见见我的团队:Allan Lam
Meet My Team: Allan Lam
2794字
2020-01-11 23:39
55阅读
火星译客

When your territory covers hundreds of countries spanning just about every continent and time zone, the importance of teamwork cannot be underestimated. I am extremely fortunate to have the support of a tremendous team of more than 90 professionals currently in the Templeton Emerging Markets Group, including 52 analysts and portfolio managers, spanning 18 markets and speaking 17 languages. I couldn’t do what I do without them!

当你的业务领域跨越几乎每个大洲和时区的数百个国家时,我们不能低估团队合作的重要性。我非常幸运,能获得邓普顿新兴市场团队巨大的支持,我们团队目前拥有90多名专业人士,其中包括52名分析师和基金经理,他们驻于18个市场,会讲17种语言。没有他们的支持,我无法完成我现在的工作!

这篇文章还有中文 (简体) 、荷兰文、法文、德文、西班牙文、波兰文版

Allan Lam was one of the original pioneers of Templeton Emerging Markets Group, joining me back in 1987 as my first analyst when we had only a handful of emerging markets in which to invest. He is based in Hong Kong and today co-manages a number of our emerging market portfolios; his research responsibilities encompass the real estate and oil and gas sectors. I thought you should get to know this key member of my team, so read on for my brief interview with Allan.

Allan Lam是邓普顿新兴市场团队的先锋队员之一,他在1987年加入,是我的第一名分析师,那时我们只投资少数新兴市场。他以香港为基地,如今共同管理一些新兴市场投资组合;他的研究涵盖房地产、石油和天然气行业。我觉得你应该认识一下我们团队的这一名关键成员,请阅读我对他的简短采访。

Allan Lam: Having been born and raised in Hong Kong, I had the advantage of being brought up at a place where “East meets West.” Hong Kong is one of the world’s busiest commercial and financial markets today and a major manufacturing center and container port, but began as a sparsely populated island with a few fishing villages. Upon the completion of my secondary education, I wanted to gain further international exposure. I qualified for admittance to Rutgers University in New Jersey (originally Queen’s College, founded in 1766), one of the oldest and finest schools in the United States, especially in accounting and business administration. During my years at Rutgers, I learned an important lesson that still resonates with me today: hard work + dedication + consistency = success. At the time, I had taken a number of part-time jobs and internships and served as president of the Chinese Student Association while carrying up to 24 credits each semester. Yet I still managed to graduate with honors and magna cum laude. I believe that if you put in the time and effort, you will see the results. I wanted to bring my experiences abroad, and especially my new-found work ethic, back to Hong Kong, and apply them to Hong Kong, a global gateway to China.

Allan Lam:我在香港出生并长大,具备在“中西合璧”的环境中长大的优势。如今香港是世界上最繁忙的商业和金融市场之一、以及主要的制造中心和集装箱码头,但它起初是个人烟稀少的渔村。在完成我的中学教育后,我想进一步获得国际阅历。我被新泽西州的罗格斯大学(原为1766年成立的皇后学院)录取,这是美国最古老和最优秀的学校之一,尤其是在会计和商业管理领域。我在罗格斯大学的多年里,我学到了重要的一课,至今还让我感到共鸣,那就是勤奋+敬业+一贯=成功。当时,我已经开始做一些兼职和实习工作,担任华人学生协会会长,并每学期修学多达24个学分的科目。但我仍设法获得了荣誉学位和优等生。我相信,如果你投入时间和精力,你就会看到结果。我希望把我在国外的经验,尤其是我新发现的工作理念,带回香港,并将其应用到香港——一个通往中国的全球大门。

Mark Mobius: Well done! Your educational background is in accounting and also computer sciences. How does this experience benefit you or apply to your current role as an investment manager?

麦朴思:做得好!你的教育背景是会计和计算机科学。请问这个经验如何让你从中获益,如何适用于你当前投资经理的角色?

Allan Lam: Accounting and information technology are integral parts of investing and are a strong foundation to my investment management career. Patience, the understanding of accounting standards and accounting trails, and detailed footnotes are so important. Analysts willing to do detailed and in-depth analyses will get a better insight into a company and the underlying sector. Advancements in information technology facilitiate, and the dissemation of important information helps us make investment decisions, and implement those decisions in an efficient manner. When we started our Templeton Emerging Markets team from scratch, I wrote our first database program in dBase II, which moved away from a spreadsheet approach toward a genuine relational database. That efficiently kept track of portfolio transactions, and calculated weighted average costs for each portfolio holding as well as net asset value. Over the years, I think we have built an excellent IT team that has expanded our customized programs to support our research and fund management processes. Those vast leaps were just beyond our imagination in our early years.

