专访桑德 里德:基于业绩和回报率 力压大摩

2017年01月17日 ·  
   

桑德•里德简介:

莱恩斯资产管理公司(Lyons Wealth Management)总裁兼首席执行官。

毕业于菲利普斯埃克塞特学院,拥有森林湖学院经济学学士学位,并参与完成了罗林斯学院和哈佛大学的管理发展项目;其曾任职于美林证券私人财富部(Merrill Lynch),主要负责机构及个人财富的管理。2009年在离开美林证券以后,里德先生创建了莱恩斯,并任总裁兼首席执行官,主要负责整个公司的监督、管理,以及公司投资策略的研发和分布。

2016年,莱恩斯力压摩根史丹利(Morgan Stanley)、高盛(Goldman Sachs),荣膺汤森路透理柏(Thomson Reuters Lipper)评级第一,其主打策略“莱恩斯战略资本投资组合”(Lyons Tactical Allocation Portfolio,以价值投资为目的的稳健无杠杆产品)更是荣获晨星网(Morningstar.com)的五星评级。

访谈精彩语录:

积极的投资是最好的投资风格。

我们的投资模型在股票市场的时间为70%(主动),持有国债的时间是30%(防御)。

为了利于捕捉宏观经济趋势以及市场趋势,不时整改投资组合是很有必要的。

我们的模型在测试2008年市场时,发出退出股市的信号预警,并于2009年指示重新进入股市。

(获得汤森路透理柏评级第一和晨星网五星评级)我们的胜利是基于业绩和回报率。

我们的基金较标准普尔500指数投资更稳健,在选股以及推测股市衰退上比指数投资更灵活。

选错方向,对基金公司来说是件很糟糕的事情。

参看所有2008年到2009年股票型基金的宿命,没有预警,历史还是将会重演。

只要风险量化指标一触发,我们就会转为防守,所有持股转为国债。

一般来说,战略投资经理会通过循环不同资产类别和市场板块的交易, 以规避股市衰退的风险,而有些战略投资经理可能会采用短线交易的方法来对冲风险。

我们莱恩斯坚信,长期股票投资是有诸多益处的。

在正常的市场周期内,莱恩斯的投资策略将注重进攻,力求超越市场平均水平。

莱恩斯会通过建立有股息分红优势的股票组合,充分投资,并参与股票的长期增 长。

我们相信,随着时间推移,股票能带来可观的风险收益平衡,而且无需频繁地以防守策略应对小范围的市场波动。

我们通过与哈佛、耶鲁的研究员合作,设计出一套系统筛选程序,寻找在同行业中被低估的公司,以及表现出众却因短期市场波动而使其价格低于实际价值的对象。

我们更倾向于选择能利用自身资源高效获取现金收益的公司。

我们更倾向于投资规模较大的分红型公司。

QRI(量化风险指标)包括三个指标,即市场趋势、市场动力以及消费者情绪,它们会准确判断市场的转移方向、速度,同时也会作为市场方向是否转移有说服力的参照指标。

一旦QRI信号转负,莱恩斯则会将股票资产全部转化,分配到美国国债、现金以及部分CTA中,而这种分配转移可能会发生在任何一个月的月初。

我们希望避免由短期市场下滑时,频繁交易而导致的不必要开支和误判、洗盘现象。

我们受美国证券交易委员会监管。他们的严苛在全球是有名的。

宽松的监管环境滋养欺诈,不良竞争,不良手段。

在我看来盈透是迄今为止最佳的最先进的理财及操作执行平台。

中国股市一直是我们很大的关注点,它影响着全球经济的动向。

我们的明星产品持续排在同类别大摩黑石产品之上。

在中国做生意的伟大之处在于,它提供难得的机遇。

中国金融市场让我想起了70-80年代的美国。

市场应该被看作为一个长期的财富商店,一个可以长期保值增值的地方。

很多华尔街管理者并不真正了解中国市场和它的驱动力。

不管时外企走进来或中国企业走出去,这里提供的潜力是无穷的。

莱恩斯正在试图打开中国市场。

中国是个伟大的地方,中国人过得很精彩,我感到很幸运可以常到这里来并与很多中国人结交为朋友。

 (后附桑德•里德先生英文版本回复原文)

七禾网1、桑德里德先生您好,感谢您在百忙之中接受七禾网的专访。您如何看待投资中的进攻与防守,主动与被动?

