金融英語(yǔ)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(guò)確實(shí)是真的：書(shū)上是學(xué)不到這一切的。一個(gè)商學(xué)院學(xué)位對(duì)一個(gè)年輕的資金經(jīng)理或咨詢師的成長(zhǎng)很重要，同樣，一個(gè)年長(zhǎng)睿智、經(jīng)驗(yàn)豐富的職業(yè)老手傳授的經(jīng)驗(yàn)也是無(wú)可取代的。

談到學(xué)習(xí)對(duì)象，還有誰(shuí)會(huì)比親愛(ài)的老爸更好呢？

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

斯蒂文后來(lái)又對(duì)共同基金產(chǎn)生了興趣。他當(dāng)時(shí)在收集籃球卡，因此羅納德就向他解釋說(shuō)，一只共同基金有點(diǎn)像是一沓籃球卡——一籃子個(gè)股，一些股票可能會(huì)比其他股票更值錢(qián)。當(dāng)斯蒂文12歲的時(shí)候，他開(kāi)始癡迷于此了。

《財(cái)智月刊》在父親節(jié)那個(gè)周末之前做了一個(gè)關(guān)于父子團(tuán)隊(duì)組合的報(bào)道，這是其中的一個(gè)共同主題。當(dāng)股票、債券、共同基金和市場(chǎng)成為家庭餐桌談話中心的時(shí)候，小孩子自然從小就會(huì)對(duì)投資產(chǎn)生興趣。

更為重要的是，這些關(guān)系能引發(fā)你對(duì)歷史、經(jīng)驗(yàn)、風(fēng)險(xiǎn)，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(xué)到的東西。

畢竟，如果你的爸爸長(zhǎng)期從事這項(xiàng)業(yè)務(wù)，那他在證券市場(chǎng)前沿?cái)?shù)十年的經(jīng)歷肯定會(huì)讓你受益匪淺。下面我們就看看五對(duì)父子投資組合的情況——其中一些家傳秘訣的參考價(jià)值會(huì)很高。當(dāng)然，女兒們也會(huì)從中受益，阿比加爾·約翰遜就在協(xié)助運(yùn)營(yíng)著她家人創(chuàng)立的共同基金巨頭富達(dá)基金。

