出生于密尔沃基的丹尼尔•弗斯(Daniel Fuss)是规模达190亿美元的卢米斯•塞尔斯债券基金(Loomis Sayles Bond Fund)的联合投资组合经理。他说，1955年至1958年在海军服役期间对他的投资方式影响最大。Fuss同时也是总部位于波士顿的Loomis, Sayles & Co.的副董事长，他17岁就在家乡的马凯特大学(Marquette University)上大学，当海军预备役军官训练队(Navy ROTC)送他一件漂亮的冬季外套时，他加入了密尔沃基的冬季必需品。毕业后，他成为一艘航空母舰上的信号官。在卢米斯公司总部，他办公桌对面的两张照片每天都让这位78岁的投资者想起海军的教训。第一幅画描绘的是美国航空母舰发射飞机在头顶形成中队。“这是我对市场风险的定义;换句话说，你向上看，有很多不同的东西，”Fuss说。“但我始终牢记，你必须确保运营商不会倒闭，在这种情况下，分散投资不会给你带来任何好处。”第二幅画是航母的前飞行甲板，对富斯来说，这代表着特定的安全风险。“就像在前飞行甲板上的人一样，你的工作可能是控制小部件，但有12个小部件，你必须把它们放在一起，”Fuss解释道。Fuss是一位超级讲故事者，一半是来自另一代的绅士，一半是杰出的债券投资者。 “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.
Fuss说:“我学到了流动性和市场失灵的速度。”