ACTIVE MANAGEMENT主动管理 

The only way to add value as an active manager is to be persistently different than the index. We tell prospective clients that if their main goal is to minimize standard deviation around the index, save money and buy an index fund.

Jeffrey Bronchick, 1.31.08

价值型主动投资经理的表现会与指数表现不同。我们会告诉潜在的客户，如果他们的主要目的是缩小与指数的标准差，那就省点钱去买指数基金。

Classical buy-and-hold is really a dying concept. The notion that there are safe companies – like AT&T or IBM once were – is a real miscalculation on the part of people who can least afford it. You’re more apt nowadays to come across the blue-chip that has cracked . . . now those, we love.

Shawn Kravetz, 12.30.05

We buy based on a multi-year horizon, but have found that it typically takes about 12 to 18 months – if we’re right – for the market to recognize the value. If something you considered truly cheap hasn’t shown any signs of working after 18 months, it’s generally a good idea to make sure you have a new reason to keep it, because there’s a good chance your original thesis was wrong.

James Clarke, 10.31.06

我们的买入都基于多年的水准，如果我们正确了，我们发现通常会经过12-18个月市场才会认识到它的价值。如果18个月以后，你认为非常便宜的东西还没有表现的迹象，你就应该确信你有一个新的持有它的理由，因为有很大的可能性是你先前的理由站不往脚。

Our turnover is typically in the single digits. It’s great when something goes up 50% in a year, but if you sell it you’ve got transaction costs and taxes and then need to find an incrementally better use for the money. We’ve never been very good at trimming and adding but, if we’re right about buying the long-term compounding machines we want to buy, it doesn’t make much difference.

Christopher Davis, 5.31.07

我们的换手通常是一位数。当股票一个涨了50%是非常棒的，但如果你卖了它你就得付出交易成本、税，然后还得为你的钱找到一个更好的用途。

It’s just very hard to trade in and out of positions successfully over the long-term. It’s only possible when you can have unusually high confidence in the precision of your intrinsic-value estimate. The most common reason we sell is when we find a better opportunity – that naturally takes us out of some higher- valued stocks that might be most prone to a correction.

Brian Bares, 9.30.08

从长期来讲，能成功地买入卖出地交易是非常难的事情。唯一的可能是你对内在价值的估测能拥有高的自信。我们卖出的最普通的原因是我们发现了更好的机会——这自然会让我们卖出一些易于向回修正的稍高估值的股票。

We don’t have many rules, but when a stock is down materially relative to its peer group we assign another analyst to formally review it and then force ourselves to buy more or get out. Not surprisingly, the analyst who originally recommended the stock is the last person to want to sell it. We do something similar on the upside: when a  stock gets within 10% of our estimate of fair value, a new analyst will review it and we’ll make a formal decision what to do with the position.

Jeffrey Bronchick, 1.31.08

我们没有太多的规则，但一只股票相对于同板块的股票有较大的下跌时，我们会指派其它的分析师进行正式的复核，然后我们可能会买入更或者是卖出。通常，最初推荐这只股票的分析师是最后一个愿意卖出的。在向上的趋势中我们的做法也类似：当一只股票涨到我们估测的公允价值10%左右，一个新的分析师会进行复核，我们再进行一次正式的决定对仓位如何处理。

We have periodic devil’s-advocate reviews of all our large holdings and a separate

analyst is charged with presenting the negative case. It’s more than a debate society, the devil’s advocate should genuinely believe the negative argument is the right one. We obviously make plenty of mistakes, but that discipline helps us reduce the frequency and severity of them. In investing, that’s half the battle.

Edward Studzinski, 4.30.08

我们具有定期的魔鬼代言人来复核我们所有大的持仓，一个不相关的分析师会被指派提出负面因素。与辩论会不同的是，魔鬼代言人会真心地相信负面因素是正确的。我们会犯很多的错误，但是纪律帮助我们减少了错误的频率和严重性。在投资方面，这就成功了一半。

I remember calling on Phil Carret, the legendary founder of the Pioneer funds, and I asked him how he possibly could keep tabs on over 200 stocks in his portfolio. He paused and then said, “Bill, I buy ‘em right.” Things like that you don’t forget –  buying right with a long-term perspective is much more than half the battle.

William Nasgovitz, 9.30.08

我记得和菲利普·凯睿，一位先锋基金的传奇缔造者，通过电话，我问他如何在他的投资组合中拥有200多只股票。他停顿了一下说，“比尔，我的买入都是正确的。”这样的事情你不会忘记——从长期的角度正确的买入已经取得了很大的成功优势。