專訪桑德 里德:基于業績和回報率 力壓大摩

2017年01月17日 ·  
   

桑德?里德簡介:

萊恩斯資產管理公司(Lyons Wealth Management)總裁兼首席執行官。

畢業于菲利普斯埃克塞特學院,擁有森林湖學院經濟學學士學位,并參與完成了羅林斯學院和哈佛大學的管理發展項目;其曾任職于美林證券私人財富部(Merrill Lynch),主要負責機構及個人財富的管理。2009年在離開美林證券以后,里德先生創建了萊恩斯,并任總裁兼首席執行官,主要負責整個公司的監督、管理,以及公司投資策略的研發和分布。

2016年,萊恩斯力壓摩根史丹利(Morgan Stanley)、高盛(Goldman Sachs),榮膺湯森路透理柏(Thomson Reuters Lipper)評級第一,其主打策略“萊恩斯戰略資本投資組合”(Lyons Tactical Allocation Portfolio,以價值投資為目的的穩健無杠桿產品)更是榮獲晨星網(Morningstar.com)的五星評級。

訪談精彩語錄:

積極的投資是最好的投資風格。

我們的投資模型在股票市場的時間為70%(主動),持有國債的時間是30%(防御)。

為了利于捕捉宏觀經濟趨勢以及市場趨勢,不時整改投資組合是很有必要的。

我們的模型在測試2008年市場時,發出退出股市的信號預警,并于2009年指示重新進入股市。

(獲得湯森路透理柏評級第一和晨星網五星評級)我們的勝利是基于業績和回報率。

我們的基金較標準普爾500指數投資更穩健,在選股以及推測股市衰退上比指數投資更靈活。

選錯方向,對基金公司來說是件很糟糕的事情。

參看所有2008年到2009年股票型基金的宿命,沒有預警,歷史還是將會重演。

只要風險量化指標一觸發,我們就會轉為防守,所有持股轉為國債。

一般來說,戰略投資經理會通過循環不同資產類別和市場板塊的交易, 以規避股市衰退的風險,而有些戰略投資經理可能會采用短線交易的方法來對沖風險。

我們萊恩斯堅信,長期股票投資是有諸多益處的。

在正常的市場周期內,萊恩斯的投資策略將注重進攻,力求超越市場平均水平。

萊恩斯會通過建立有股息分紅優勢的股票組合,充分投資,并參與股票的長期增 長。

我們相信,隨著時間推移,股票能帶來可觀的風險收益平衡,而且無需頻繁地以防守策略應對小范圍的市場波動。

我們通過與哈佛、耶魯的研究員合作,設計出一套系統篩選程序,尋找在同行業中被低估的公司,以及表現出眾卻因短期市場波動而使其價格低于實際價值的對象。

我們更傾向于選擇能利用自身資源高效獲取現金收益的公司。

我們更傾向于投資規模較大的分紅型公司。

QRI(量化風險指標)包括三個指標,即市場趨勢、市場動力以及消費者情緒,它們會準確判斷市場的轉移方向、速度,同時也會作為市場方向是否轉移有說服力的參照指標。

一旦QRI信號轉負,萊恩斯則會將股票資產全部轉化,分配到美國國債、現金以及部分CTA中,而這種分配轉移可能會發生在任何一個月的月初。

我們希望避免由短期市場下滑時,頻繁交易而導致的不必要開支和誤判、洗盤現象。

我們受美國證券交易委員會監管。他們的嚴苛在全球是有名的。

寬松的監管環境滋養欺詐,不良競爭,不良手段。

在我看來盈透是迄今為止最佳的最先進的理財及操作執行平臺。

中國股市一直是我們很大的關注點,它影響著全球經濟的動向。

我們的明星產品持續排在同類別大摩黑石產品之上。

在中國做生意的偉大之處在于,它提供難得的機遇。

中國金融市場讓我想起了70-80年代的美國。

市場應該被看作為一個長期的財富商店,一個可以長期保值增值的地方。

很多華爾街管理者并不真正了解中國市場和它的驅動力。

不管時外企走進來或中國企業走出去,這里提供的潛力是無窮的。

萊恩斯正在試圖打開中國市場。

中國是個偉大的地方,中國人過得很精彩,我感到很幸運可以常到這里來并與很多中國人結交為朋友。

 (后附桑德?里德先生英文版本回復原文)

七禾網1、桑德里德先生您好,感謝您在百忙之中接受七禾網的專訪。您如何看待投資中的進攻與防守,主動與被動?

