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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?
同時(shí)也迅速借助上市交易基金進(jìn)行資產(chǎn)配置和對(duì)沖頭寸。”那么，他從父親那里得到最為重要的教益是什么？
"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.
拉里說，“我們家會(huì)在吃飯的時(shí)候討論債務(wù)和杠桿問題，我很小的時(shí)候就從中受益了。
As a result, our firm has no debt, and we advise clients to have little or no leverage."受此影響，我們公司沒有債務(wù)，我們建議客戶不要使用或盡量少使用杠桿。”
Stephen and Samuel Lieber Alpine Funds
列伯父子|劇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歲的斯蒂文·列伯和 53歲的塞繆爾·列伯過去經(jīng)常一起進(jìn)行帆船比賽。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.
“說我們就是通過它，學(xué)會(huì)了像團(tuán)隊(duì)一樣協(xié)作”。這一經(jīng)驗(yàn)對(duì)1989年成立的Alpine International Real EstateEquity基金非常重要，這是全球該類型的首個(gè)房地產(chǎn)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,
這只基金不僅匯聚了塞繆爾在房地產(chǎn)和房地產(chǎn)投資信托基金領(lǐng)域的經(jīng)驗(yàn)，以及斯蒂文在資產(chǎn)和投資組合管理領(lǐng)域數(shù)十年的經(jīng)驗(yàn)，
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,"
還給塞繆爾帶來了一個(gè)重要的職業(yè)以及個(gè)入方面的教益。塞繆爾回憶道，“那八十年代代末，當(dāng)時(shí)我們在房地產(chǎn)業(yè)的業(yè)務(wù)做得非常大，以至于我們發(fā)現(xiàn)自己正在影響股價(jià)”。
Samuel says. "I expressed concern to my dad. He said look farther afield, broaden your horizons and look for other types of opportunities."
他說，“我向父親表達(dá)了我的擔(dān)憂。他告訴我要看的遠(yuǎn)一點(diǎn)，把視野拓寬一點(diǎn)，尋找其他類型的機(jī)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.
這就是第一只國際地產(chǎn)基金的誕生經(jīng)歷”。塞繆爾說，“現(xiàn)在Alpine旗下運(yùn)營著 9只基金，但那條頭號(hào)教益仍然非常重要。做事要視野寬廣，全盤考慮；
"Take a broad, holistic approach not only to investing, but also to life."
這點(diǎn)不僅適用于投資，也適用于人塵。”
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.
現(xiàn)年62歲的羅納德于1986年創(chuàng)立了金融規(guī)劃和咨詢公司R.W.Rogé。他從二十世紀(jì)七十年代初就開始選股，但他發(fā)現(xiàn)自己在這方面并非特別擅長。
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.
羅納德要擅長發(fā)現(xiàn)出色的基金經(jīng)理，比如他那位28歲的兒子斯蒂文。斯蒂立于1997年加入公司。羅納德說，“我確實(shí)擅長規(guī)劃戰(zhàn)略和全盤考慮。斯蒂文則在發(fā)現(xiàn)價(jià)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,
斯蒂文可能長期信奉本·杰明·格雷厄姆和巴菲特的投資哲學(xué)，
but his first job at Dad's office was making copies and doing other menial chores. After seven years of learning the business,
但他在交親總司做的第一份工作卻是復(fù)印以及其他雜事。他用了7年的時(shí)間來了解業(yè)務(wù)，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的基金經(jīng)理。這只基金起步不錯(cuò)，在2005年和2006年分別實(shí)現(xiàn)了10% 21%的回報(bào)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年有所冷卻，當(dāng)然2008年就不用說了。不過，正是那個(gè)時(shí)候，父親傳授的教益才顯得無比重要。
"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."
羅納德說，“要做個(gè)價(jià)值拉資者，最重要的就是有耐心。巴菲特在投資可口可樂公司之前可是觀察了該股長達(dá)25年之久。”
