧爾父子|奧爾成長基金

現(xiàn)年48歲的鮑伯·奧爾在添惠證券投資謀到了一份經(jīng)紀人的工作，而現(xiàn)在73歲的布萊恩·奧爾當時就已經(jīng)相當成功地管理他自己的投資很長時間了。布萊恩和兒子合開了投資賬戶，但對公司的研究或推薦股票并不感興趣。他有自己的選股心得——其中的一條規(guī)律目前仍在奧爾成長基金沿用：在數(shù)千只股票中搜尋那些收益增長25%，至少是20%的銷售增長，未來市盈率不超過12倍的公司股票。布萊恩說：“一旦股票不再具有這些特征，或是股價增長一倍，我們就會賣出?！滨U伯回憶道：“我們從1987年開始實施這一策略，到2007年我們的賬戶年回報率超過了30%?！币虼耍?007年年底，兩人共同推出了奧爾成長基金，鮑伯擔任投資組合經(jīng)理，布萊恩負責投資組合分析。2008年顯然不是個開創(chuàng)基金的好時候，但該基金直到現(xiàn)在已經(jīng)上漲了22%。當被人們問到從父親那里學到什么重要的教益時，鮑伯笑著說：“只有一條，那就是如何實現(xiàn)每年增值30%的目標?！?/p>

克勞福特父子三人|克勞福特基金公司

1989年，肯特·克勞福特決定辭去在所羅門兄弟的工作，回到巴爾的摩和父親高登·克勞福特創(chuàng)立一家公司?，F(xiàn)年76歲的高登當時擔任T.Rowe Price的董事兼經(jīng)理職位已長達20年。高登說：“我當時做的第一件事就是讓肯特做總裁，然后他就做了20年的老板?！毙鹤恿_賽爾于1999年加入公司。高登表示：“他們兩人都有你所能想到的最好的道德與性格，這會給他們從事這個行業(yè)帶來很大幫助?！笨藙诟Ｌ鼗疬x擇的股票都是可以長期持有的、市盈率較低的優(yōu)質(zhì)股。憑借這一策略，該基金過去3年、5年和過去10年的回報率一直都超過標準普爾500指數(shù)?，F(xiàn)年46歲的肯特說，他從父親那里學到的最重要的經(jīng)驗就是，著眼于長遠對投資股票很重要。他說：“當你年紀不大的時候，你一般不會這么想?！爆F(xiàn)年35歲的羅賽爾說，父親教他們要經(jīng)常質(zhì)疑常規(guī)智慧。他說：“這已經(jīng)滲透到我們的血液里了。父親讓我們以反向投資的眼光去尋找內(nèi)在的隱藏價值，這是我們從父親那里學到的最大教益?！?/p>

格拉澤父子|五月花咨詢公司

1989年，現(xiàn)年70歲的勞依德·格拉澤還是貝爾斯登在波士頓的合伙人，他在那個地方工作了20年。他的兒子、現(xiàn)年41歲的拉里·格拉澤在溫萊特投資公司、紐約證券交易所和東京銀行都擔任過高級職員。這對父子在很早之前就討論過合作投資的問題，并認定當時是恰當?shù)臅r機。因此他們組建了勞依德所稱的“絕佳合伙關系”，在一家地區(qū)券商Advest旗下組建了他們的咨詢公司五月花合作伙伴。美林公司在2005年收購了Advest，格拉澤父子的客戶們敦促他們自立門戶。勞依德說：“我們后來發(fā)展得很順利。”拉里說：“五月花是最早從按傭金收費轉(zhuǎn)向按手續(xù)費收費的咨詢公司之一，同時也迅速借助上市交易基金進行資產(chǎn)配置和對沖頭寸?！蹦敲?，他從父親那里得到最為重要的教益是什么？拉里說：“我們家會在吃飯的時候討論債務和杠桿問題，我很小的時候就從中受益了。受此影響，我們公司沒有債務，我們建議客戶不要使用或盡量少使用杠桿?！?/p>