Allan Lam:会计和信息科技是投资的关键部分,是我投资管理职业生涯的坚实基础。耐心、对会计准则和细致脚注的理解是非常重要的。愿意做详细和深入分析的分析师,将会更好地了解公司和其领域。信息技术的进步以及重要信息的传播协助我们做出投资决策,并以有效的方式执行这些决定。当我们从头开始打造邓普顿新兴市场团队时,我用dBase II写了我们的第一个数据程序,从电子表格的方式走向一个真正的关系型数据库。它能够有效地追踪投资组合的交易,并计算每个组合的加权平均成本和资产净值。多年来,我认为我们已经建立了一个优秀的IT团队,扩大我们的定制方案,以支持我们的研究和基金管理过程。这些巨大的飞跃超出了我们早年的想象。

Allan Lam, in front of the Casa Rosada in Argentina

Allan Lam, in front of the Casa Rosada in Argentina

Allan Lam在阿根廷玫瑰宫前

Mark Mobius: What first attracted you to asset management as a career, and emerging markets in particular?

麦朴思:最初是什么吸引你以资产管理为职业,特别是新兴市场的资产管理? 

Allan Lam: Asset management has always seemed exciting and glamorous to me. I enjoy traveling a lot and have never been disappointed with my career choice. However, the job requires a lot of hard work! In the ’80s and ’90s, I remember taking a flight to Latin America that required three legs and more than 40 hours of flight and transit time. It was demanding, including many odd hours in those early days; I recall waiting at the hotel’s facsimile room for research information or sending out buy and sell orders at 4 or 5 a.m. in order not to miss any trading sessions in other time zones. It also takes courage and full commitment and dedication to fight hard for our shareholders’ rights in case of management malpractices whenever it is necessary. In the old days, companies in emerging markets were not always friendly toward foreign asset managers—particuarly American asset management firms. There was one extreme case when I went to visit a Turkish steel company but was forced to leave the premises at gunpoint because the workers’ union was strongy opposing further privatization and purchases of their shares by foreign asset managers.

Allan Lam:资产管理对我来说总是令人兴奋和入迷的。我很喜欢旅行,从来没有对我的职业选择感到过失望。然而,这项工作需要大量辛苦的工作!在80年代和90年代,我记得飞往拉丁美洲需要转两次机,飞行和转机时间超过40个小时。这非常辛苦,早期日子还包括了不少没有规律的时间;我记得守候在酒店的传真机房间等待研究信息,或在凌晨4点或5点发出买入或卖出指令,为了不要错过其他时区的交易时间。在管理层舞弊时为我们的股东权利据理力争也需要勇气和充分的投入。在过去,新兴市场的公司并非总是对外国资产管理公司友好,尤其是美国资产管理公司。一个极端的例子是,我去参观一家土耳其钢铁公司,但被迫在枪口下离开现场,因为工会强烈反对进一步私有化和外国资产管理公司购买他们的股份。

Mark Mobius: Yes, I remember that. You arrived at the plant before I did so I was lucky not to be caught in that situation! You clearly faced a lot of obstacles in those early days, but what is the single biggest challenge currently facing the group as you see it?

麦朴思:没错,我记得。你在我之前到达工厂,所以我很幸运没陷入这种情况!早期你确实面临了很多障碍,但你认为目前团队面临的一个最大挑战是什么?

Allan Lam: In the early years, when the team was much smaller, we were able to make decisions quicker. We now have 52 analysts in 18 different emerging markets, with different cultural backgrounds, and are covering many more companies and gaining great insights into companies, sectors and countries. We have many talented individuals within the team, all of whom contribute excellent investment ideas, achieve good results and help promote our global reputation as a whole. However, there are also younger and less experienced members who need support and guidance. We continue to focus on developing strong leaders toward bringing out the best from our investment team members around the globe, always with a focus on delivering strong long-term performance.

Allan Lam:早期的团队小得多,我们能够更快地做决定。我们目前在18个新兴市场有52名分析师,他们具有不同的文化背景,并覆盖更多的企业,并针对企业、行业和国家获得更深刻的见解。我们团队拥有许多有才华的队员,他们都贡献出色的投资主意,取得了良好的效果,并有助于推动我们在全球的整体声誉。不过,也有较年轻、经验不足的成员需要支持和指导。我们将继续专注于培养强有力的领导者,让我们遍布全球的投资团队队员发挥出最好的表现,始终专注于提供强劲的长期表现。

Mark Mobius: What are you most excited about as an investor in emerging markets right now?

麦朴思:作为一名新兴市场的投资者,现在什么让你最兴奋?

