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长线:资本集团的成功之道

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长线:资本集团的成功之道

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资本集团是美国三大共同基金管理公司之一,也是世界上受尊敬的投资管理公司之一。它不仅是世界上主要的国际投资管理公司,同时也是新兴市场上遥遥领先的主要的投资者。在过去的10年、20年、50年乃至更长的时间里,资本集团的投资结果都为人称道,没有任何一家别的投资管理公司在如此长的时期内能够做得这么好。

资本集团在热点不断变换和投资风格不断改变的大潮中,始终注重长期。当大多数投资公司都在竭尽所能跟上金融行业不断变化的潮流时,资本集团却向我们展示了从长期来看,只有忠实地为投资者真正的长期利益服务,才能打造一个十分强大、不断增长而且利益可观的行业巨头。

那么,资本集团的秘诀是什么呢?资本集团始终如一的注重长期投资、一贯的客观态度、以人为中心的管理、始终关注创新、灵活的组织、高职业标准,从《长线:资本集团的成功之道》中,你可以全方位了解资本集团在风云变幻的国际金融市场始终保持成功的经营之道。


Author Description

查尔斯·埃利斯(Charles D. Ellis) ,是一位公认的投资管理专家, 也是全球十位投资管理行业终身贡献奖获得者之一。他是格林威治合伙人公司的创始人,并担任该公司领导职务达30年,这是一家为投资行业提供国际战略咨询的著名企业,他与来自美国、加拿大、英国、日本、德国和澳大利亚的主要投资公司的高管建立了密切的伙伴关系。此外,他还担任耶鲁管理学院和哈佛商学院投资管理课程的教学任务及特许金融分析师(CFA)学院院长一职。目前,他担任先锋基金主管,为全球大型投资机构提供咨询,并兼任怀特黑德学院投资委员会和耶鲁大学投资委员会的主席。他出版了包括《赢得输家的游戏》等10部著作


Catalogue

序言

导语

第一章 公司的创建

第二章 保持活力

第三章 多元顾问制度

第四章 组织核心

第五章 共同基金的发售

第六章 破釜沉舟:资本集团

第七章 为投资者服务

第八章 并购和新创公司

第九章 资本监护信托公司

第十章 全球投资

第十一章 新兴市场

第十二章 人力资源

第十三章 管 理

第十四章 薪 酬

第十五章 投 资

后 记

附录一 公司目标概要

附录二 资本集团基本管理章程

附录三 资本集团发展一览表

致 谢


Introduction

查尔斯每推出一本新书都令我们欢欣鼓舞,能够为他的书撰写序言,我深感荣幸。就知识而言,整个投资行业都应该深深地感谢查尔斯。他是金融界的泰山北斗、思维敏捷的思想家、金融市场上敏锐的观察家。他是一位将严谨的学风和最普通的常识完美地结合到一起的作家,是一位有影响力的顾问。他给整个投资行业留下了深刻、永久的印象。他所创建的格林威治合伙人公司以及他所撰写的文章和著作帮助成千上万的投资机构和个人投资者做出更好的投资决策。查尔斯的作品已经成为投资界的经典指南。《失败者的游戏》(The Loser’s Game)是投资界的入门读物。《赢得输家的游戏》(How to Win the Loser’s Game)为投资机构和个人投资者如何进行有效的资产部署和分配提供了不可或缺的指南。《经典:投资者选集》(Classics: An Investor’s Anthology)(第一卷和第二卷)汇集了投资领域的主要作品,这些作品推动了投资管理实践从一门技艺上升到一门科学。《华尔街的人们》(Wall Street People)(第一卷和第二卷)介绍了沃伦·巴菲特和乔治·索罗斯等杰出人物。现在,他又推出了本书,这是关于世界上最大和最成功的投资公司之一资本集团的故事。

从许多方面来说,查尔斯·埃利斯都是最合适的讲述这家杰出公司的故事的人选。资本集团的创建和维系这家公司的价值观与查尔斯自己的格林威治合伙人公司的发展可谓异曲同工。促成格林威治合伙人公司成为全球最佳的金融战略咨询公司的各种因素和资本集团的成功之路十分相似。查尔斯对资本集团的评价是“所有的工作都十分完美”。在这两家公司的经营原则中,最重要的部分也许就是“绝对的正直”和“一切为顾客着想”这两个因素。在当今研究成果弄虚作假、内部交易成风、肮脏的薪酬安排和那些把公司利益置于投资者利益之上的共同基金公司盛行的时代,令我们欣慰的是,那些追求基本价值观的公司也能繁荣昌盛。这些基本的价值观就是:坚持正确的道路、目光长远、永远坚持质量和追求卓越。最后一点就是,资本集团和格林威治合伙人公司的领导者显然是一批具有远见卓识、坚韧不拔和富有灵感的人。他们深知将一家新兴公司领向辉煌需要付出多少艰辛。

确实,这本书是投资界最敏锐的观察家与有史以来最杰出的投资公司的一次完美结合。查尔斯不仅睿智,他还是一位职业倾听者。在准备撰写这本书时,他采访了资本集团的那些创业者,并且让所有接受过他采访的人都深信,他们所说的每一句话都至关重要。他意识到了将一群精英融为一个有机体是多么重要,而且深知不断提高优质标准的重要性。能以如此娴熟的技艺和既挑剔又充满理解的眼光讲述资本集团的故事,这个人选非查尔斯·埃利斯莫属。

