团队交流: Carlos Hardenberg
Meet My Team: Carlos Hardenberg
2020字
2020-01-06 23:24
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火星译客

I may be the most visible member of the Templeton Emerging Market Group, but behind the scenes (and often in front of them!) are many outstanding colleagues who I have great pleasure working with and learning from every day. We have a tremendous team of professionals at Templeton Emerging Markets Group, including 50 analysts and portfolio managers who span 18 markets and speak 17 languages. Here, I chat with Carlos Hardenberg, who has been based in Turkey for many years but will soon be moving to London and taking on some new responsibilities within the team. Learn about his early days on the team, and why he’s excited about cultivating potential investment opportunities—in more ways than one!

我可能是邓普顿新兴市场团队中最常出现在媒体上的成员,但台前幕后还有很多优秀的同事,我很荣幸能每天和他们共事并向他们学习。邓普顿新兴市场团队拥有一支庞大的专业团队,由50名分析师和基金经理组成,他们横跨18个市场,掌握17种语言。在此,我与Carlos Hardenberg进行交谈,他在土耳其工作很多年,但很快会搬到伦敦担任团队的一些新职务。我了解到他早期在团队的情况,以及他热衷于以多种方式培育潜在的投资机会的原因。

本帖还有中文(简体)、荷兰文、法文、德文、意大利文、西班牙文、波兰文版

Mark Mobius: Do you recall your first day on the job as part of the Templeton Emerging Markets Group? Walk us back to that time and your first impressions.

麦朴思: 你还记得加入邓普顿新兴市场团队工作的第一天吗?能否跟我们分享一下那一天的情况,以及谈谈你的第一印象。

Carlos Hardenberg: I had first joined the team in January 1999 via a nine-month research internship in Singapore. The most memorable things I recall during my early days on the team were the spirited debates between two of my colleagues from Vietnam and the United States about accounting treatments. They could argue a full day about whether an item had to be classified as “extraordinary” or “exceptional.” That level of focus and intensity on the details was a good learning lesson for me. I also remember you came by my desk one day and asked if I would mind travelling a bit. The very next day I left Singapore for a five-month trip. That was pretty unexpected!

Carlos Hardenberg:我一九九九年一月加入团队,在那之前我在新加坡担任九个月的研究实习生。回想起来,早期在团队记忆最深刻的事情是两名来自越南和美国的同事激烈辩论会计处理的相关问题。他们可以就一个项目是否应分类为“非常项目”或“特殊项目”而争论一整天。那种对细节的专注程度和强度非常值得我学习。我还记得有一天你问我是否想要去旅行。第二天我就离开新加坡,进行为期五个月的旅行。真是非常出乎意料!

Mark Mobius: The first of many trips with the team! We truly are always on the move. Speaking of moves, you’ll soon be taking a more expanded role within the Templeton Emerging Markets team and relocating to London. What does this change mean to you?

麦朴思:第一次和团队一起旅行!我们真的一直在四处奔波。说到这,你很快会在邓普顿新兴市场团队中担任更重要的职位,并搬到伦敦,这种变动对你来说意味着什么?

Carlos Hardenberg: Yes, I will be taking on a new lead portfolio management role and relocating my family, so a new perspective at work and at home. I earned my master’s degree in investment management from the London City University’s Business School so it is exciting to be back and to bring my family so that they can experience something different from our life in Turkey. London is a good hub. One of the big advantages is that many key people in the emerging markets world come through London on a regular basis, so it will allow me to meet with the management teams of portfolio companies pretty easily. It is also a good time zone to be in when you are working with team members that sit around the globe. We continue to refine our research and investment process and communication among the team is critical.