桑德•里德:我认为,投资金额的大小以及投资时间的切入点,与投资是否主动还是被动息息相关。在资产组合中,主动和被动投资策略混合使用也是很有可能的。有些市场由于没有很好的主动投资管理经理去操作,就被指数投资或被动投资策略占据了。近来美国投资市场进入一个误区,由于被动投资策略便宜,有相对可观业绩,并且被大面积地宣传,很多投资者甚至主动投资管理经理选择这样的产品。做为一个投资群体,把所有资金投资到同一个交易中,例如标准普尔500指数投资,并不是一个很明智的选择。当大家都想抛售时,缺少多样化的投资组合会加速市场的下跌和崩盘。很显然像巴菲特在内的世界顶尖投资人都是活跃的投资者,经过长时间的投资,他们超越指数投资的能力得到了很好的证明。这也证实了积极的投资是最好的投资风格。当然,主动投资管理型经理能否让投资者在市场中受益,是很重要的评估标准。

无论是主动还是被动投资受宠,利率在其中也是一个很重要的因素。如果利率下降,就拿当下来说,在过去的25年中利率是处于下降趋势的,被动投资普遍受到青眯。如果利率上升,那么主动管理的业绩相对会更好。就大客户而言,由于他们有更多的资金去部署到不同的策略中去,往往可以从活跃的投资管理中获益更多。当然,也可选择使用主动和被动混合投资模式。

规模较小的帐户选择就有相对有限,所以在这种情况下被动投资是有一定道理的。 

七禾网2、莱恩斯的策略是偏进攻的还是偏防守的,是偏主动的还是偏被动的?或者说在什么情况下以进攻为主,什么情况下以防守为主?

桑德•里德:莱恩斯采用的投资模型为驱动式主动管理风格。从历史纪录来看,我们的投资模型在股票市场的时间为70%(主动),持有国债的时间是30%(防御)我们设计的量化风险指标是用于预警我们避免大型的市场下跌和低迷,预警亮红灯时,防守是尤为重要的。

七禾网3、市场多变,有人认为要“随机应变”,也有人认为应该“以不变应万变”。就您看来,做投资应该选择“随机应变”还是“以不变应万变”?或者什么情况下应该“随机应变”,什么情况下应该“以不变应万变”?

桑德•里德:对于投资者而言,长远的投资计划和策略尤为重要,而不是只顾眼前的短期投资。在我看来,为了利于捕捉宏观经济趋势以及市场趋势,不时整改投资组合是很有必要的。然而,投资时限以及风险承受能力是因人而异的,在设定规划投资组合及策略时必须考虑在内。

七禾网4、您成功躲过了2008年金融危机的暴跌,请问您是如何分析,如何做到的?

桑德•里德:我们的风险量化指标能测量在不同时间框架的市场趋势。它是专门设计出来用于判断长期趋势的变化预警熊市的。它会忽略短期的市场波动。我们的模型在测试2008年市场时,发出退出股市的信号预警,并于2009年指示重新进入股市。

七禾网5、2016年,莱恩斯荣膺汤森路透理柏(Thomson Reuters Lipper)评级第一,主打策略“莱恩斯战略资本投资组合”(Lyons Tactical Allocation Portfolio)荣获晨星网(Morningstar.com)的五星评级。荣获这两项评级对莱恩斯来说意味着什么?

桑德•里德:我们很荣幸在理柏基金评级灵活投资组合3年期类别中力压摩根史丹利、高盛,荣膺汤森路透理柏评级第一名。我们的胜利是基于业绩和回报率。我很欣慰,像我们这样规模的精品公司可以有平台击败这么多华尔街投资大腕。这也证明了,业绩是与专业性挂钩的,这个殊荣也是对我们团队能力的肯定。我感到非常自豪。

七禾网6、一般来说,美国的基金管理公司一年获得多少收益,客户会比较满意?

