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Invest&Finance
Five Father-Son Teams Share Investing Secrets
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.
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 Roge of his son Steven，who together run R.W. Roge&Co. and the Roge Partners fund. “In other words，he discovered that you could make money without working，” the elder Roge 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 Roge 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，62，started R.W. Roge 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 Roge 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.”
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。
谈到学习对象，还有谁会比亲爱的老爸更好呢？
罗纳德·罗杰和他的儿子斯蒂文·罗杰共同运营着R. W. Roge&Co. 和Roge 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。”
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。
《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。
更为重要的是，这些关系能引发对历史、经验、风险以及非常规思维的重视──这可是你在MBA课程中不一定能学到的东西。
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。
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。
奥尔父子组合奥尔增长基金
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。”
克劳福特父子三人克劳福特基金公司
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。”
格拉泽父子Mayflower Advisors
1989年，现年70岁的劳依德·格拉泽还是贝尔斯登在波士顿的合伙人，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。”
列伯父子Alpine Funds
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 Estate Equity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人方面的教益。塞缪尔回忆道， “那是二十世纪八十年代末，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，也适用于人生。”
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. Roge。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。罗纳德更擅长发现出色的基金经理，比如他那位28岁的儿子斯蒂文。斯蒂文于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，但他在父亲公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Roge Partners 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%和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， “要做个价值投资者，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。”
核心单词
cliche n. 陈词滥调
recommendation n. 推荐
inauspicious adj. 不祥的
critical adj. 紧要的，关键性的，危急的
holistic adj. 整体的，全盘的
财经知识一点通
市盈率（Price to Earning Ratio，简称PE或P/E Ratio)
指在一个考察期（通常为12个月的时间）内，股票的价格和每股收益的比例。投资者通常利用该比例值估量某股票的投资价值，或者用该指标在不同公司的股票之间进行比较。市盈率通常用来作为比较不同价格的股票是否被高估或者低估的指标。
头寸（position）
也称为 “头衬” 就是款项的意思，是金融界及商业界的流行用语。如果银行在当日的全部收付款中收入大于支出款项，就称为 “多头寸” ，如果付出款项大于收入款项，就称为 “缺头寸” 。对预计这一类头寸的多与少的行为称为 “轧头寸” 。如果暂时未用的款项大于需用量时称为 “头寸松” ，如果资金需求量大于闲置量时就称为 “头寸紧” 。
翻译行不行
It’ 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.”
All-Suitable Investment Wisdom
鱼和熊掌兼顾的投资智慧
Even the experts can’ t agree whether rising or falling prices lie in our future.
That leaves investors in a quandary: how to construct a portfolio at a time of great uncertainty？ A wrong bet could be devastating. If your portfolio is built for deflation，for example，your assets will slump if the country instead experiences a bout of inflation.
The answer is to prepare for the economic scenario you think is most likely，and then build in some insurance in case you are wrong.
“If you want to win the war，” says Rich Rosso，a financial consultant at Charles Schwab， “you have to own both sides of the fight to some degree.”
Such an approach necessarily means some investments will suffer no matter how the economy turns.
Here are three portfolios，each with built-in insurance. The first will do best in an inflationary period but won’ t be crushed if deflation instead rules the day. The second is for investors who fear deflation，but want some protection against potential inflation. And the third is aimed at investors who believe the economy will muddle through without severe inflation or deflation.
Inflation
If you believe all the government spending in response to the financial crisis will ultimately beget inflation，you want a portfolio that thrives in a period of surging prices.
Commodities are the primary play，because everything from oil and corn to copper and pork bellies should gain. Plus，commodities-particularly gold-hedge against the dollar，offering a 2-for-1 benefit if a weak dollar accompanies inflation，as some expect.
Insurance Component: Long-term Treasury bonds and municipal bonds.
Both will likely soar in value amid deflation because their long period of fixed payments would be an attractive source of income as prices for goods and services broadly fall，and as paychecks shrink. And Treasury papers，in particular，would likely become a haven for foreign investors，further pushing up their price.
Deflation
Portfolio preparation is easier for deflationists: Put a chunk of money into long-term Treasury bonds and much of the rest into cash and some municipal bonds.
If broad-based deflation materializes，long-term Treasury papers are likely to surge. The bonds’ fixed-income stream，meanwhile，would be worth increasingly more relative to falling consumer prices.
Round out your deflation portfolio with a big slug of cash. Though it won’ t generate much of a return in a low-rate，deflationary environment，cash in the bank will gain value as prices fall.
Insurance Component: Commodities react most drastically to surprise inflation，so they should be part of your insurance. If inflation arises，companies such Coca-Cola，tobacco giant Altria，and toothpaste maker Colgate-Palmolive will have some pricing power.
Goldilocks Economy
Maybe，just maybe，world bankers will get this right，and the economy will experience neither severe inflation nor severe deflation.
“We think most likely the central banks of the world will get this close enough to right that we will settle in close to a relatively benign inflation rate of between 1.5% and 2.5%，” says Aaron Gurwitz，head of global investment strategy at Barclays Wealth.