列伯父子|高山基金

今年83歲的斯蒂文·列伯和53歲的塞繆爾·列伯過去經(jīng)常一起進行帆船比賽。斯蒂文說：“我們就是通過它，學會了像團隊一樣協(xié)作?！边@一經(jīng)驗對1989年成立的高山國際房地產(chǎn)基金非常重要，這是全球該類型的首個房地產(chǎn)基金。這只基金不僅匯聚了塞繆爾在房地產(chǎn)和房地產(chǎn)投資信托基金領域的經(jīng)驗，以及斯蒂文在資產(chǎn)和投資組合管理領域數(shù)十年的經(jīng)驗，還給塞繆爾帶來了一條寶貴的專業(yè)性的以及個人方面的教益。塞繆爾回憶道：“那是20世紀80年代末，當時我們在房地產(chǎn)業(yè)的業(yè)務做得非常大，以至于我們發(fā)現(xiàn)自己正在影響股價?！彼f，“我向父親表達了我的擔憂。他告訴我要看得遠一點，把視野拓寬一點，尋找其他類型的機遇。這就是第一只國際地產(chǎn)基金的誕生經(jīng)歷。”他還說，“現(xiàn)在高山旗下運營著9只基金，但那條頭號教益仍然非常重要。做事要視野寬廣，全盤考慮；這點不僅適用于投資，也適用于人生?！?/p>

羅杰父子|Rogé Partners基金

現(xiàn)年62歲的羅納德于1986年創(chuàng)立了金融規(guī)劃和咨詢公司R.W.Rogé。他從20世紀70年代初就開始選股，但他發(fā)現(xiàn)自己在這方面并非特別擅長。羅納德更擅長發(fā)現(xiàn)出色的基金經(jīng)理，比如他那位28歲的兒子斯蒂文。斯蒂文于1997年加入公司。羅納德說：“我確實擅長規(guī)劃戰(zhàn)略和全盤考慮。斯蒂文則在發(fā)現(xiàn)價值被低估的股票方面有一套。”斯蒂文可能長期信奉本杰明·格雷厄姆和巴菲特的投資哲學，但他在父親公司做的第一份工作卻是復印以及做其他雜事。他用了七年的時間來了解業(yè)務，在2004年年底，斯蒂文成了新推出的Rogé Partners 基金的基金經(jīng)理。這只基金起步不錯，在2005年和2006年分別實現(xiàn)了10%和21%的回報率，但在2007年有所冷卻，當然2008年就不用說了。不過，正是那個時候，父親傳授的教益才顯得無比重要。羅納德說：“要做個價值投資者，最重要的就是有耐心。巴菲特在投資可口可樂公司之前可是觀察該股長達25年。”

實戰(zhàn)提升

核心單詞

cliche['kli:?ei]n.陳詞濫調(diào)

recommendation[,rek?men'dei??n]n.推薦

inauspicious[,in?:'spi??s]adj.不祥的

critical['kritik?l]adj.緊要的；關鍵性的；危急的

holistic[h?u'listik]adj.整體的，全盤的

財經(jīng)知識一點通

市盈率（Price to Earning Ratio，簡稱PE或P/E Ratio）

指在一個考察期（通常為12個月的時間）內(nèi)，股票的價格和每股收益的比例。投資者通常利用該比例值估量某股票的投資價值，或者用該指標在不同公司的股票之間進行比較。市盈率通常用來作為比較不同價格的股票是否被高估或者低估的指標。

頭寸（position）

也稱為“頭襯”，就是款項的意思，是金融界及商業(yè)界的流行用語。如果銀行在當日的全部收付款中收入大于支出款項，就稱為“多頭寸”，如果付出款項大于收入款項，就稱為“缺頭寸”。對預計這一類頭寸的多與少的行為稱為“軋頭寸”。如果暫時未用的款項大于需用量時稱為“頭寸松”，如果資金需求量大于閑置量時就稱為“頭寸緊”。

翻譯練習

lt's a cliche, but it happens to be true：You can't learn everything from books.

After all, when your dad's been in the business a long time, you stand to benefit from his decades on the front lines of the securities markets.

As a result, our firm has no debt, and we advise clients to have little or no leverage.