Allan Lam: Emerging markets remain very exciting and colorful. These descriptions undoubtedly have positive connotations, but I would echo a quote from one of the speeches by the late Sir John Templeton in 1994, which I think is still true today: “The next 50 years offer great hope and glorious promise—maybe a new golden age of opportunity.” Worldwide productivity has been rising so rapidly that the average standard of living keeps improving in terms of literacy rate, longevity and average household disposable income. We presently see a larger middle class than ever whose standards of living keep improving as disposable income and savings have grown beyond meeting their basic needs. In many countries, including emerging markets, retail investment vehicles are already established and recognized, or are in the process of becoming so. We, at Templeton, are not only investing in emerging markets companies, but are talking to and beginning to serve more and more emerging markets clients.

Allan Lam:新兴市场仍然非常丰富多彩,令人兴奋。这些描述无疑具有积极的含义,不过我要引述已故的约翰·邓普顿爵士1994年发言中的一句话,“未来的50年提供了极大的希望和美好的承诺——也许是一个新的黄金机会时代”,我认为这在今天仍然适用。全球的生产力上升如此迅速,使得平均生活水平不断改善,读写能力、寿命和平均家庭可支配收入都取得增长。中产阶级的规模比以往任何时候都大,生活水平不断提高,可支配收入和储蓄增长超过了满足基本需要的水平。在许多国家,包括新兴市场,散户的投资工具已经确立并获得认可,或者正朝着这个方向发展。在邓普顿,我们不仅投资新兴市场的公司,也开始和越来越多的新兴市场客户交谈并提供服务。

On the development side, I am thrilled to be part of a team that develops and launches new products and am confident that we can apply our value-oriented, bottom-up approach to stock selection.

在开发方面,我很高兴成为开发和推出新产品的团队的一员,我有信心我们能运用我们的价值为导向、自下而上的方法进行选股。

Mark Mobius: Your research responsibilities include companies in the real estate and oil and gas sectors. How did you develop expertise in these areas, and can you share a few thoughts on investing in these sectors today?

麦朴思:你的研究职责包括房地产、石油和天然气行业的公司。你是如何建立起这些领域的专业知识?你能分享一些投资于这些行业的想法吗?

Allan Lam: I have been following these sectors for nearly 30 years! For me, they are generally not too difficult to analyze. A company’s land-bank or oil and gas reserves can provide concrete bases for revenue, earnings and cash-flow streams that have higher visibility than others. The oil and gas sector is impacted most by geopolitics. In an upcycle, many importers worry about shortages, continuing higher prices and even national security. In a downcycle, high-cost producers begin to incur losses and negative cash flows that can contribute to high-risk profiles and borrowing costs. However, weak periods may eventually speed up mergers and acquisitions, and we have seen this in the past two decades.

Allan Lam:我和这些行业打交道已近30年!对我来说,分析这些行业一般上不会太难。一个公司的留存土地或石油和天然气储量可以提供具体的依据,计算收入、盈利和现金流,这些比其他指标的能见度更高。石油和天然气领域受地缘政治的影响最大。在一个上升周期,很多进口商担心短缺、持续的价格上涨,甚至国家安全。在一个下行周期,高成本的生产商开始亏损,出现负现金流,使得风险和借贷成本上升。然而,疲弱的周期最终可能加快兼并和收购,我们在过去的20年已经看到了这一点。

Meanwhile, real estate developers may face economic downturns as well as government-imposed austerity measures, making the  property market overheated. For example, the property markets in South Korea and Thailand significantly recovered after the South Korean government reversed its austerity measures and Thailand became political stable.

与此同时,房地产开发商可能面临经济衰退以及政府强加的紧缩措施,使得房地产市场过热。例如,韩国政府改变其财政紧缩措施,泰国的政治稳定后,韩国和泰国的房地产市场显著复苏。

Mark Mobius: You joined Templeton Emerging Markets Group back in 1987. Can you share an anecdote about those early days working with me? What were your initial impressions, and what was your first day like?

麦朴思:你早在1987年加入邓普顿新兴市场团队,你能分享初期和我工作的一个故事吗?你的最初印象是什么?你的第一天工作是怎样的?

Allan Lam: I take pride in being your first pupil and analyst. I found you to be smart, hard-working and decisive! I remember meeting you one Saturday morning for a job interview and was given a test to calculate the fully diluted earnings per share of a Hong Kong-listed company, which was not too difficult for an accounting major. I received a call from you a few hours later and got the offer to be your first analyst. I went to meet you the following morning and was shown the prospectus of our very first fund. I was very worried that I had to look for investors to subscribe to the fund in order to get the job and was relieved when you told me that the fund was fully subscribed. I took some time off before I started working for Templeton, which seemed a smart move in hindsight. The role required long hours in the office and extensive traveling to meet company management and visit factory complexes. From then on, I never looked back and began to enjoy and grow my investment career.