Carlos Hardenberg: 是的,我将担任新的领先投资组合管理职务并搬家到伦敦,所以这是工作和家庭的一个新的开始。我毕业于伦敦城市大学商学院,获得投资管理硕士学位,所以,回到伦敦是件让人兴奋的事情,我的家人可以经历与土耳其不一样的生活。伦敦是一个很好的枢纽。最大的优势之一就是全球新兴市场领域的很多重要人物会定期经过伦敦,因此我可以轻而易举地遇到各投资组合公司的投资团队。伦敦也处于一个很好的时区,你可以和全球的团队成员合作。我们不断地改善研究和投资流程,而且团队间的沟通至关重要。

Mark Mobius: Is there anything you will miss about living in Turkey?

麦朴思:你是否会想念在土耳其生活的一些事情?

Carlos Hardenberg: London clearly has a lot to offer, although after 10 years in Istanbul, I will miss it dearly.

Carlos Hardenberg:伦敦的确会带给我很多东西,尽管在伊斯坦布尔生活了十年后,我还是会深切地想念它。

Turkey is by far the most hospitable country I have lived in so far. My family has learned the language and we have always felt welcome there. The dynamic development we have witnessed over the past decade in such an important, historic setting has enriched my perspective and that of my wife and four children.

土耳其是到目前为止我居住过的最好客的国家。我的家人学习那里的语言,那里的人们一直对我们很热情。过去十年我们见证了不断变化的发展,如此重要的历史背景丰富了我的视野,对我的妻子和四个孩子而言也是如此。

Mark Mobius: How do you feel your change of location will affect your market perspective or focus, if at all?

麦朴思: 你觉得搬家对你的市场视野或关注点会有怎样的影响?

Carlos Hardenberg: As I will continue to travel a lot to emerging market countries, I do not think my relocation will change too much when it comes to my focus or strategy. However, being closer to the professional investment community in London can bring about certain advantages as well. Hundreds of emerging market corporations engage in meetings with investors in London every year; there are various emerging market sector and macro specialists based out of London and there is a lot of corporate merger and acquisition as well as financing activity is coordinated out of London. Being in London will allow me to be closer to the action. So the combination of a local presence in the most important markets, coupled with the information loop in London, should be an advantage.

Carlos Hardenberg: 因为我将继续前往很多新兴市场国家,所以我不认为我的关注点或策略会因为搬家而产生太大的变化。然而,更靠近伦敦的专业投资界也会带来一定的优势。数以百计的新兴市场公司每年在伦敦举行与投资者的会议,在伦敦我可以更靠近伦敦以外的各新兴市场行业及宏观专家,以及在伦敦以外进行的大量公司并购和融资活动。因此,伦敦的优势应该在于结合了当地最重要的市场,以及伦敦的信息圈。

We have a strong and experienced team including members of many different nationalities and I look forward to playing my part in this orchestra. The key is to focus on the best investment ideas in every region and to ensure we have a high degree of communication within the team. We keep on improving our research and investment process and I look forward to the opportunities we have in front of us.

我们拥有经验丰富的强大团队,他们来自很多不同的国家,我期待在这个团队尽自己最大的努力,而关键是专注于各地区的最佳投资理念,并确保团队间的充分沟通。我们不断地完善我们的研究及投资流程,并期待我们面前的机会。

Mark Mobius: Frontier markets have been your focus on the team. What is exciting to you about frontier markets today?

麦朴思:你在团队中专注于前沿市场,那么当今的前沿市场中让你感到兴奋的是什么?

Carlos Hardenberg: Frontier markets remain the most vibrant economies we are investing in today. Technology is the dominant factor behind the rapid developments in Africa, Asia, and other frontier regions. The level of entrepreneurialism is astonishing, and the large and young consumer societies are increasingly demanding the same lifestyle as people in the Western world. What excites us is that we are still at a fairly early stage of the overall development cycle in most of these markets such as Kenya, Nigeria, Tanzania, Vietnam and Bangladesh, just to name a few. The opportunity to participate in very fast-growing businesses and potentially benefit from higher consumer spending and infrastructure investments is very appealing.

