商务英语听力:华尔街赚钱经 第8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 leverage 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。

As 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 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. 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 Equity 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 wed the son's experience in real estate and REITS with the father's decades of asset and, portfolio 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 sector 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 remains 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, holistic 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 advisory 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 disciple 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 instilled 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 investor 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。”