说到不靠谱的投资经理，马多夫(Bernie Madoff)这样的大骗子可谓街知巷闻。但莽撞的“牛仔”夸夸其谈的吹牛者和愚蠢的小丑远比骗子更常见，大多数实实在在的损失都是这些人造成的。目前美国大约有27万名投资组合经理和投资顾问。数千万美国人都靠“财务顾问”帮自己打理财产。这些日子，很多人都在想自己是不是犯了个大错误。我以为大多数财务顾问都德才兼备。但看过许多读者的来信后，我不得不说，很多人的“顾问”着实吓到我了。不光是因为他们赔了钱。去年大家都赔钱了，连巴菲特(Warren Buffett)也不例外。你怎么判断该不该解雇你的财务顾问？根据我接到的读者来信，有10种情况能给你提示。他不光赔钱，而且是以愚蠢的方式赔钱。这一年大家的日子都不好过。但在房利美(Fannie Mae)优先股的价格仅为票面价格40%的时候还将它列为“保守型投资”，这样的事只有傻瓜才干得出来。他不回你的电话。没错，他不可能每天跟每位客户抱着电话聊上一小时。但这是你的钱。如果出现危机时完全找不到他的人影，那他肯定是没把你当回事。粗鲁无礼。当然，电子邮件的普遍使用导致全世界都不注重礼节了。但如果你的投资经理对你一点礼貌也没有，那就表明他的性格很糟糕，无法应对压力。这两点都不适合投资经理的工作。满口术语。别让他唬了。最好的投资经理嘴里说的笔下写的都是朴实易懂的话。巴菲特格兰森(Jeremy Grantham)和哈斯曼(John Hussman)等人都是如此。满口术语只是想蒙骗你。他隐藏的是什么呢？风险。盲目相信某种自动的投资“系统”。呸！这样的系统从来都没用。要是有用的话，大家都会用它了，那怎么还会有业绩不佳的人？成功的投资是门艺术，也是门科学。它是讲求实效的，需要判断力。他去年的投资方针没有发生变化。股票价格很少像去年那样在一年之中出现这么大的变化。现在的正确投资目标怎么可能跟12个月之前一样呢？那是不可能的。推卸责任。诚然，政府以及经营大型金融机构的那些人犯了很多错，切切实实地给市场造成了损害。但拿你的钱去投资的并不是他们。那你的损失又怎么会全是那些人的错呢？不可能。他将你的资金投入到与你的年龄和地位不相称的投资组合中。70岁的老人不应当把钱全投在股市，这是有原因的。称职的投资经理应当在一年前就知道这些道理，而不是到现在才知道。事后诸葛亮是没用的。他抱怨“这种情况以前从没发生过”。但这种话永远不会错。明天都是不可预知的。明智的投资策略应当考虑到这一点。他试图胁迫你。我一直惊讶于有这么多人对强横霸道的人让步，认为那是自信或意志坚定的表现。那种人愚蠢下流不可靠且软弱。你的钱应当交给更好的人去打理。Brett Arends（编者按：本文作者Brett Arends是《华尔街日报》网络版专栏作家，他的专栏《投资回报》帮助投资者分析最新时事并做出相应投资决定。）相关阅读马多夫认罪 最高可判150年 2009-03-13原声视频：揭秘马多夫的庞氏骗局二(中文字幕) 2009-03-13原声视频：揭秘马多夫的庞氏骗局一(中文字幕) 2009-03-13是否触底真的要紧吗？ 2009-03-18原声视频：如何调整心态应对股市动荡(中文字幕) 2009-03-05原声视频：股市动荡，切忌盲目追从大流(中文字幕) 2009-03-02如何避开理财顾问败类 2008-12-23
When it comes to rogue money managers, crooks like Bernie Madoff get all the publicity. But cowboys, charlatans and clowns are far more common, and do most of the real damage.There are about 270,000 portfolio managers and investment advisers working in America these days. Tens of millions of Americans have a 'finance guy' (or 'finance gal') of various types to handle their money. Many are wondering these days if they made a bad mistake. I presume most financial advisers are ethical and competent. But I hear from a lot of readers and I must say I am shocked at the way so many have been advised.It's not simply that they've lost money. Everbody lost money last year, even Warren Buffett.How can you tell if you should fire your finance guy? Based on emails I've received from reader, here are 10 things that should tip you off.He didn't just lose money, he lost money stupidly. Everyone had a bad year. But only a fool was still treating Fannie Mae preferred stock as a 'conservative investment' when it was 40 cents on the dollar.He won't return your calls. No, he can't sit on the phone with each client for an hour a day. But this is your money. If he's totally inaccessible during a crisis, he does not take you seriously.He's rude. Granted, email has given rise to a global rudeness epidemic. But if your money manager isn't polite to you, it suggests he has poor character and can't handle stress. Both are disqualifications for the job.He hides behind jargon. Don't be fooled. The best money managers speak, and write, in plain English. Like Warren Buffett, Jeremy Grantham, and John Hussman. Jargon is just an attempt to snow you. What's he hiding? Insecurity.He has blind faith in an automatic 'system' for investing. Bah. No such 'system' can ever work. If it did, everyone would adopt it, and who would be left to underperform? Successful investing is an art as well as a science. It's pragmatic. It involves judgment.He wouldn't change course last year. Prices have rarely changed so much in a year. How can the right things to own now be the same as the right things twelve months ago? They can't.He passes the buck. It's true the government, and those running the big financial institutions, have made a lot of mistakes that have really damaged the markets. But they didn't invest your money. So how can your