理查德·伯恩斯坦善于找麻烦。2000年3月，他发表了一篇题为《注意风险资本家:离开硅谷前往西德克萨斯》的报告，报告宣称科技股价格过高，并预测未来十年真正的资金将流向能源和大宗商品。在6个月内，以科技股为主的纳斯达克综合指数暴跌了约40%。2005年8月，伯恩斯坦(Bernstein)发表了一份报告，强调住宅建筑公司高管出售内幕交易的数量不断上升——尽管这些高管告诉华尔街，该行业极其健康。七个月后，美国的房价达到了顶峰，在过去的三年里，平均下跌了30%以上。无论市场走向如何，伯恩斯坦能够而且确实看透了它——这是基金经理们很久以前就认识到的才能。伯恩斯坦于1988年加入了E.F. Hutton & Co.的Merrill Lynch, Pierce, Fenner & Smith公司，并于1991年首次在全美研究团队的定量研究中获得第三名。到2008年，他在股票衍生品、投资组合策略和定量研究领域又出现了24次，其中10次排名第一。第二年，他离开公司(当时该公司已被美国银行(Bank of America Corp.)收购)，成立了自己的伯恩斯坦顾问公司(Richard Bernstein Advisors)。53岁的伯恩斯坦说:“我喜欢在美林工作，但在20年后，我想做一些不同的事情。” “The problem with working on the sell side is the amount of travel necessary — the demands on your time and energy are unbelievable. People wonder if I left Merrill because of some deep dark secret, but I was just worn out. I needed to do other things.” RBA has 12 employees, seven of whom are on the investment side. “It’s hard for a small firm in a volatile market, but we’re here to stay,” he says. “I love having more control over my own destiny and more flexibility. Corporate has procedures, and I understand why they do — indeed, we will too one day — but for the time being I enjoy being free of those restraints.” Bernstein earned an MBA at New York University’s Stern School of Business; these days he’s an adjunct associate professor of finance at the school. He is also manager of the Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund. Although it has been accepting money for only 14 months, the fund has already attracted $470 million — much of that from Merrill Lynch financial advisers and from his own firm. “Senior partners have money invested,” Bernstein says. “It’s important to have skin in the game.”
他很高兴能按照自己的方式与投资者合作。“我有以客户为中心的街头代表。伯恩斯坦笑着说:“美林有时可能对我不满意，但我过去就是这样，现在也是这样。”
回到名人堂去