华尔街的赚钱经 第6期:投资父子兵分享投资秘诀(3)

 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?

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？

"In our household we talked about debt and leverage¹ at the dinner table ," the son says. "I had that benefit from a very young age.

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。

投资父子兵分享投资秘诀.jpgAs a result, our firm has no debt, and we advise clients to have little or no leverage."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 Alpine² Funds列伯父子|剧pine FundsStephen, 83, and Samuel, 53, used to do a lot of sailboat racing³ together. "That's how we learned to work together as a team," says Stephen.

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。

That experience was critical to the 1989 launch of the Alpine International Real Estate Equity⁴ fund, the first-global real estate Offering of its kind.

“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。

Not only did that wed⁵ the son's experience in real estate and REITS with the father's decades of asset and, portfolio⁶ management,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，it taught Samuel a valuable professional-and personal-lesson. "In the late 1980s, we were so big in the real estate sector⁷ that we found we were moving share prices around,"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”。

Samuel says. "I expressed concern to my dad. He said look farther afield, broaden your horizons and look for other types of opportunities."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。

That's how the first international real estate fund was born. Today Alpine run's nine funds, but that first lesson remains⁸ key, Samuel says.

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；"Take a broad, holistic⁹ approach not only to investing, but also to life."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 advisory¹⁰ business. He first started stock picking in the early 1970s but found that he wasn't very good at 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。

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.

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。”

"Steve is very good at finding undervalued stocks." Steven might have been a longtime disciple¹¹ of Benjamin Graham and Warren Buffett,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，but his first job at Dad's office was making copies and doing other menial chores. After seven years of learning the business,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，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,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，respectively, but cooled off in 2007 and, of course, 2008. But then that just makes the lessons instilled¹² by the father all the more important.

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。

"When you are a value investor¹³ the most important thing is patience," Ronald says. "Warren. Buffett watched-Coca-Cola for 25 years before he purchased it."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。”

1 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

2 alpine   

adj.高山的；n.高山植物

参考例句：

• Alpine flowers are abundant there.那里有很多高山地带的花。
• Its main attractions are alpine lakes and waterfalls .它以高山湖泊和瀑布群为主要特色。

3 racing   

n.竞赛，赛马；adj.竞赛用的，赛马用的

参考例句：

• I was watching the racing on television last night.昨晚我在电视上看赛马。
• The two racing drivers fenced for a chance to gain the lead.两个赛车手伺机竞相领先。

4 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

5 wed   

v.娶，嫁，与…结婚

参考例句：

• The couple eventually wed after three year engagement.这对夫妇在订婚三年后终于结婚了。
• The prince was very determined to wed one of the king's daughters.王子下定决心要娶国王的其中一位女儿。

6 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。

7 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

8 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

9 holistic   

adj.从整体着眼的，全面的

参考例句：

• There is a fundamental ambiguity in the use of word "whole" in recent holistic literature.在近代的整体主义著作中，“整体”这个词的用法极其含混。
• In so far as historicism is technological,its approach is not piecemeal,but "holistic".仅就历史决定论是一种技术而论，它的方法不是渐进的，而是“整体主义的”。

10 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。

11 disciple   

n.信徒，门徒，追随者

参考例句：

• Your disciple failed to welcome you.你的徒弟没能迎接你。
• He was an ardent disciple of Gandhi.他是甘地的忠实信徒。

12 instilled   

v.逐渐使某人获得（某种可取的品质），逐步灌输( instill的过去式和过去分词 )

参考例句：

• Nature has instilled in our minds an insatiable desire to see truth. 自然给我们心灵注入了永无休止的发现真理的欲望。 来自辞典例句
• I instilled the need for kindness into my children. 我不断向孩子们灌输仁慈的必要。 来自辞典例句

13 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。