losses be all their fault? They can't.He had your money in an inappropriate portfolio for your age and position. There's a reason a 70-year-old shouldn't have all her money in stocks. Any competent money manager knew those reasons a year ago - not just now. Wisdom after the fact doesn't count.He whines that 'this has never happened before.' But that's always true of the future. Tomorrow is always unknown. A wise investment strategy takes that into account.He tries to bully you. I am constantly amazed at the number of people who give in to bullies, thinking they are confident or strong. They are stupid, nasty, insecure and weak. Your money deserves better.Brett Arends
When it comes to rogue money managers, crooks like Bernie Madoff get all the publicity. But cowboys, charlatans and clowns are far more common, and do most of the real damage.There are about 270,000 portfolio managers and investment advisers working in America these days. Tens of millions of Americans have a 'finance guy' (or 'finance gal') of various types to handle their money. Many are wondering these days if they made a bad mistake. I presume most financial advisers are ethical and competent. But I hear from a lot of readers and I must say I am shocked at the way so many have been advised.It's not simply that they've lost money. Everbody lost money last year, even Warren Buffett.How can you tell if you should fire your finance guy? Based on emails I've received from reader, here are 10 things that should tip you off.He didn't just lose money, he lost money stupidly. Everyone had a bad year. But only a fool was still treating Fannie Mae preferred stock as a 'conservative investment' when it was 40 cents on the dollar.He won't return your calls. No, he can't sit on the phone with each client for an hour a day. But this is your money. If he's totally inaccessible during a crisis, he does not take you seriously.He's rude. Granted, email has given rise to a global rudeness epidemic. But if your money manager isn't polite to you, it suggests he has poor character and can't handle stress. Both are disqualifications for the job.He hides behind jargon. Don't be fooled. The best money managers speak, and write, in plain English. Like Warren Buffett, Jeremy Grantham, and John Hussman. Jargon is just an attempt to snow you. What's he hiding? Insecurity.He has blind faith in an automatic 'system' for investing. Bah. No such 'system' can ever work. If it did, everyone would adopt it, and who would be left to underperform? Successful investing is an art as well as a science. It's pragmatic. It involves judgment.He wouldn't change course last year. Prices have rarely changed so much in a year. How can the right things to own now be the same as the right things twelve months ago? They can't.He passes the buck. It's true the government, and those running the big financial institutions, have made a lot of mistakes that have really damaged the markets. But they didn't invest your money. So how can your losses be all their fault? They can't.He had your money in an inappropriate portfolio for your age and position. There's a reason a 70-year-old shouldn't have all her money in stocks. Any competent money manager knew those reasons a year ago - not just now. Wisdom after the fact doesn't count.He whines that 'this has never happened before.' But that's always true of the future. Tomorrow is always unknown. A wise investment strategy takes that into account.He tries to bully you. I am constantly amazed at the number of people who give in to bullies, thinking they are confident or strong. They are stupid, nasty, insecure and weak. Your money deserves better.Brett Arends
扫一扫
2652
被折叠的 条评论
为什么被折叠?
到【灌水乐园】发言