桑德?里德:我認為,投資金額的大小以及投資時間的切入點,與投資是否主動還是被動息息相關。在資產組合中,主動和被動投資策略混合使用也是很有可能的。有些市場由于沒有很好的主動投資管理經理去操作,就被指數投資或被動投資策略占據了。近來美國投資市場進入一個誤區,由于被動投資策略便宜,有相對可觀業績,并且被大面積地宣傳,很多投資者甚至主動投資管理經理選擇這樣的產品。做為一個投資群體,把所有資金投資到同一個交易中,例如標準普爾500指數投資,并不是一個很明智的選擇。當大家都想拋售時,缺少多樣化的投資組合會加速市場的下跌和崩盤。很顯然像巴菲特在內的世界頂尖投資人都是活躍的投資者,經過長時間的投資,他們超越指數投資的能力得到了很好的證明。這也證實了積極的投資是最好的投資風格。當然,主動投資管理型經理能否讓投資者在市場中受益,是很重要的評估標準。

無論是主動還是被動投資受寵,利率在其中也是一個很重要的因素。如果利率下降,就拿當下來說,在過去的25年中利率是處于下降趨勢的,被動投資普遍受到青瞇。如果利率上升,那么主動管理的業績相對會更好。就大客戶而言,由于他們有更多的資金去部署到不同的策略中去,往往可以從活躍的投資管理中獲益更多。當然,也可選擇使用主動和被動混合投資模式。

規模較小的帳戶選擇就有相對有限,所以在這種情況下被動投資是有一定道理的。 

七禾網2、萊恩斯的策略是偏進攻的還是偏防守的,是偏主動的還是偏被動的?或者說在什么情況下以進攻為主,什么情況下以防守為主?

桑德?里德:萊恩斯采用的投資模型為驅動式主動管理風格。從歷史紀錄來看,我們的投資模型在股票市場的時間為70%(主動),持有國債的時間是30%(防御)我們設計的量化風險指標是用于預警我們避免大型的市場下跌和低迷,預警亮紅燈時,防守是尤為重要的。

七禾網3、市場多變,有人認為要“隨機應變”,也有人認為應該“以不變應萬變”。就您看來,做投資應該選擇“隨機應變”還是“以不變應萬變”?或者什么情況下應該“隨機應變”,什么情況下應該“以不變應萬變”?

桑德?里德:對于投資者而言,長遠的投資計劃和策略尤為重要,而不是只顧眼前的短期投資。在我看來,為了利于捕捉宏觀經濟趨勢以及市場趨勢,不時整改投資組合是很有必要的。然而,投資時限以及風險承受能力是因人而異的,在設定規劃投資組合及策略時必須考慮在內。

七禾網4、您成功躲過了2008年金融危機的暴跌,請問您是如何分析,如何做到的?

桑德?里德:我們的風險量化指標能測量在不同時間框架的市場趨勢。它是專門設計出來用于判斷長期趨勢的變化預警熊市的。它會忽略短期的市場波動。我們的模型在測試2008年市場時,發出退出股市的信號預警,并于2009年指示重新進入股市。

七禾網5、2016年,萊恩斯榮膺湯森路透理柏(Thomson Reuters Lipper)評級第一,主打策略“萊恩斯戰略資本投資組合”(Lyons Tactical Allocation Portfolio)榮獲晨星網(Morningstar.com)的五星評級。榮獲這兩項評級對萊恩斯來說意味著什么?

桑德?里德:我們很榮幸在理柏基金評級靈活投資組合3年期類別中力壓摩根史丹利、高盛,榮膺湯森路透理柏評級第一名。我們的勝利是基于業績和回報率。我很欣慰,像我們這樣規模的精品公司可以有平臺擊敗這么多華爾街投資大腕。這也證明了,業績是與專業性掛鉤的,這個殊榮也是對我們團隊能力的肯定。我感到非常自豪。

七禾網6、一般來說,美國的基金管理公司一年獲得多少收益,客戶會比較滿意?

桑德?里德:美國市場上有很多不同類型的基金。有些是被動式管理,有些是積極管理的。但無論選擇哪個基金,投資人投資時間框架的匹配,風險的承受能力非常重要。我認為我們的基金較標準普爾500指數投資更穩健,在選股以及推測股市衰退上比指數投資更靈活。客戶需求因人而異,收益、保值的可比性的基準是無法統一設定的。但滿足客戶現實的需求是基金公司的最大目標。

七禾網7、萊恩斯創立以來每年的盈虧情況如何?這樣的業績在美國所有的基金管理公司中處于怎樣的位置?

桑德?里德:自成立以來,我們復合的累計收益是58%。作為基金公司而言,我們是比較小的,但我們們小而精湛,擁有幾十個具有豐富實際經驗的分析師和研究人員,并一直為客戶們提供著卓越的投資咨詢和服務。

七禾網8、就您看來,不同的基金管理公司之間,主要比拼哪些方面?最終哪些類型的基金管理公司能夠生存下來并且持續發展?

桑德?里德:基金公司之間的競爭是相當激烈的,我想同我們萊恩斯一樣很多公司都在專注于特定的自己擅長的領域,力爭成為該領域最好的。但也有公司試圖囊括所有領域,當資源、服務以及專業性無法匹配時,問題就會出現了。市場把握的方向感和眼光也很重要,選錯方向,對基金公司來說是件很糟糕的事情。

七禾網9、萊恩斯的核心優勢是什么?

