投资父子兵分享投资秘诀

　　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.

　　这显然是陈词滥调，不过确实是真的。书上是学不到这一切的。一个商学院学位对一个年轻的资金经理或咨询师的成长很重要，同样，一个年长睿智、经验丰富的职业老手传授的经验也是无可取代的。

　　And who better to learn from than dear old dad?

　　谈到学习对象，还有谁会比亲爱的老爸更好呢?

　　"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.

　　罗纳德·罗杰和他的儿子斯蒂文·罗杰共同运营着 R.W. Rogé & Co.和 Rogé Partners fund。罗纳德谈到自己的儿子时说，“斯蒂文大约在八岁的时候，就发现把钱放到银行就可以得到利息，那是他第一次表现出对投资的兴趣。”罗纳德笑着说，”换句话说，他发现不干活也能挣钱。”

　　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 eards-a basket of individual stocks, some of which ware potentially more valuable than others. By the time Steven was 12, he was hooked.

　　斯蒂文后来又对共同基金产生了兴趣。他当时在收集篮球卡，因此罗纳德就向他解释说，一只共同基金有点像是一叠篮球卡-----一篮子个股，一些股票可能会比其他股票更值钱。当斯蒂文12岁的时候，他开始痴迷于此了。

　　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.

　　《财智》杂志在父亲节周末之前做了一个关于父子团队组合的报道，这是其中的一个共同主题。当股票、债券、共同基金和市场成为家庭餐桌谈话中心的时候，小孩子自然会很小就有了对投资的兴趣。

　　Even more important is. that those relationships create an appreciation for history, for experience, for risk and for unconventional thinking一things that can't necessarily be learned in an MBA program.

　　更为重要的是，这些关系能引发对历史、经验、凤险以及非常规思维的重视一一这可是你在MBA课程中不一定能学到的东西。

　　After all, when your dad's been in the busjness along 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.

　　毕竟，如果你的爸爸长期从事这项业务，那他在证券市场前沿数十年的经历肯定会让你受益匪浅。下面我们就看看五对父子投资组合的情况------其中一些家传密技的参考价值会很高。当然，女儿们也会从中受益。阿比加尔·约翰逊就在协助运营着她家人创立的共同基金巨头富达基金。

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

　　那就我们分享学习罗杰父子以及其他四对父子投资组合的投资秘诀吧。

　　Bryan and Bob Auer | Auer Growth Fund

　　奥尔父子组合|奥尔增长基金

　　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."

　　现年48岁的鲍伯·奥尔在添惠证券投资谋到了一份经纪人的工作，而现在73岁的布莱恩·奥尔当时就已经相当成功地管理他自己的投资很长时间了。布莱恩和儿子合开了投资账户，但对公司的研究或推荐股票并不感兴趣。他有自己的选股心得-----其中的一条规律目前仍在奥尔成长基金沿用：在数千只股票中搜寻那些收益增长25%，至少是20%的销售增长，未来市盈率不超过12倍的公司股票。布莱恩说，“一旦股票不再具有这些特征，或是股价增长一倍，我们就会卖出。” 鲍伯回忆道我们从1987年开始实施这一策略，到2007年我们的账户年回报率超过了30%"。因此，在2007年底，两人共同推出了奥尔成长基金，鲍伯担任投资组合经理，布莱恩负责投资组合分析。2008年显然不是个开创基金的好时候，但该基金今年以来已经上涨了22%。当被人们问到从父亲那里学到什么重要的教益时，鲍伯笑着说，“只有一条，那就是如何实现每年增值30%的目标。”

　　Gordon, Kent and Russell Croft | Croft Funds

　　克劳福特父子三人|克劳福特基金公司

　　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."