Carlos Hardenberg: 在我们当前所投资的市场中,前沿市场仍然是最具活力的经济体。科技是非洲、亚洲和其他前沿地区快速发展的主要因素。他们的创业精神令人震惊,大型且年轻的消费社会的需求越来越高,他们追求与西方世界一样的生活方式。令我们兴奋的是,我们仍然处于大部分前沿市场(如(略举)肯尼亚、尼日利亚、坦桑尼亚、越南和孟加拉国)整体发展周期的较早期阶段。参与快速增长企业的发展,并从高消费支出和基建投资中获取潜在收益,这样的机会是非常有吸引力的。

Mark Mobius: What would you tell investors who may be rattled by the volatility these markets (and really any market) can face at times?

麦朴思:如果这些市场(任何市场)偶尔面临的波动使投资者不安,你会对他们说什么?

Carlos Hardenberg: The most recent period of high market volatility is a reflection of uncertainty and conditions in markets, namely the United States and China. We are swinging constantly from risk-on to risk-off and should not lose sight of the underlying fundamentals. But often we observe that volatility creates opportunities—just like Warren Buffett once said—the stock market serves as a relocation center at which money is moved from the active to the patient! We try to assess if companies are sold for the wrong reasons and whether “short-termism” is the driving force of the volatility, which could present us with decent buying opportunities.

Carlos Hardenberg:在这份工作中,你要能够管理压力,但我认为大多数工作都是如此。有效地管理时间和防止自己分心也同样重要。向客户交付业绩是很大的回报,自下而上的股票理念所带来的业绩表现符合我们的预期是巨大的回报,而与全球各地的同事紧密合作,以及共同构建及发展投资理念同样也是很大的回报。

Mark Mobius: What is the most challenging part of your job, and what is the most rewarding?

麦朴思: 你的工作中最具挑战的是哪一部分?得到的最大的回报是什么?

Carlos Hardenberg: In this job, you need to be able to manage stress. But I believe that this is probably true for most jobs. Managing time efficiently and preventing yourself from being distracted is also very important. It is very rewarding if you deliver results to your clients, and hugely rewarding if our bottom-up stock ideas turn out to perform as we expect. It is also very rewarding to cooperate so closely with colleagues from around the world and jointly generate and develop investment ideas.

Carlos Hardenberg:在这份工作中,你要能够管理压力,但我认为大多数工作都是如此。有效地管理时间和防止自己分心也同样重要。向客户交付业绩是很大的回报,自下而上的股票理念所带来的业绩表现符合我们的预期是巨大的回报,而与全球各地的同事紧密合作,以及共同构建及发展投资理念同样也是很大的回报。

Mark Mobius: Is there anything people would be surprised to know about you?

麦朴思:你有什么让大家所不熟悉的事情吗?

Carlos Hardenberg: I am really interested a lot in nature; I just planted over 30 apple trees. I will have to compete with imported apples from China though—so China is an important factor even in my personal life!

Carlos Hardenberg: 事实上让我感兴趣的事物很多。我种植30多棵苹果树,我将不得不与来自中国的进口苹果竞争,所以中国在我个人生活中占有重要的地位。

Mark Mobius: How do you like to spend your free time outside of work?

麦朴思:你会如何安排工作以外的时间?

Carlos Hardenberg: Of course I enjoy spending time with my family. My wife, four children (age 5,7,9 and 12) and I went on a cycling trip in northern Italy this summer which was a great experience. I also enjoy reading history books, running, and skiing in the winter.

Carlos Hardenberg: 当然,我喜欢跟家人在一起。这个夏天我和妻子、四个孩子(分别为5岁、7岁、9岁和12岁)去意大利北部骑行,那是很棒的经历。我也喜欢阅读历史书籍、跑步以及在冬天滑雪。

Chetan Sehgal's comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

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Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿 (Franklin Templeton) 的邮件中了解更多信息,请订阅“新兴市场的投资冒险”(Investment Adventures in Emerging Markets)博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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