桑德?里德:我認為,我們的優勢是我們的業績,我們投資的策略,以及我們較為精準的,回溯到從1920年到現今歷史數據測試過的風險量化指標來預警股市大型衰退的能力。參看所有2008年到2009年股票型基金的宿命,沒有預警,歷史還是將會重演。

七禾網10、萊恩斯的投資主要涉及哪些領域?包含哪些策略?

桑德?里德:我們持有大盤股、中型股和小盤股。拿我們大盤股篩選對象標準普爾500做例,我們涉及的領域是綜合的,但無論哪個領域,只要風險量化指標一觸發,我們就會轉為防守,所有持股轉為國債。我們還有一類基金使用期權來對沖市場下跌。

七禾網11、萊恩斯最擅長的策略是哪一個?這個策略有何主要特征?

桑德?里德:萊恩斯主打策略萊恩斯戰略資本投資組合(以價值投資為目的的穩健無杠桿產品)榮獲晨星網的五星評級。也是我們最擅長的,是力壓摩根史丹利、高盛,榮膺湯森路透理柏評級第一的服務型產品。

目前市場對戰略資產配置方式的定義較為寬泛,其資本管理技術也因管理者不同而有所差異。一般來說,戰略投資經理會通過循環不同資產類別和市場板塊的交易, 以規避股市衰退的風險,而有些戰略投資經理可能會采用短線交易的方法來對沖風險。大部分戰略投資經理會通過交易所交易基金參與股票市場,這主要依賴系統信號進行決策,所以股票的分配可能會每月或每周變更一次。

我們萊恩斯堅信,長期股票投資是有諸多益處的。在正常的市場條件下,目前大多數戰略投資組合過度注重防守,其表現基本都要弱于標準普爾500指數。因此,在正常的市場周期內,萊恩斯的投資策略將注重進攻,力求超越市場平均水平。

萊恩斯會通過建立有股息分紅優勢的股票組合,充分投資,并參與股票的長期增 長。我們相信,隨著時間推移,股票能帶來可觀的風險收益平衡,而且無需頻繁地以防守策略應對小范圍的市場波動。萊恩斯戰略資產配置組合的投資理念就是,通過主動進攻,優價購入績效良好公司的股票,以跑贏大市。

我們通過與哈佛、耶魯的研究員合作,設計出一套系統篩選程序,尋找在同行業中被低估的公司,以及表現出眾卻因短期市場波動而使其價格低于實際價值的對象,并以低價購入這些績效優良公司的股票。我們更傾向于選擇能利用自身資源高效獲取現金收益的公司。

我們績效分析的重點在于現金流量而非收益,因為后者通常受到公司管理層的操控以掩蓋真實的業績。我們更傾向于投資規模較大的分紅型公司,因為它們在市場波動期間更穩定,而且只有滿足股票市值和股息率最低要求的股票,才會出現在我們選擇的范圍內。

當然,我們也會基于一系列的排名來評估公司,尋求擁有最佳性能和低價格組合的公司。我們將單獨的績效和估值排名綜合起來,以此建立萊恩斯等權股票投資組合。

萊恩斯一直以主動進攻攫取最大收益, 我們所要預防的只是持久性的市場下跌,而量化風險指標(下稱 QRI)就是我們判斷市場是否持續性下跌的王牌。QRI是一個系統化的處理方法,往往先于熊市出現時準確地發現重大市場價格的變化。

QRI著重于減小股市熊市對資產配置帶來的影響,它每月都會評估市場狀況,由此決定股票和國債或現金之間的分配。QRI包括三個指標,即市場趨勢、市場動力以及消費者情緒,它們會準確判斷市場的轉移方向、速度,同時也會作為市場方向是否轉移有說服力的參照指標。

當 QRI 信號為正時,萊恩斯將按照策略,完全投資其構建的股票投資組合,同時以季度為單位進行股票組合的再平衡調整。通過重復的股票選擇方案,保留所有價值良好的股票,選擇新股并取代其他業績不好的,重新平衡投資組合,以便創造更好的機會。一旦QRI信號轉負,萊恩斯則會將股票資產全部轉化,分配到美國國債、現金以及部分CTA中,而這種分配轉移可能會發生在任何一個月的月初。

不過,我們的QRI相對于一般的戰略配置基金經理所用信號來說是緩慢的,它僅用于應對極端市場的風險。我們希望避免由短期市場下滑時,頻繁交易而導致的不必要開支和誤判、洗盤現象。萊恩斯只注重罕見的、長期的極端市場衰退。基于這個標準,若以10年為單位,萊恩斯預期轉為防守策略的次數寥寥無幾,這樣QRI將使我們能專注于進攻,實現復合型回報的長期收益。

七禾網12、在選股方面,萊恩斯執行的是怎樣的標準?萊恩斯偏好于哪些類型的股票?