然而,从另一个意义上讲,查尔斯又是极不可能写这本书的人,我也是给这本书撰写序言可能性非常小的人。查尔斯和我乃神交。我们都认为,不断地选择股票是一种必输无疑的游戏,职业投资忠告最强大的功能就是根据不同投资者的需要、情况和偏好选择恰当的资产组合,而不是根据所看到的价值变化从一种股票转到另一种股票。其实,要想挽回输掉的游戏,你必须利用投资基金买进和持有那些具有广泛市场指数的股票(以及证券和房地产投资信托股)。在查尔斯和我共事的一个投资基金委员会会议上,他曾经严厉地批评我对指数化的支持热情不够(我建议开始时只将证券投资组合的一半指数化,查尔斯想做的则要多得多)。查尔斯认为,在股票市场上,投资机构人才济济且都锲而不舍,所以没有谁能够“做得比别人好到哪里去,从长远的观点来看更是如此”,可是他为什么又要撰写一本书来赞扬一家公司,而这家公司存在的理由又是对证券投资组合进行积极的管理呢?

就资本集团的优点写一本书至少应该有两个正当的理由,即使对像查尔斯和我这样坚定的倡导指数化的人来说也是这样。

赞扬资本集团那些积极主动的管理人员的第一个理由源自有效市场理论中的一个基本反论。假如市场永远是那么完美无缺的高效,专业人士就没有动力获取那些能够迅速反映在市场价格上的信息。市场需要一些专业人士保障信息迅速体现在市场价格上,而那些专业人士也必须得到高于市场的回报来补偿他们做基础研究所花费的时间和精力。我坚持认为,人们在寻找定价错误的证券上投入了太多的精力,而这样做真正获得收益的投资者却寥寥无几。但是如果人人都投资于指数化证券投资基金,那么市场也不可能高效。尽管听起来或许有些似是而非,但市场还是需要像资本集团这样的公司来保证让低成本的指数化真正成为一项制胜的战略。

第二个理由是,资本集团是为数不多的取得了丰厚的长期投资回报的资本管理公司之一。由资本集团管理的共同基金的记录都公开,我们可以对比广泛的指数化基金来检查这些基金的长期结果。在表1中,我将资本集团管理的国内普通股共同基金的结果与标准普尔500指数和威尔希尔5000指数的收益率做了比较。标准普尔500指数和威尔希尔5000指数的收益率是按照30年的期限展示的,普通股共同基金的收益也是根据同一时期做的比较。

那么资本集团的秘诀是什么呢?当大多数公司都在赔钱(至少就投资结果而言是在赔钱)的时候,为什么资本集团却能在投资竞赛中脱颖而出呢?在这本书里,查尔斯讲述了资本集团的故事,并且告诉世人这家公司是如何为了持续性的成功而打造组织的。

在资本集团成功背后的诸多因素中,有三个因素最为重要。第一个因素是,在一个明星和傲慢十分普遍的行业里,资本集团有独特的方式组织自己的“知识工人”。资本集团在聘用、培训和开发自己杰出的投资分析员的过程中投入了巨大的精力和财力。在公司里没有骄傲自大的明星大腕,那些不利于员工在一起有效工作的等级标记被完全取消。该公司成功地创造了一种相互信赖、相互尊重和人与人之间愉快相处的和谐氛围。

资本集团组织特色的第二个因素(也是相关因素)是其对证券组织管理具有创新意义的“多元顾问制度”。一个公司的证券投资组合并非交给一个经理去管理,而是交给若干个经理(其中可能包括该公司的某些研究分析员),每个经理只负责所有基金的一部分,并做出直接投资决策。这个制度保证不会出现明星大腕经理,而且有效地解决了投资组织特有的一个问题:随着注重长期效果。在注定要出现经营低潮期时,资本集团对“你们准备怎么变化”这个问题的回答就是“不准备改变”。当竞争对手将时尚的产品(比如新的互联网或者高科技基金)带到市场上时,资本集团并没有推出类似的产品。资本集团不出风头。资本集团的领导人对传颂自己基金的故事没有兴趣(尤其是对传颂那些热门故事更不感兴趣),因为他们知道投资者往往是在最糟糕的时间把钱投入此类基金,而这时候投资结果很可能变得微不足道。资本集团甚至根本不使用“表现”这个词来形容投资结果,因为该公司认为“表现”只能用于形容好莱坞或者纽约的演员的表演。

在这本书里,你会看到那些发生在将资本集团打造成一个极为成功的投资组织的人们身上的传奇故事。在众多成功的间隙偶尔也穿插一些失败。《长线》风格文雅、诙谐睿智、文笔流畅。查尔斯·埃利斯善于变一种与弥达斯点金术截然相反的魔术。如果他点到了金子,金子就被赋予了生命。我很难想象还有哪个作家能够把关于管理服务的讨论和过户代理功能写得这么有趣。查尔斯对投资业务的深刻理解无人能及。读者将享用一顿丰盛的精神大餐,祝您好胃口!

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