桑德•里德:美国市场上有很多不同类型的基金。有些是被动式管理,有些是积极管理的。但无论选择哪个基金,投资人投资时间框架的匹配,风险的承受能力非常重要。我认为我们的基金较标准普尔500指数投资更稳健,在选股以及推测股市衰退上比指数投资更灵活。客户需求因人而异,收益、保值的可比性的基准是无法统一设定的。但满足客户现实的需求是基金公司的最大目标。

七禾网7、莱恩斯创立以来每年的盈亏情况如何?这样的业绩在美国所有的基金管理公司中处于怎样的位置?

桑德•里德:自成立以来,我们复合的累计收益是58%。作为基金公司而言,我们是比较小的,但我们们小而精湛,拥有几十个具有丰富实际经验的分析师和研究人员,并一直为客户们提供着卓越的投资咨询和服务。

七禾网8、就您看来,不同的基金管理公司之间,主要比拼哪些方面?最终哪些类型的基金管理公司能够生存下来并且持续发展?

桑德•里德:基金公司之间的竞争是相当激烈的,我想同我们莱恩斯一样很多公司都在专注于特定的自己擅长的领域,力争成为该领域最好的。但也有公司试图囊括所有领域,当资源、服务以及专业性无法匹配时,问题就会出现了。市场把握的方向感和眼光也很重要,选错方向,对基金公司来说是件很糟糕的事情。

七禾网9、莱恩斯的核心优势是什么?

桑德•里德:我认为,我们的优势是我们的业绩,我们投资的策略,以及我们较为精准的,回溯到从1920年到现今历史数据测试过的风险量化指标来预警股市大型衰退的能力。参看所有2008年到2009年股票型基金的宿命,没有预警,历史还是将会重演。

七禾网10、莱恩斯的投资主要涉及哪些领域?包含哪些策略?

桑德•里德:我们持有大盘股、中型股和小盘股。拿我们大盘股筛选对象标准普尔500做例,我们涉及的领域是综合的,但无论哪个领域,只要风险量化指标一触发,我们就会转为防守,所有持股转为国债。我们还有一类基金使用期权来对冲市场下跌。

七禾网11、莱恩斯最擅长的策略是哪一个?这个策略有何主要特征?

桑德•里德:莱恩斯主打策略莱恩斯战略资本投资组合(以价值投资为目的的稳健无杠杆产品)荣获晨星网的五星评级。也是我们最擅长的,是力压摩根史丹利、高盛,荣膺汤森路透理柏评级第一的服务型产品。

目前市场对战略资产配置方式的定义较为宽泛,其资本管理技术也因管理者不同而有所差异。一般来说,战略投资经理会通过循环不同资产类别和市场板块的交易, 以规避股市衰退的风险,而有些战略投资经理可能会采用短线交易的方法来对冲风险。大部分战略投资经理会通过交易所交易基金参与股票市场,这主要依赖系统信号进行决策,所以股票的分配可能会每月或每周变更一次。

我们莱恩斯坚信,长期股票投资是有诸多益处的。在正常的市场条件下,目前大多数战略投资组合过度注重防守,其表现基本都要弱于标准普尔500指数。因此,在正常的市场周期内,莱恩斯的投资策略将注重进攻,力求超越市场平均水平。

莱恩斯会通过建立有股息分红优势的股票组合,充分投资,并参与股票的长期增 长。我们相信,随着时间推移,股票能带来可观的风险收益平衡,而且无需频繁地以防守策略应对小范围的市场波动。莱恩斯战略资产配置组合的投资理念就是,通过主动进攻,优价购入绩效良好公司的股票,以跑赢大市。

我们通过与哈佛、耶鲁的研究员合作,设计出一套系统筛选程序,寻找在同行业中被低估的公司,以及表现出众却因短期市场波动而使其价格低于实际价值的对象,并以低价购入这些绩效优良公司的股票。我们更倾向于选择能利用自身资源高效获取现金收益的公司。

我们绩效分析的重点在于现金流量而非收益,因为后者通常受到公司管理层的操控以掩盖真实的业绩。我们更倾向于投资规模较大的分红型公司,因为它们在市场波动期间更稳定,而且只有满足股票市值和股息率最低要求的股票,才会出现在我们选择的范围内。