桑德?里德:我們使用兩個主要的標準,標準普爾500指數以及理柏靈活組合類別。但我們更注重于理柏以及晨星戰略組合來作為評比的基準。

七禾網13、買入一個股票后,萊恩斯在什么情況下會止盈?在什么情況下會止損?一個股票通常會持有多長時間?

桑德?里德:在我們的投資組合中,每只股票都要先符合我們設計的模型篩選。首先,我們篩選出滿足最低股息率和市場資本化參數的股票。然后,我們再將這些符合標準的股票按照不同績效和估值方法排名。我們從排名最高的兩組中挑選25只擁有最佳績效和價值組合的股票以構建一個同等重量的投資組合。我們尋找在同行業中被低估的公司和表現出眾、卻因短期市場波動而其價格低于實際價值的對象。萊恩斯績效分析的關注重點在于現金流量而非收益,也會基于一系列的排名來 評估公司。我們會周期性地進行篩選,不符合標準的將會被拋出。

七禾網14、萊恩斯的基金產品,一般同時持有多少個股票?在股票搭配上,有何講究?

桑德?里德:我們的CLTAX持股25支,CLPAX30支,LFSAX50支。大型藍籌股基金我們持有較少股票。因為會有更多波動,小市值股基金中,我們所持種類會多些。 

七禾網15、萊恩斯的股票持倉比例一般控制在多大的范圍內?有沒有滿倉或空倉的時候?(若有,在什么時候會滿倉,什么時候會空倉?)

桑德?里德:我們的投資策略是98%資金投入,當我們決定不做長線時我們會拋售轉為現金。倘若我們的量化風險指標預警,所有股票會被清倉轉為美國國債,也或留一部分為現金。(2000 年 9 月-2003 年 3 月標普 500 下滑 42%時,國債(3-7 年)收益是 29%。 2007 年 10 月-2009 年 3 月,標普 500 損失 47%,國債(3-7 年) 收益 18%)

七禾網16、近來,美元、人民幣以及全球主要國家貨幣的匯率波動比較大,投資者應如何控制匯率波動風險,如何抓取相應的機會?

桑德?里德:我們不做貨幣交易,但可以持有多種貨幣產品來對沖貨幣貶值。

七禾網17、在美國,對基金管理機構實行監管職責的部門是哪個?監管力度嚴不嚴?就您看來,是偏嚴厲的監管更利于行業的長期發展,還是偏寬松的監管更利于行業的長期發展?

桑德?里德:我們受美國證券交易委員會監管。他們的嚴苛在全球是有名的。美國市場是個成熟的市場。在美國的金融市場歷史上犯罪活動不計其數。證監會在發現和消除此類不良行為的經驗是非常豐富的。除此之外,還有其他的政策和法律、規則以確保普通投資者的公平待遇。我認為美國的監管環境非常有利于投資者和投資經理。我認為嚴苛很好,因為嚴苛,市場會靠優質服務來競爭,投資經理會專心地把客戶的利益至上。寬松的監管環境滋養欺詐,不良競爭,不良手段。

七禾網18、萊恩斯和盈透證券有著哪些方面的合作?您對盈透證券的服務水準如何評價?

桑德?里德:萊恩斯使用盈透來做清算,執行操作,客戶帳戶托管。我們希望可以和盈透一起為客戶提供專業、全面、安全的服務。在我看來盈透是迄今為止最佳的最先進的理財及操作執行平臺。盈透是唯一一家公司聯系了全球的金融服務機構,為投資者和企業提供了全球化的多元化選擇。

七禾網19、盈透證券是唯一可以交易中國滬深股票的美國互聯網券商,您本人還有您的那些美國同行對交易中國股票的興趣有多大?

桑德?里德:我們已經開始在做中國大陸及香港的股票交易測試。我們不知道美國投資者目前是否有興趣交易中國的股票,但我知道中國股市一直是我們很大的關注點,它影響著全球經濟的動向。

七禾網20、目前萊恩斯總共管理多少規模資金?這一規模在美國各基金管理公司中,大約的排名是多少名?

桑德?里德:我們的公司不大,管理資產約為2.5億美金。但我們小而精湛,我們的明星產品持續排在同類別大摩黑石產品之上。

七禾網21、萊恩斯的客戶主要是個人投資者還是機構投資者?他們的核心需求是什么?

桑德?里德:我們的投資者有個人也有企業。他們的需求各不相同。我們盡我們最大的努力為他們提供最好的產品和資產投資配置服務。

七禾網22、您對中國市場是否了解?就您看來,中國市場最大的機會是什么?

桑德?里德:我們還在學習中國市場的過程之中。現在在中國做生意的偉大之處在于,它提供難得的機遇。在我看來,中國投資市場還有一段路要走,規范性可以更加完善,投資者理念也會慢慢成熟起來。我們都有義務去往這個方向進行引導。中國金融市場讓我想起了70-80年代的美國。

市場應該被看作為一個長期的財富商店,一個可以長期保值增值的地方。

我希望萊恩斯可以為中國投資者提供很好的穩健的規范的服務,把優質的產品和服務帶過來分享。

七禾網23、就您了解而言,中國和美國的金融投資市場有何差別?交易群體有何不同?