“In such a ‘Goldilocks’ scenario-where the economy is neither too hot nor too cold-risky assets would do best，so equities and bonds with some equity characteristics should receive the emphasis，” says Scott Wolle，portfolio manager of the AIM Balanced-Risk Allocation Fund.
For the bond component，pick a fund such as the Fidelity Total Bond fund that largely owns high-grade，intermediate-term corporate bonds and mortgages，along with government and agency debt.
Insurance Component: Just in case the Goldilocks scenario is wrong，you will need insurance against either inflation or deflation. Pick up inflation protection through a commodity ETF，and deflation protection with long-term Treasury papers. Cash also is OK in either situation.
即便是专家也对物价到底是涨还是跌的看法不一。
这就给投资者出了一个难题：在经济前景如此不明朗的情况下，该如何构建自己的投资组合呢？下错了注，受到的打击将是致命的。比如，你的组合是基于对通货紧缩的预期，那么假使发生了通货膨胀，你的资产便会大幅缩水。
最佳方案就是，按你认为最有可能出现的经济状况来进行投资，同时采取一定的保险措施，以防止出现失误。
嘉信理财的金融咨询师里奇·罗索说， “要想赢得战争的胜利，作战双方你都得投点资。”
采取这种投资方式的话，不管经济形势如何，你都会有部分资产受损。
下面的三种投资组合均考虑了内在的保险要素。第一种组合在通货膨胀时期表现最佳，遭遇通货紧缩时却也不致崩盘。第二种适于那些预期通货紧缩，同时也希望能够应对通货膨胀的投资者。第三种针对的则是那些认为经济发展温和，既不会有严重的通货膨胀也不会有严重通货紧缩的投资者。
通货膨胀型投资
如果你认为政府应对经济危机的一应开销最终会导致通货膨胀，那么你肯定希望自己的投资组合在物价上涨时能有良好表现。
商品期货可以是投资的重头，因为到时候原油、粮食、铜、猪肉的价格都会上涨。而且，大宗商品──尤其是黄金，可对冲美元贬值。有人预计，在美元疲软兼通胀的形势下，投资黄金可能会带来双倍的收益。
保险元素：长期国债和市政债券
这两种债券在通货紧缩时期价格都会攀升，因为在商品和服务大幅降价、薪酬缩水的情况下，这两种债券的长期固定收益会是一笔可观的收入。尤其是美国国债，到时会很受国外投资者的青睐，从而价格会受到进一步地推动。
通货紧缩型投资
通货紧缩论者要构建投资组合相对更为容易：可将大部分钱购置长期美国国债，剩余的钱，一部分存现，一部分购入市政债券。
如果大范围通货紧缩成为现实，长期国债便极有可能会升值。而与此同时，债券的固定收益同消费价格下跌的关联日益密切。
如果你对经济的预期是通货紧缩，那么就在你的投资组合中保留大量的现金吧。把现金存在银行，在低利率、通货紧缩的环境下产生不了大的收益，不过随着物价的下跌，存在银行里的现金实际上是升值的。
保险元素：假使通胀不期而至，大宗商品期货会有最大的收益，所以应当将其作为一项保险措施。如果通胀爆发，可口可乐公司、烟草巨头奥驰亚集团、牙膏生产商高露洁棕榄等企业便有了定价权。
金发女孩经济型
可能，仅仅是可能──全世界的银行家都很了解这一点──经济既没有严重的通货膨胀也没有严重的通货紧缩。
巴克莱全球投资策略主管亚伦·格威茨说， “我们认为，各国央行最终极有可能将通胀率保持在相对温和的水平，即介于1.5%至2.5%之间。”
AIM Balanced-Risk Allocation基金投资组合经理斯科特·沃勒说， “在 ‘金发女孩’ 经济时期──经济既不过热也不过冷，风险资产会有最好的表现，股票和带有股票性质的债券应当是关注的重点。”
债券部分可以选择一支基金，比如富达债券总指数基金，该基金持有高等级中期企业债券、抵押贷款及政府和政府机构债务。
保险元素：假设关于金发女孩经济的预期是错误的，那么你需要抵御通货膨胀和通货紧缩的双重风险。可以购入大宗商品交易所买卖基金来应对通货膨胀、长期国债来应对通货紧缩。现金则是可以同时应对两种情况的法宝。
核心单词
quandary n. 困惑；为难；窘境
portfolio n. (投资者持有的) 全部有价证券，投资组合
scenario n. 事态；局面
beget v. 引起，招致
shrink v. 收缩，缩短，皱缩
benign adj. 有利的；吉利的
财经知识一点通
通货紧缩 (deflation)
当市场上流通的货币减少，人民的购买力下降，物价下跌，造成通货紧缩。长期的货币紧缩会抑制投资与生产，导致失业率升高及经济衰退。
通货膨胀 (inflation)
一般指在纸币流通条件下，因货币供给大于货币实际需求，导致货币贬值，而引起一段时间内物价持续而普遍上涨的现象。
翻译行不行
Even the experts can’ t agree whether rising or falling prices lie in our future.
Round out your deflation portfolio with a big slug of cash.
Pick up inflation protection through a commodity ETF，and deflation protection with long-term Treasury papers.