当然,我们也会基于一系列的排名来评估公司,寻求拥有最佳性能和低价格组合的公司。我们将单独的绩效和估值排名综合起来,以此建立莱恩斯等权股票投资组合。

莱恩斯一直以主动进攻攫取最大收益, 我们所要预防的只是持久性的市场下跌,而量化风险指标(下称 QRI)就是我们判断市场是否持续性下跌的王牌。QRI是一个系统化的处理方法,往往先于熊市出现时准确地发现重大市场价格的变化。

QRI着重于减小股市熊市对资产配置带来的影响,它每月都会评估市场状况,由此决定股票和国债或现金之间的分配。QRI包括三个指标,即市场趋势、市场动力以及消费者情绪,它们会准确判断市场的转移方向、速度,同时也会作为市场方向是否转移有说服力的参照指标。

当 QRI 信号为正时,莱恩斯将按照策略,完全投资其构建的股票投资组合,同时以季度为单位进行股票组合的再平衡调整。通过重复的股票选择方案,保留所有价值良好的股票,选择新股并取代其他业绩不好的,重新平衡投资组合,以便创造更好的机会。一旦QRI信号转负,莱恩斯则会将股票资产全部转化,分配到美国国债、现金以及部分CTA中,而这种分配转移可能会发生在任何一个月的月初。

不过,我们的QRI相对于一般的战略配置基金经理所用信号来说是缓慢的,它仅用于应对极端市场的风险。我们希望避免由短期市场下滑时,频繁交易而导致的不必要开支和误判、洗盘现象。莱恩斯只注重罕见的、长期的极端市场衰退。基于这个标准,若以10年为单位,莱恩斯预期转为防守策略的次数寥寥无几,这样QRI将使我们能专注于进攻,实现复合型回报的长期收益。

七禾网12、在选股方面,莱恩斯执行的是怎样的标准?莱恩斯偏好于哪些类型的股票?

桑德•里德:我们使用两个主要的标准,标准普尔500指数以及理柏灵活组合类别。但我们更注重于理柏以及晨星战略组合来作为评比的基准。

七禾网13、买入一个股票后,莱恩斯在什么情况下会止盈?在什么情况下会止损?一个股票通常会持有多长时间?

桑德•里德:在我们的投资组合中,每只股票都要先符合我们设计的模型筛选。首先,我们筛选出满足最低股息率和市场资本化参数的股票。然后,我们再将这些符合标准的股票按照不同绩效和估值方法排名。我们从排名最高的两组中挑选25只拥有最佳绩效和价值组合的股票以构建一个同等重量的投资组合。我们寻找在同行业中被低估的公司和表现出众、却因短期市场波动而其价格低于实际价值的对象。莱恩斯绩效分析的关注重点在于现金流量而非收益,也会基于一系列的排名来 评估公司。我们会周期性地进行筛选,不符合标准的将会被抛出。

七禾网14、莱恩斯的基金产品,一般同时持有多少个股票?在股票搭配上,有何讲究?

桑德•里德:我们的CLTAX持股25支,CLPAX30支,LFSAX50支。大型蓝筹股基金我们持有较少股票。因为会有更多波动,小市值股基金中,我们所持种类会多些。 

七禾网15、莱恩斯的股票持仓比例一般控制在多大的范围内?有没有满仓或空仓的时候?(若有,在什么时候会满仓,什么时候会空仓?)

桑德•里德:我们的投资策略是98%资金投入,当我们决定不做长线时我们会抛售转为现金。倘若我们的量化风险指标预警,所有股票会被清仓转为美国国债,也或留一部分为现金。(2000 年 9 月-2003 年 3 月标普 500 下滑 42%时,国债(3-7 年)收益是 29%。 2007 年 10 月-2009 年 3 月,标普 500 损失 47%,国债(3-7 年) 收益 18%)

七禾网16、近来,美元、人民币以及全球主要国家货币的汇率波动比较大,投资者应如何控制汇率波动风险,如何抓取相应的机会?