桑德?里德:大多數美國人擁有多元化的投資組合,并不去過于頻繁地交易,多傾向于價值投資,價值維護。典型的中國投資者是相反的,有大量的交易和投機。

七禾網24、華爾街的基金經理們一般如何看待中國市場?如何看待滬港通、深港通,以及可能帶來的機會?

桑德?里德:很多華爾街管理者并不真正了解中國市場和它的驅動力。我認為不管時外企走進來或中國企業走出去,這里提供的潛力是無窮的。

七禾網25、萊恩斯有沒有進入中國市場的打算?如果進入中國市場,將主要采用怎樣的策略?主要為哪些類型的中國客戶服務?

桑德?里德:萊恩斯正在試圖打開中國市場。我們正在積極在這方面做相關的工作。我們提供有受美國證監會監督屢獲殊榮的產品和專業的投資管理服務。我們相信,我們可以為中國投資人和企業帶來更多多元化,更安全誠信,更有長期價值投資的服務和投資經驗。

七禾網26、有個加拿大白人叫“大山”,在中國事業做得很成功,您對他的故事了解嗎?您如何看待越來越多的西方人在中國安家立業?

桑德?里德:中國是個偉大的地方,中國人過得很精彩,我感到很幸運可以常到這里來并與很多中國人結交為朋友。這是個了不起的國家,充滿了聰明、受過良好教育的辛勤工作的人。我認為,未來的中國會更好,無庸置疑會成為未來第一世界的國家。

桑德·里德專訪原文(英文版)

七禾網1、桑德里德先生您好,感謝您在百忙之中接受七禾網的專訪。您如何看待投資中的進攻與防守,主動與被動?

Dear Mr Read, thank you for accepting the interview. What is your opinion on passive and proactive investment?

Sander·Read:My opinion on passive and proactive investing is that there is a time and generally, an account size that makes sense for both.  A blend of the two in one assets mix can makes sense even, because some markets are better covered by indexes, or passively because there aren't enough good active managers that cover that particular market.  A mistake that is being made in the US in particular is that the largest passive managers are advertising that passive always wins, more or less, and that since it's cheaper, it's better to put all of your money in passive.  This is the wrong approach and could be very harmful to investors because as a group, they are all in the same trade, like the S&P 500 for instance.  What happens if everyone wants to sell at the sane time, which could very well happen?  It would accelerate the decline or crash because there is no diversification in the holdings in people's portfolios.   What I don't think will help the masses of passive investors is active managers that claim to be active but simply try to mimic the indexes.  Many active managers hold so many stocks that are in the passive indexes, that they really don't add a lot of value to the portfolio management.  This is the group of managers that drag down the overall performance of active managers, and they are called closet indexers.  With the trend of assets moving in to passive investments, it makes the closet indexers performance even worse.  Whether it's passive or active, it's a bad idea to put all of a portfolio into one strategy.  But if everyone is moving into the same strategy, it's really bad.  Clearly the best investors in the world, like Warren Buffet, are active investors.  Their skill and ability to outperform the indices is proven over long stretches of time.  So it's been proven that active is the best style of investing, but it's necessary to find those types of managers for the markets they can benefit from active management.  Interest rates also play a part in whether active or passive is in favor.  If interest rates are falling, as they have been for the last two and half decades, passive is generally favored.  If intersect rates are rising, then active managers tend to do better.

Larger accounts can benefit more from active managers because they have more money to deploy to different strategies.  Smaller accounts have fewer choices, so in that case passive investing makes sense.  Larger portfolios also can be customized using both active and passive managers.

七禾網2、萊恩斯的策略是偏進攻的還是偏防守的,是偏主動的還是偏被動的?或者說在什么情況下以進攻為主,什么情況下以防守為主?

How do you define the strategies lyons use? Is it focused more on defense or attack? Is it passive or proactive investment?

Sander·Read:Lyons uses model driven, active management that stays on the attack most of the time.  Historically, our models have been in the equity markets 70% of the time and in Treasuries (defense) about 30% of the time.  It is actively managed.  Though most of the time markets are normal and do not crash, we think it's equally important to avoid the major market downturns if possible.

七禾網3、市場多變,有人認為要“隨機應變”,也有人認為應該“以不變應萬變”。就您看來,做投資應該選擇“隨機應變”還是“以不變應萬變”?或者什么情況下應該“隨機應變”,什么情況下應該“以不變應萬變”?

In order to meet variable market demands, some investors think it is necessary to change according to the demands, others prefer to hold tight on principals rather than implementing interactive changes according to demands. What is your option on it? Under what kind of circumstances the first action is preferable? Under what circumstances the second action is preferable?

