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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.
布萊恩說，“一旦股票不再具有這些特征，或是股價增長一倍，我們就會賣出?！滨U伯回憶道我們從1987年開始實施這一策略，
So in late 2007 they launched Auer Growth, with Bob acting as portfolio manager and Bryan in charge of portfolio analysis.
到2007年我們的賬戶年回報率超過了30%"。 因此，在2007年底，兩人共同推出了奧爾成長基金，鮑伯擔任投資組合經(jīng)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,
布萊恩負責投資組合分析。2008年顯然不是個開創(chuàng)基金的好時候，但該基金今年以來已經(jīng)上漲了22%。當被人們問到從父親那里學到什么重要的教益時，
Bob laughs. "Only how to compound money at 30% a year."
鮑伯笑著說，“只有一條，那就是如何實現(xiàn)每年增值30%的目標?！?/div>
Gordon, Kent and Russell Croft | Croft Funds
克勞福特父子三人 克勞福特基金公司
Gordon, now 76, had been a director and manager at T. Rowe Price for 20 years when his older son,
1989年，肯特·克勞福特決定辭去在所羅門兄弟的工作，
Kent decided to leave his job at Salomon Brothers in 1989 and return to Baltimore to start a firm with his dad. "
回到巴爾的摩和父親高登·克勞福特創(chuàng)立一家公司；現(xiàn)年76歲的高登當時擔任T.Rowe Price的董事兼經(jīng)理職位已長達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.
高登說，“我當時做的第一件事就是讓肯特做總裁，然后他就做了20年的老板。小兒子羅賽爾于1999年加入公司。
"Both of them have the highest ethics and highest character that you can imagine," says Gordon, "and that holds them in good stead in this business."
高登表示他們兩人都有你所能想到的最好的道德與性格，這會給他們從事這個行業(yè)帶來很大幫助。”
The Croft Value fund seeks out high-quality companies with low P/Es that can be held for the long term.
克勞福特基金選擇的股票都是可以長期持有的、市盈率較低的優(yōu)質股。
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,
憑借這一策略，該基金過去3年、5年和過去10年的回報率一直都超過了標準普爾500指數(shù)。
says the greatest lesson he's learned from his dad is the importance of keeping long horizons on stocks.
現(xiàn)年46歲的肯特說，他從父親那里學到的最重要的經(jīng)驗就是，著眼于長遠對投資股票很重要。
"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.
他說，“當你年紀不大的時候，你一般不會這么想”?，F(xiàn)年35歲的羅賽爾說，父親教他們要經(jīng)常質疑常規(guī)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."
他說，“這已經(jīng)滲透到我們的血液里了。父親讓我們以反向投資的眼光去尋找內(nèi)在的隱藏價值，這是我們從父親那里學到的最大教益。”
Lloyd and Larry Glazer | Mayflower Advisors
格拉澤父子|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，現(xiàn)年70歲的勞依德·格拉澤還是貝爾斯置在波士頓的合伙人，他在那個地方工作了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,"
他的兒子、現(xiàn)年41歲的拉里·格拉澤在 H.C. Wainwright、Trammell Crow和東京銀行都擔任過高級職員。這對父子在很早之前就討論過合作投資的問題，并認定當時是恰當?shù)臅r機。
setting up their advisory, Mayflower Partners, within Advest, a regional brokerage firm. When Merrill Lynch acquired Advest in 2005,
因此他們組建了勞依德所稱的“絕佳合伙關系”，在一家地區(qū)券商Advest旗下組建了他們的咨詢公司 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年收購了Advest，格拉澤父子的客戶們督促他們自立門戶。
"Mayflower was one of the first advisors to transition to a fee-based structure from a commission-based one,
勞依德說，“我們后來發(fā)展得很順利”。拉里說，“Mayflower是最早從按傭金收費轉向按手續(xù)費收費的咨詢公司之一，