Allan Lam:我很自豪成为你的第一个学生和分析师。我觉得你很聪明、勤奋和果断!我记得我在一个星期六上午和你见面进行面试,你给我一个测验,计算一家香港上市公司的全面摊薄每股盈利,这对会计专业来说不是太困难。几个小时后我接到一个电话,获邀成为你的第一名分析师。第二天早上我去见你,你给我一份我们第一个基金的招募说明书。我很担心我得要寻找投资者来认购基金才能得到这份工作,当你告诉我基金已经全额认购时我松了一口气。在开始在邓普顿工作前,我放了个假,事后看来这似乎是个明智的决定。这份工作须要长时间在办公室工作,并广泛地旅行,和公司管理层见面,并参观工厂。从那以后,我再也没有回头看过,并开始享受和发展我的投资职业生涯。

Mark Mobius: Is there anything about your job or the markets that still takes you by surprise from time to time?

麦朴思:你的工作或者市场有什么会时不时让你措手不及?

Allan Lam: Life is full of surprises, so being a portfolio manager is no exception. Six months after I joined Templeton, I saw the global stock market crash and first felt the extreme panic among investors in October 1987. At the beginning, there were only a handful of markets we could invest in. Over the years, I observed the gradual opening of stock markets, the privatization of state-owned companies, and the rapid growth in those markets with increasing participation from foreign investors. With our proven investment methodology, we have had a lot of successes. However, emerging markets investment is intrinsically volatile and requires a lot of patience and discipline. We have seen crises around the world over the years, but crises bring opportunities; these sorts of moments are when our analytical skills and patient approach are most needed and can add value for investors.

Allan Lam:生活充满了惊喜,所以作为一个投资组合经理也不例外。1987年10月,我加入邓普顿的半年后,我目睹了全球股市暴跌,并第一次感受到投资者的极度恐慌。开始我们只能投资极少数的市场。多年来,我观察到到股票市场逐步开放,国有企业的私有化,以及这些市场的快速增长和越来越多的外国投资者参与其中。因为我们的成熟投资方法,我们取得了很大成功。然而,新兴市场的投资在本质上是不稳定的,需要很大的耐心和纪律性。多年来我们看到了世界各地的危机,但危机带来机会;在这些时候最需要我们的分析能力和耐心,可以为投资者增加价值。

Mark Mobius: Is there a key piece of advice you’ve received during your career that you still rely on today?

麦朴思:你的职业生涯期间有没有获得一个关键的忠告,让你至今仍然依赖于它?

Allan Lam: The late Sir John Templeton once said, “to buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude… and pays the greatest reward.”

Allan Lam:已故的约翰·邓普顿爵士曾经说过:“在别人沮丧卖出的时候买进,当别人都贪婪地买进时卖出需要最大的毅力……会带来最大的回报。”

Mark Mobius: We found out on LinkedIn that you love trophies. If that is true and not just a joke for your friends, if you could get a trophy for anything in your life so far or in the future, what would you want it to be? What would you like it to look like, and where would you display it?

麦朴思:我们通过LinkedIn发现你热爱奖杯。如果这是真的,不是一个讲给朋友的笑话,那么如果你能为你生活至今或未来所做的任何事获得一个奖杯,你会希望它是什么?你希望它是什么样的?会在哪里展示它?

Allan Lam: Indeed, but I would say that my wife, Christina, who I treasure dearly, is more important than any trophy. In high school, I was on the swimming team and won medals for my school in inter-school competitions. I played chess as a pastime and won a number of trophies, too. Workwise, I have been fortunate enough to receive a number of trophies/awards over the years from various agencies and publications in the industry. All these trophies from work are proudly displayed in the trophy cabinet at home.

Allan Lam:没错,但我要说,我珍爱的妻子Christina比任何奖杯更重要。在高中时,我在游泳队为学校在校际比赛中赢得奖牌。我玩象棋作为消遣,并赢得了许多奖杯。工作方面,我已经足够幸运,在多年内获得了来自这个行业不同机构和出版物的许多奖杯/奖项。我把工作上的这些所有这些奖杯都自豪地摆放在家里的奖杯柜。

Mark Mobius: Can you share some accomplishments or interests outside of work that you have enjoyed?

麦朴思:你可以分享工作以外的一些成就和兴趣吗?

Allan Lam: My wife and I enjoy golf, so we play regularly during our free time. To force ourselves to play better, we plan to enter a tournament in the near future.

Allan Lam:我的妻子和我喜欢打高尔夫球,所以我们在闲暇时间定时打球。为了强迫自己打得更好,我们计划在不久的将来参加比赛。

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。

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。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

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。

0 条评论
评论不能为空