Sander·Read:I don't really understand this question but....investors should have a long time horizon for investing, not short term.  In my opinion, it is necessary to modify portfolios from time to time in order to capture macro economic trends as well as trends in the markets.   It makes no sense to stay in an investment that underperforms for years on end for the sake of "holding tight".  But once again, time frames and risk tolerance vary for each investor, and that has to be taken into consideration when designing portfolios and strategies.  Timing on portfolio alterations again depends on the markets, the investments, and the investor and their time.  

七禾網4、您成功躲過了2008年金融危機的暴跌,請問您是如何分析,如何做到的?

You’ve successfully avoid the 2008 crisis(the model) I think. So what analogy in the program helped you to do that?

Sander·Read:The major component of our Quantitative Risk Indicator is momentum during different time frames.  It is designed to indicate a bear market to exit and the beginning of a bull market to re-enter.  Long term market momentum give a pretty clear indication of market direction.  It does not catch short term disruptions in the market, like flash crashes and mini "cuts" in the markets.  It's designed to identify long term trend changes and signal when to get in and out of them.  Our model signaled in 2008 and then re-entered in 2009 because the trends were consistent and sustainable.  (Please note we were not managing real assets in the program at that time and that it was a model signal.)

七禾網5、2016年,萊恩斯榮膺湯森路透理柏(Thomson Reuters Lipper)評級第一,主打策略“萊恩斯戰略資本投資組合”(Lyons Tactical Allocation Portfolio)榮獲晨星網(Morningstar.com)的五星評級。榮獲這兩項評級對萊恩斯來說意味著什么?

Lyons won the lipper award and ranked 5 stars by morning star, what does that mean for lyons? What kind of impact do they have for lyons?

Sander·Read:It's a true honor to have won the 3 year Lipper Award for the Flexible Portfolio Group, which was over 130 different managers.  Our win was based on our performance and consistency of rate of return.  It was especially gratifying for a boutique firm of our size to beat some of the biggest names on Wall Street, including Guggenheim, JP Morgan, Morgan Stanley and Blackrock.  That's no easy feat.  What it means to Lyons is the proof of concept of a strategy that we put together as a team back in 2011 and 2012.  The tactical space of the market was becoming more and more sector rotating ETF's and called for a concentrated equity portfolio with a slow tactical trigger.   The combination of using Return on Invested Capital (ROIC) and Value in our screens has proven itself out with real performance that is award winning, and I couldn't be more proud of our team and the results of our programs.

七禾網6、一般來說,美國的基金管理公司一年獲得多少收益,客戶會比較滿意?

Generally speaking, what kind of return of a fund will satisfy clients?

Sander·Read:As I mentioned above, there are a lot of different kinds of funds, some passively managed, some actively managed.  In the United States, there are just as many different kinds of funds as there are people, it seems.  It's really important to match time frames and risk tolerance with each individual.  I do think our fund is a better alternative to the S&P 500 for it's stock picking, concentration, and potential to side step market declines.  I think a fund that does what it says in the prospectus and stays true to its style and risk parameters should be satisfying to clients.

七禾網7、萊恩斯創立以來每年的盈虧情況如何?這樣的業績在美國所有的基金管理公司中處于怎樣的位置?

Since inception, how is lyons performance? Among all other fund companies , how do you rank Lyons?

Sander·Read:See latest stats but since inception I believe we are up a compounded 58% cumulative return.  We rank number one in the flexible category with Lipper, but range from two star to five star with Morningstar because I believe they have us in the wrong category.  Morningstar has us in the large cap blend category even though it says Tactical in our name and in our prospectus.  So we should be in Morningstar's Tactical Allocation category, where I believe we would be number one.

As a fund company, we are relatively small, but have done a great job despite our size.  We have beaten many companies that have dozens of analysts and research people.  So we pack a big punch for our size but have delivered great performance and service over the years.

七禾網8、就您看來,不同的基金管理公司之間,主要比拼哪些方面?最終哪些類型的基金管理公司能夠生存下來并且持續發展?

Among different funds and fund companies, what are the main aspects do they compete with each other? What kind of funds and fund companies do you think is sustainable and will be able to survive in the long run?

Sander·Read:Competition among fund companies is pretty fierce.  I think many companies specialize in particular areas of the market and strive to become the best in that area.  We are in the tactical space with different cap sizes, and we can compete in that area.  But some companies try to do everything and that's usually where things go wrong.  Also, performance and service are important.  Firms that don't perform or don't give good service tend to fail.  There also has to be a bit of what I call market vision, which is the ability to "see" or forecast major trends in the markets.  Picking the wrong direction can be very bad for a fund company.

七禾網9、萊恩斯的核心優勢是什么?

What is lyons core/main advantage?