那我們就分享學(xué)習(xí)羅杰父子以及其他四對(duì)父子投資組合的投資秘訣吧。

奧爾父子|奧爾成長(zhǎng)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(jì)人的工作，而現(xiàn)在73歲的布萊恩·奧爾當(dāng)時(shí)就已經(jīng)相當(dāng)成功地管理他自己的投資很長(zhǎng)時(shí)間了。布萊恩和兒子合開(kāi)了投資賬戶，但對(duì)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(zhǎng)基金沿用：在數(shù)千只股票中搜尋那些收益增長(zhǎng)25%，至少是20%的銷(xiāo)售增長(zhǎng)，未來(lái)市盈率不超過(guò)12倍的公司股票。布萊恩說(shuō)：“一旦股票不再具有這些特征，或是股價(jià)增長(zhǎng)一倍，我們就會(huì)賣(mài)出?！滨U伯回憶道：“我們從1987年開(kāi)始實(shí)施這一策略，到2007年我們的賬戶年回報(bào)率超過(guò)了30%?！币虼?，在2007年年底，兩人共同推出了奧爾成長(zhǎng)基金，鮑伯擔(dān)任投資組合經(jīng)理，布萊恩負(fù)責(zé)投資組合分析。2008年顯然不是個(gè)開(kāi)創(chuàng)基金的好時(shí)候，但該基金直到現(xiàn)在已經(jīng)上漲了22%。當(dāng)被人們問(wèn)到從父親那里學(xué)到什么重要的教益時(shí)，鮑伯笑著說(shuō)：“只有一條，那就是如何實(shí)現(xiàn)每年增值30%的目標(biāo)?！?/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(mén)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。現(xiàn)年76歲的高登當(dāng)時(shí)擔(dān)任T.Rowe Price的董事兼經(jīng)理職位已長(zhǎng)達(dá)20年。高登說(shuō)：“我當(dāng)時(shí)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(huì)給他們從事這個(gè)行業(yè)帶來(lái)很大幫助。”克勞福特基金選擇的股票都是可以長(zhǎng)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(guò)去3年、5年和過(guò)去10年的回報(bào)率一直都超過(guò)標(biāo)準(zhǔn)普爾500指數(shù)。現(xiàn)年46歲的肯特說(shuō)，他從父親那里學(xué)到的最重要的經(jīng)驗(yàn)就是，著眼于長(zhǎng)遠(yuǎn)對(duì)投資股票很重要。他說(shuō)：“當(dāng)你年紀(jì)不大的時(shí)候，你一般不會(huì)這么想?！爆F(xiàn)年35歲的羅賽爾說(shuō)，父親教他們要經(jīng)常質(zhì)疑常規(guī)智慧。他說(shuō)：“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(jià)值，這是我們從父親那里學(xué)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(gè)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(dān)任過(guò)高級(jí)職員。這對(duì)父子在很早之前就討論過(guò)合作投資的問(wèn)題，并認(rèn)定當(dāng)時(shí)是恰當(dāng)?shù)臅r(shí)機(jī)。因此他們組建了勞依德所稱的“絕佳合伙關(guān)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(gòu)了Advest，格拉澤父子的客戶們敦促他們自立門(mén)戶。勞依德說(shuō)：“我們后來(lái)發(fā)展得很順利。”拉里說(shuō)：“五月花是最早從按傭金收費(fèi)轉(zhuǎn)向按手續(xù)費(fèi)收費(fèi)的咨詢公司之一，同時(shí)也迅速借助上市交易基金進(jìn)行資產(chǎn)配置和對(duì)沖頭寸。”那么，他從父親那里得到最為重要的教益是什么？拉里說(shuō)：“我們家會(huì)在吃飯的時(shí)候討論債務(wù)和杠桿問(wèn)題，我很小的時(shí)候就從中受益了。受此影響，我們公司沒(méi)有債務(wù)，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(guò)去經(jīng)常一起進(jìn)行帆船比賽。斯蒂文說(shuō)：“我們就是通過(guò)它，學(xué)會(huì)了像團(tuán)隊(duì)一樣協(xié)作?！边@一經(jīng)驗(yàn)對(duì)1989年成立的高山國(guó)際房地產(chǎn)基金非常重要，這是全球該類(lèi)型的首個(gè)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(lǐng)域的經(jīng)驗(yàn)，以及斯蒂文在資產(chǎn)和投資組合管理領(lǐng)域數(shù)十年的經(jīng)驗(yàn)，還給塞繆爾帶來(lái)了一條寶貴的專業(yè)性的以及個(gè)人方面的教益。塞繆爾回憶道：“那是20世紀(jì)80年代末，當(dāng)時(shí)我們?cè)诜康禺a(chǎn)業(yè)的業(yè)務(wù)做得非常大，以至于我們發(fā)現(xiàn)自己正在影響股價(jià)。”他說(shuō)，“我向父親表達(dá)了我的擔(dān)憂。他告訴我要看得遠(yuǎn)一點(diǎn)，把視野拓寬一點(diǎn)，尋找其他類(lèi)型的機(jī)遇。這就是第一只國(guó)際地產(chǎn)基金的誕生經(jīng)歷。”他還說(shuō)，“現(xiàn)在高山旗下運(yùn)營(yíng)著9只基金，但那條頭號(hào)教益仍然非常重要。做事要視野寬廣，全盤(pán)考慮；這點(diǎn)不僅適用于投資，也適用于人生。”

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(jì)70年代初就開(kāi)始選股，但他發(fā)現(xiàn)自己在這方面并非特別擅長(zhǎng)。羅納德更擅長(zhǎng)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(shuō)：“我確實(shí)擅長(zhǎng)規(guī)劃戰(zhàn)略和全盤(pán)考慮。斯蒂文則在發(fā)現(xiàn)價(jià)值被低估的股票方面有一套?！彼沟傥目赡荛L(zhǎng)期信奉本杰明·格雷厄姆和巴菲特的投資哲學(xué)，但他在父親公司做的第一份工作卻是復(fù)印以及做其他雜事。他用了七年的時(shí)間來(lái)了解業(yè)務(wù)，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(cuò)，在2005年和2006年分別實(shí)現(xiàn)了10%和21%的回報(bào)率，但在2007年有所冷卻，當(dāng)然2008年就不用說(shuō)了。不過(guò)，正是那個(gè)時(shí)候，父親傳授的教益才顯得無(wú)比重要。羅納德說(shuō)：“要做個(gè)價(jià)值投資者，最重要的就是有耐心。巴菲特在投資可口可樂(lè)公司之前可是觀察該股長(zhǎng)達(dá)25年?！?/p>

實(shí)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(guān)鍵性的；危急的

holistic[h?u'listik]adj.整體的，全盤(pán)的

財(cái)經(jīng)知識(shí)一點(diǎn)通

市盈率（Price to Earning Ratio，簡(jiǎn)稱PE或P/E Ratio）

指在一個(gè)考察期（通常為12個(gè)月的時(shí)間）內(nèi)，股票的價(jià)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(jià)值，或者用該指標(biāo)在不同公司的股票之間進(jìn)行比較。市盈率通常用來(lái)作為比較不同價(jià)格的股票是否被高估或者低估的指標(biāo)。

頭寸（position）

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

翻譯練習(xí)

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.