桑德•里德:我们不做货币交易,但可以持有多种货币产品来对冲货币贬值。

七禾网17、在美国,对基金管理机构实行监管职责的部门是哪个?监管力度严不严?就您看来,是偏严厉的监管更利于行业的长期发展,还是偏宽松的监管更利于行业的长期发展?

桑德•里德:我们受美国证券交易委员会监管。他们的严苛在全球是有名的。美国市场是个成熟的市场。在美国的金融市场历史上犯罪活动不计其数。证监会在发现和消除此类不良行为的经验是非常丰富的。除此之外,还有其他的政策和法律、规则以确保普通投资者的公平待遇。我认为美国的监管环境非常有利于投资者和投资经理。我认为严苛很好,因为严苛,市场会靠优质服务来竞争,投资经理会专心地把客户的利益至上。宽松的监管环境滋养欺诈,不良竞争,不良手段。

七禾网18、莱恩斯和盈透证券有着哪些方面的合作?您对盈透证券的服务水准如何评价?

桑德•里德:莱恩斯使用盈透来做清算,执行操作,客户帐户托管。我们希望可以和盈透一起为客户提供专业、全面、安全的服务。在我看来盈透是迄今为止最佳的最先进的理财及操作执行平台。盈透是唯一一家公司联系了全球的金融服务机构,为投资者和企业提供了全球化的多元化选择。

七禾网19、盈透证券是唯一可以交易中国沪深股票的美国互联网券商,您本人还有您的那些美国同行对交易中国股票的兴趣有多大?

桑德•里德:我们已经开始在做中国大陆及香港的股票交易测试。我们不知道美国投资者目前是否有兴趣交易中国的股票,但我知道中国股市一直是我们很大的关注点,它影响着全球经济的动向。

七禾网20、目前莱恩斯总共管理多少规模资金?这一规模在美国各基金管理公司中,大约的排名是多少名?

桑德•里德:我们的公司不大,管理资产约为2.5亿美金。但我们小而精湛,我们的明星产品持续排在同类别大摩黑石产品之上。

七禾网21、莱恩斯的客户主要是个人投资者还是机构投资者?他们的核心需求是什么?

桑德•里德:我们的投资者有个人也有企业。他们的需求各不相同。我们尽我们最大的努力为他们提供最好的产品和资产投资配置服务。

七禾网22、您对中国市场是否了解?就您看来,中国市场最大的机会是什么?

桑德•里德:我们还在学习中国市场的过程之中。现在在中国做生意的伟大之处在于,它提供难得的机遇。在我看来,中国投资市场还有一段路要走,规范性可以更加完善,投资者理念也会慢慢成熟起来。我们都有义务去往这个方向进行引导。中国金融市场让我想起了70-80年代的美国。

市场应该被看作为一个长期的财富商店,一个可以长期保值增值的地方。

我希望莱恩斯可以为中国投资者提供很好的稳健的规范的服务,把优质的产品和服务带过来分享。

七禾网23、就您了解而言,中国和美国的金融投资市场有何差别?交易群体有何不同?

桑德•里德:大多数美国人拥有多元化的投资组合,并不去过于频繁地交易,多倾向于价值投资,价值维护。典型的中国投资者是相反的,有大量的交易和投机。

七禾网24、华尔街的基金经理们一般如何看待中国市场?如何看待沪港通、深港通,以及可能带来的机会?

桑德•里德:很多华尔街管理者并不真正了解中国市场和它的驱动力。我认为不管时外企走进来或中国企业走出去,这里提供的潜力是无穷的。

七禾网25、莱恩斯有没有进入中国市场的打算?如果进入中国市场,将主要采用怎样的策略?主要为哪些类型的中国客户服务?

桑德•里德:莱恩斯正在试图打开中国市场。我们正在积极在这方面做相关的工作。我们提供有受美国证监会监督屡获殊荣的产品和专业的投资管理服务。我们相信,我们可以为中国投资人和企业带来更多多元化,更安全诚信,更有长期价值投资的服务和投资经验。

七禾网26、有个加拿大白人叫“大山”,在中国事业做得很成功,您对他的故事了解吗?您如何看待越来越多的西方人在中国安家立业?