Sander·Read:I think at this point our advantage is our performance, methodology, and the fact that we can go defensive where so many other fund companies won't.  So if there is ever a market crash again, we give our clients a chance to side step that decline.  The majority of equity funds in the world are long only, and I see no reason why they don't go down with the market the same way they did in 2008 and 2009.  I actually find this market eerily similar to 2007, including odd pockets of real estate speculation showing up.  

七禾網10、萊恩斯的投資主要涉及哪些領域?包含哪些策略?

What areas/markets do Lyons invest/manage? What strategies?

Sander·Read:Lyons fills out the equity portion of the asset mix pie chart with all three major asset classes.  We have large cap, mid cap and small cap.  So you have exposure to all cap sizes.  Both the large and small cap go defensive from the same QRI trigger, so if you used our funds and we went defensive, you would instantly go from being long equity to long US Treasuries in a significant market decline in which our tactical shift occurs.  Our mid cap program uses options to hedge against market declines.

七禾網11、萊恩斯最擅長的策略是哪一個?這個策略有何主要特征?

What is the most competitive strategy Lyons offer? What are the main characteristics? 

Sander·Read:I think if you read our brochures you can get an idea of the main characteristics of our strategies.  We are systematic, model based stock selectors of relatively concentrated portfolios with the ability to tactically shift to a defensive position in market declines.

七禾網12、在選股方面,萊恩斯執行的是怎樣的標準?萊恩斯偏好于哪些類型的股票?

What is Lyons strategy(bench mark ect) on stock picking? What is Lyons preference in terms of stock picking?

Sander·Read:The two major benchmarks that we use is the S&P 500 and the Lipper Flexible Portfolio category, which one could argue is also our peer group.  We prefer being compared to the Lipper group or Morningstar Tactical Portfolio groups as our benchmarks.  S&P 500 is not a very good benchmark for us because it's not concentrated and its long only.

七禾網13、買入一個股票后,萊恩斯在什么情況下會止盈?在什么情況下會止損?一個股票通常會持有多長時間?

After execution on buying a stock, under what circumstances lyons take profit/stop loss?

Sander·Read:Each stock in our portfolios has to stand up to the model screening that I discussed about.  If the ROIC (return on invested capital) and/or relative value changes the ranking of a stock relative to the other stocks in our portfolios, then the stock is sold.  Stocks are bought and sold using the screens and are equal weighted in the portfolios.  In the small cap portfolios, we though we technically only rebalance annually, we monitor stock on a daily basis.  And big changes as the stocks relate to the portfolios can cause it to be sold and replaced with another candidate.  All positions are constantly monitored by our trading and research team.

七禾網14、萊恩斯的基金產品,一般同時持有多少個股票?在股票搭配上,有何講究?

How many stocks do Lyons funds hold? What is the strategy behind lyon’s stock combinations?

Sander·Read:CLTAX holds 25, CLPAX holds 30, and LFSAX holds 50 for now.  As you can see, the larger the positions the fewer stocks we hold.  The small the cap stock, the more positions we want to hold because there is more volatility and less volume as we move down in size.

七禾網15、萊恩斯的股票持倉比例一般控制在多大的范圍內?有沒有滿倉或空倉的時候?(若有,在什么時候會滿倉,什么時候會空倉?)

What is the proportion of Lyons stock positions. Do you hold cash or do you use all investment capital to buy stocks? Under what circumstances do you clear all stocks?

Sander·Read:We stay over 98% invested at all times in all of our products.  When we are not long we use cash.  If our risk indicator signals (QRI), we liquidate and go to US Treasuries in CLTAX and LFSAX.  We can also go to cash if Treasuries are not performing well.

七禾網16、近來,美元、人民幣以及全球主要國家貨幣的匯率波動比較大,投資者應如何控制匯率波動風險,如何抓取相應的機會?

Currency market is quite volatile recently, what is your option on risk management and spotting opportunities?

Sander·Read:We don't really trade currencies.  We can more or less sit in any currency that a client would want to sit in, and we can hedge the currencies if the account is big enough.  But we don't really engage in any type of FX trading or speculation.

七禾網17、在美國,對基金管理機構實行監管職責的部門是哪個?監管力度嚴不嚴?就您看來,是偏嚴厲的監管更利于行業的長期發展,還是偏寬松的監管更利于行業的長期發展?

Which department supervise and regulating financial firms in America? Is it strict? Which is more beneficial for long-term development of financial industry, strict regulatory environment or less strict regulatory environment?

Sander·Read:We are governed by the SEC and in my opinion, they are very strict.  The US market is a very mature market and unfortunately the SEC and investors have seen many bad investment schemes and criminal activity.  I think because of this, the SEC is very experienced in finding and eliminating bad actors in the US marketplace.  There are also a lot of rules governing the market to ensure fair treatment and execution for the average investor.  I would consider the regulatory environment in the US as very good for investors and investment managers.  I think strict is better than not because there is no room for investment managers that don't put the interest of their clients first.  Less strict regulatory environment usually leave too much room for unscrupulous people to take advantage of others.

