华尔街的赚钱经 投资父子兵分享投资秘诀(2)

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.

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，

So in late 2007 they launched Auer Growth, with Bob acting¹ as portfolio² manager and Bryan in charge of portfolio analysis.

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，

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,

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，

Bob laughs. "Only how to compound money at 30% a year."

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,

1989年，肯特·克劳福特决定辞去在所罗门兄弟的工作，

Kent decided³ to leave his job at Salomon Brothers in 1989 and return to Baltimore to start a firm with his dad. "

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。

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.

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。

"Both of them have the highest ethics⁴ and highest character that you can imagine," says Gordon, "and that holds them in good stead in this business."

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。”

The Croft Value fund seeks out high-quality companies with low P/Es that can be held for the long term.

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。

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,

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。

says the greatest lesson he's learned from his dad is the importance of keeping long horizons on stocks.

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。

"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.

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。

"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."

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 Glazer⁵ | Mayflower Advisors⁶

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,

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。

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,"

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。

setting up their advisory⁷, Mayflower Partners, within Advest, a regional brokerage firm. When Merrill Lynch acquired Advest in 2005,

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。

the Glazers' clients urged them to strike out on their own. "And it has worked out wonderfully for us," Lloyd says.

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。

"Mayflower was one of the first advisors to transition to a fee-based structure from a commission-based one,

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，

1 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

2 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

3 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

4 ethics   

n.伦理学；伦理观，道德标准

参考例句：

• The ethics of his profession don't permit him to do that.他的职业道德不允许他那样做。
• Personal ethics and professional ethics sometimes conflict.个人道德和职业道德有时会相互抵触。

5 glazer   

n.上釉工人，加光工人

参考例句：

• There's no set figure from the Glazer family [for transfers]. 格拉泽家族没有设置限制。 来自互联网
• The Glazer family have insisted that Manchester United are not for sale. 格雷泽家族已经强调曼彻斯特联是非卖品。 来自互联网

6 advisors   

n.顾问，劝告者( advisor的名词复数 )；（指导大学新生学科问题等的）指导教授

参考例句：

• The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
• We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网

7 advisory   

adj.劝告的，忠告的，顾问的，提供咨询

参考例句：

• I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
• He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。