Money Masters，第3部分：职业成就，丹尼尔大惊小怪

Milwaukee出生的Daniel Fuss，190亿美元的Loomis Sayles债券基金的Co-Portfolio经理表示，他的投资方法没有比1955年到1958年的活跃在海军上的投资方法的影响更大。大惊小怪，他也是副基于波士顿的Looomis董事长，Sayles＆Co.在他的家乡开始学院，当时他刚刚17岁，加入了海军罗克，当军队扔进一件漂亮的冬天外套时，一定是密尔沃基冬天。毕业后，他成为航空母舰上的信号官。在Loomis的总部桌上的两张照片每天都提醒这位78岁的海军课程的投资者。首先是一幅飞机运输厂美国发射飞机，这些飞机在中队开销中形成。“这是我对市场风险的定义;换句话说，你在那里抬头，有很多不同的东西，“大惊小怪。“但我总是记住，你必须确保承运人没有下沉，在这种情况下，多样化不会让你有任何好处。”第二幅画是承运人的前进飞行牌，这对于大惊小怪代表了特定的安全风险。“就像前锋飞行甲板上的人一样，你的工作可能是小部件控制第1号，但有12个小部件，你必须把它们放在一起，”大惊小怪，一个来自另一代的一些绅士。 and half brilliant bond investor. “If any one doesn’t work, you get blown over the side, so that’s pretty strong incentive to stay on top of things.” For Fuss, it’s the same in the bond world, as traders and portfolio managers have to understand everything from what’s happening daily in European high yield to emerging markets and daily inflows into such increasingly popular products as exchange-traded funds. “You have to do your homework, and you have to pay attention,” he adds. “When you put it in very real terms, it doesn’t make you more risk-averse, it makes you aware of where you can get a bloody nose.” Fuss has made a career out of determining where and when to take risks, and he’s built a well-drilled team to help him do it. The Loomis Sayles Bond Fund has generated a 10.31 percent annualized return since its inception in 1991. Fuss has beaten almost 90 percent of his rivals over ten years by buying issues that have fallen from favor. He sells when troubles calm down. Before joining Loomis from Boston Co. in 1976, Fuss got an early education as assistant to Art Kohaske, president of Wauwatosa State Bank, located three blocks from where Fuss grew up. He credits Kohaske with knowing every single employee. Kohaske and Fuss would talk about the bank’s bond holdings every day. Fuss has witnessed firsthand the development of the bond market, including the rise of secondary trading in corporate bonds in the late 1960s and ’70s, and the long stretch of rising interest rates and their subsequent fall. The financial crisis provided the ultimate lesson, perhaps: The Loomis fund dropped more than 22 percent in 2008 before roaring back the following year with an almost 37 percent return.

“我了解了流动性，市场如何抓住速度，”大都会说。