七禾網18、萊恩斯和盈透證券有著哪些方面的合作?您對盈透證券的服務水準如何評價?

What kind of partnership does lyons have with IB. How do you value IB’s service?

Sander·Read:Lyons uses IB for clearing and execution, as well as custodian for it's client accounts.  We are not "partners" per se, more working together to serve our clients.  IB, in my opinion, has by far the best execution and most sophisticated platform for managing money in the world.   IB is one of the only firms in US that makes it possible for managers like Lyons Wealth to manage money in countries outside the US.  So it's an extremely important tool for Lyons as we expand globally.

七禾網19、盈透證券是唯一可以交易中國滬深股票的美國互聯網券商,您本人還有您的那些美國同行對交易中國股票的興趣有多大?

Do you interested in trading Chinese stock via IB? Do you think investors and traders in America will be interested in trading Chinese stock?

Sander·Read:We are beginning to test trading in Chinese and HK securities.We are not sure whether American's will be interested in trading Chinese stocks, but we do know America investors are aware of China, the Chinese economy and markets and how they relate to the US and global economies.

七禾網20、目前萊恩斯總共管理多少規模資金?這一規模在美國各基金管理公司中,大約的排名是多少名?

What is the size of Lyons funds, how many assets are under management? What is the AUM ranking among your peers?

Sander·Read:We are managing around $250 million in assets.  That makes us a smaller firm, though certain not the smallest amongst independent investment advisors.  Our goal is to get to over a billion in assets in the near future.

七禾網21、萊恩斯的客戶主要是個人投資者還是機構投資者?他們的核心需求是什么?

What kind of clients do you have? Individual or institutional? What are their core needs?

Sander·Read:We have both retail and Financial Advisor driven clients, as well as a few small institutions.  Their needs vary but we strive to deliver the best products and asset mixes to them on a per customer basis.

七禾網22、您對中國市場是否了解?就您看來,中國市場最大的機會是什么?

What is your understanding of Chinese market? What is the biggest opportunity Chinese market offers?

Sander·Read:We are learning the Chinese market, so our understanding is under development.  The great thing about having visited and now doing business in China is the amazing opportunity it presents.  What I see is the fact that the investment market has a long way to go as far as financial planning and diversifying of portfolios correctly.  China reminds me of the US in the 70's and 80's, with stock tips, day trading, trading in penny stocks and overall speculation.  So the opportunity for Lyons and the benefit to the Chinese investors is that we can bring organization and stability to the Chinese investor.  The market should be looked at as a long term store of wealth, a place to save and grow investments over a long time horizon.  The market should not necessarily be looked upon as a place to speculate, but that's the impression I have of individual Chinese investors.  Lyons wants to bring organization, financial planning and proper asset allocation discipline to the Chinese market using superior products where available, and that should help the average Chinese investor imensely.

七禾網23、就您了解而言,中國和美國的金融投資市場有何差別?交易群體有何不同?

What is your opinion on the difference between Chinese financial investment market and American market? 

Sander·Read:Please see above.Most Americans have diversified portfolios and don't really trade too often.  The typical Chinese investor is the opposite, lots of trading and speculation.

七禾網24、華爾街的基金經理們一般如何看待中國市場?如何看待滬港通、深港通,以及可能帶來的機會?

Generally speaking, how do fund managers in Wall Street think about Chinese market? China is slowly opening up the market, what do you think about the opportunities that can offer?

Sander·Read:Most Wall Street managers don't know much about China or the Chinese markets.I think the opportunity is massive that the market is opening up, and I'm surprised there aren't more American managers trying to come over and do business.My guess is that will change in the future.

七禾網25、萊恩斯有沒有進入中國市場的打算?如果進入中國市場,將主要采用怎樣的策略?主要為哪些類型的中國客戶服務?

Does Lyons intend to break into Chinese market? If so , what are the main strategies? what are your targeting clients? What can you offer?

Sander·Read:Lyons has broken in to the Chinese market.  We are actively engaging clients and looking to manage money on behalf of Chinese investors. We are open for business!  

We offer our award winning products along with very sophisticated financial planning and on going investment management.  

We believe we can bring a much more diversified, safer, and more gratifying investment experience to the typical Chinese investor but sticking with the plans that we develop and customize for our clients.

七禾網26、有個加拿大白人叫“大山”,在中國事業做得很成功,您對他的故事了解嗎?您如何看待越來越多的西方人在中國安家立業?

What is your opinion on more and more western people are doing business and settling down in China?

Sander·Read:China is a great place, the Chinese people have been absolutely fantastic to me and I'm grateful to have been able to travel here and have become friends with many Chinese people.I think the language barrier and distance from the States will keep many Americans out.I do think the brave ones that do come to do business and visit will be greatly rewarded.It's an amazing country full of smart, educated and hard working people and I think the future for China looks great.I think if there can be a solution to some of the pollution and perhaps continued population control, and China is a first world country of the future.


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