　　1989年，肯特·克劳福特决定辞去在所罗门兄弟的工作，回到巴尔的摩和父亲高登·克劳福特创立一家公司;现年76岁的高登当时担任T.Rowe Price的董事兼经理职位已长达20年。高登说，“我当时做的第一件事就是让肯特做总裁，然后他就做了20年的老板。小儿子罗赛尔于1999年加入公司。高登表示他们两人都有你所能想到的最好的道德与性格，这会给他们从事这个行业带来很大帮助。” 克劳福特基金选择的股票都是可以长期持有的、市盈率较低的优质股。凭借这一策略，该基金过去3年、5年和过去10年的回报率一直都超过了标准普尔500指数。现年46岁的肯特说，他从父亲那里学到的最重要的经验就是，着眼于长远对投资股票很重要。他说，“当你年纪不大的时候，你一般不会这么想”。现年35岁的罗赛尔说，父亲教他们要经常质疑常规智慧。他说，“这已经渗透到我们的血液里了。父亲让我们以反向投资的眼光去寻找内在的隐藏价值，这是我们从父亲那里学到的最大教益。”

　　Lloyd and Larry Glazer | Mayflower Advisors

　　格拉泽父子|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. "1 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."

　　1989年，现年70岁的劳依德·格拉泽还是贝尔斯置在波士顿的合伙人，他在那个地方工作了20年。他的儿子、现年41岁的拉里·格拉泽在 H.C. Wainwright、Trammell Crow和东京银行都担任过高级职员。这对父子在很早之前就讨论过合作投资的问题，并认定当时是恰当的时机。因此他们组建了劳依德所称的“绝佳合伙关系”，在一家地区券商Advest旗下组建了他们的咨询公司 Mayflower Partners。美林公司在2005年收购了Advest，格拉泽父子的客户们督促他们自立门户。劳依德说，“我们后来发展得很顺利”。拉里说，“Mayflower是最早从按佣金收费转向按手续费收费的咨询公司之一，同时也迅速借助上市交易基金进行资产配置和对冲头寸。”那么，他从父亲那里得到最为重要的教益是什么?拉里说，“我们家会在吃饭的时候讨论债务和杠杆问题，我很小的时候就从中受益了。受此影响，我们公司没有债务，我们建议客户不要使用或尽量少使用杠杆。”

　　Stephen and Samuel Lieber | Alpine Funds

　　列伯父子|剧pine 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 run's nine funds, but that first lesson remains key, Samuel says. "Take a broad, holistic approach not only to investing, but also to life."

　　今年83岁的斯蒂文·列伯和 53岁的塞缪尔·列伯过去经常一起进行帆船比赛。斯蒂文。“说我们就是通过它，学会了像团队一样协作”。这一经验对1989年成立的Alpine International Real EstateEquity基金非常重要，这是全球该类型的首个房地产基金。这只基金不仅汇聚了塞缪尔在房地产和房地产投资信托基金领域的经验，以及斯蒂文在资产和投资组合管理领域数十年的经验，还给塞缪尔带来了一个重要的职业以及个入方面的教益。塞缪尔回忆道，“那八十年代代末，当时我们在房地产业的业务做得非常大，以至于我们发现自己正在影响股价”。他说，“我向父亲表达了我的担忧。他告诉我要看的远一点，把视野拓宽一点，寻找其他类型的机遇。这就是第一只国际地产基金的诞生经历”。塞缪尔说，“现在Alpine旗下运营着 9只基金，但那条头号教益仍然非常重要。做事要视野宽广，全盘考虑;这点不仅适用于投资，也适用于人尘。”

　　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."

　　现年62岁的罗纳德于1986年创立了金融规划和咨询公司R.W.Rogé。他从二十世纪七十年代初就开始选股，但他发现自己在这方面并非特别擅长。罗纳德要擅长发现出色的基金经理，比如他那位28岁的儿子斯蒂文。斯蒂立于1997年加入公司。罗纳德说，“我确实擅长规划战略和全盘考虑。斯蒂文则在发现价值被低估的股票方面有一套。”斯蒂文可能长期信奉本·杰明·格雷厄姆和巴菲特的投资哲学，但他在交亲总司做的第一份工作却是复印以及其他杂事。他用了7年的时间来了解业务，在2004年底，斯蒂文成了新推出的民Rogé Partnérs fund的基金经理。这只基金起步不错，在2005年和2006年分别实现了10% 21%的回报率，但在2007年有所冷却，当然2008年就不用说了。不过，正是那个时候，父亲传授的教益才显得无比重要。罗纳德说，“要做个价值拉资者，最重要的就是有耐心。巴菲特在投资可口可乐公司之前可是观察了该股长达25年之久。”

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（实习编辑：高奕飞）