桑德•里德:中国是个伟大的地方,中国人过得很精彩,我感到很幸运可以常到这里来并与很多中国人结交为朋友。这是个了不起的国家,充满了聪明、受过良好教育的辛勤工作的人。我认为,未来的中国会更好,无庸置疑会成为未来第一世界的国家。

桑德·里德专访原文(英文版)

七禾网1、桑德里德先生您好,感谢您在百忙之中接受七禾网的专访。您如何看待投资中的进攻与防守,主动与被动?

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.

七禾网2、莱恩斯的策略是偏进攻的还是偏防守的,是偏主动的还是偏被动的?或者说在什么情况下以进攻为主,什么情况下以防守为主?

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.

七禾网3、市场多变,有人认为要“随机应变”,也有人认为应该“以不变应万变”。就您看来,做投资应该选择“随机应变”还是“以不变应万变”?或者什么情况下应该“随机应变”,什么情况下应该“以不变应万变”?

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.  

七禾网4、您成功躲过了2008年金融危机的暴跌,请问您是如何分析,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.)

七禾网5、2016年,莱恩斯荣膺汤森路透理柏(Thomson Reuters Lipper)评级第一,主打策略“莱恩斯战略资本投资组合”(Lyons Tactical Allocation Portfolio)荣获晨星网(Morningstar.com)的五星评级。荣获这两项评级对莱恩斯来说意味着什么?

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.

七禾网6、一般来说,美国的基金管理公司一年获得多少收益,客户会比较满意?

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.

七禾网7、莱恩斯创立以来每年的盈亏情况如何?这样的业绩在美国所有的基金管理公司中处于怎样的位置?

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.

七禾网8、就您看来,不同的基金管理公司之间,主要比拼哪些方面?最终哪些类型的基金管理公司能够生存下来并且持续发展?

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.

七禾网9、莱恩斯的核心优势是什么?

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.  

七禾网10、莱恩斯的投资主要涉及哪些领域?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.

七禾网11、莱恩斯最擅长的策略是哪一个?这个策略有何主要特征?

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.

七禾网12、在选股方面,莱恩斯执行的是怎样的标准?莱恩斯偏好于哪些类型的股票?

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.

七禾网13、买入一个股票后,莱恩斯在什么情况下会止盈?在什么情况下会止损?一个股票通常会持有多长时间?

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.

七禾网14、莱恩斯的基金产品,一般同时持有多少个股票?在股票搭配上,有何讲究?

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.

七禾网15、莱恩斯的股票持仓比例一般控制在多大的范围内?有没有满仓或空仓的时候?(若有,在什么时候会满仓,什么时候会空仓?)

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.

七禾网16、近来,美元、人民币以及全球主要国家货币的汇率波动比较大,投资者应如何控制汇率波动风险,如何抓取相应的机会?

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.

七禾网17、在美国,对基金管理机构实行监管职责的部门是哪个?监管力度严不严?就您看来,是偏严厉的监管更利于行业的长期发展,还是偏宽松的监管更利于行业的长期发展?

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.

七禾网18、莱恩斯和盈透证券有着哪些方面的合作?您对盈透证券的服务水准如何评价?

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.

七禾网19、盈透证券是唯一可以交易中国沪深股票的美国互联网券商,您本人还有您的那些美国同行对交易中国股票的兴趣有多大?

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.

七禾网20、目前莱恩斯总共管理多少规模资金?这一规模在美国各基金管理公司中,大约的排名是多少名?

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.

七禾网21、莱恩斯的客户主要是个人投资者还是机构投资者?他们的核心需求是什么?

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.

七禾网22、您对中国市场是否了解?就您看来,中国市场最大的机会是什么?

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.

七禾网23、就您了解而言,中国和美国的金融投资市场有何差别?交易群体有何不同?

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.

七禾网24、华尔街的基金经理们一般如何看待中国市场?如何看待沪港通、深港通,以及可能带来的机会?

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.

七禾网25、莱恩斯有没有进入中国市场的打算?如果进入中国市场,将主要采用怎样的策略?主要为哪些类型的中国客户服务?

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.

七禾网26、有个加拿大白人叫“大山”,在中国事业做得很成功,您对他的故事了解吗?您如何看待越来越多的西方人在中国安家立业?

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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