华尔街的赚钱经 投资父子兵分享投资秘诀(1)

Five Father-Son Teams Share Investing Secrets

投资父子兵分享投资秘诀

It's a cliche¹, but it happens to be true: You can't learn everything from books.

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。

As important as a degree from a business school can be to the education of a young money manager or advisor², there's nothing quite like the lessons imparted by an older,

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、

wiser, more experienced professional.

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,"

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，

says Ronald Rogé of his son Steven, who together run R.W. Rogé & Co.and .the Rogé Partners fund.

“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。”

"In other words, he discovered that you could make money without working," the elder Rogé says with a chuckle³.

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 mutual⁴ funds.

斯蒂文后来又对共同基金产生了兴趣。

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,

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，

some of which ware⁵ potentially more valuable than others. By the time Steven was 12, he was hooked.

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 spoke⁶ with ahead of Father's Day weekend. When talk at the family dinner table centers around stocks,

《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、

bonds, mutual funds and the market, well, an interest in Investing tends to get kindled⁷ at a very young age.

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 appreciation⁸ 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.

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。

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.

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。

And lest we forget, daughters can benefit, too. Abigail Johnson helps run the company her family founded, mutual fund giant Fidelity⁹.

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 broker¹⁰ at Dean Witter Reynolds in 1986.

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。

Bryan opened accounts with his son but wasn't interested in the firm's research or recommendations.

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。

Rather, he had his own stock-picking system-one the duo continues to employ at Auer Growth fund to this day: Cull¹¹ through thousands of stocks looking for 25% earnings¹² growth,

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%，

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,

至少是20%的销售增长，未来市盈率不超过12倍的公司股票。

1 cliche   

n./a.陈词滥调(的)；老生常谈(的)；陈腐的

参考例句：

• You should always try to avoid the use of cliche. 你应该尽量避免使用陈词滥调。
• The old cliche is certainly true:the bigger car do mean bigger profits.有句老话倒的确说得不假:车大利大。

2 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

3 chuckle   

vi.／n.轻声笑，咯咯笑

参考例句：

• He shook his head with a soft chuckle.他轻轻地笑着摇了摇头。
• I couldn't suppress a soft chuckle at the thought of it.想到这个，我忍不住轻轻地笑起来。

4 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

5 ware   

n.(常用复数)商品，货物

参考例句：

• The shop sells a great variety of porcelain ware.这家店铺出售品种繁多的瓷器。
• Good ware will never want a chapman.好货不须叫卖。

6 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

7 kindled   

（使某物）燃烧，着火( kindle的过去式和过去分词 )； 激起（感情等）； 发亮，放光

参考例句：

• We watched as the fire slowly kindled. 我们看着火慢慢地燃烧起来。
• The teacher's praise kindled a spark of hope inside her. 老师的赞扬激起了她内心的希望。

8 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。

9 fidelity   

n.忠诚，忠实；精确

参考例句：

• There is nothing like a dog's fidelity.没有什么能比得上狗的忠诚。
• His fidelity and industry brought him speedy promotion.他的尽职及勤奋使他很快地得到晋升。

10 broker   

n.中间人，经纪人；v.作为中间人来安排

参考例句：

• He baited the broker by promises of higher commissions.他答应给更高的佣金来引诱那位经纪人。
• I'm a real estate broker.我是不动产经纪人。

11 cull   

v.拣选；剔除；n.拣出的东西；剔除

参考例句：

• It is usually good practice to cull the poorest prior to field planting.通常在实践上的好方法是在出圃栽植前挑出最弱的苗木。
• Laura was passing around photographs she'd culled from the albums at home.劳拉正在分发她从家里相册中挑选出的相片。

12 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。