另類明星基金經理傳奇(節選)
????一到午飯時間,奧斯汀市的縣界燒烤點總是格外熱鬧——遠在半英里外就能聞到烤肉的香味。在一個角落里,唐?亞克曼正在享用他常吃的美味:一盤精瘦牛胸肉,胡椒火雞胸脯肉,土豆沙拉,還有烤豆子。一群銀行家團團簇擁著他,爭相向他兜售他并不需要的服務,同時急切地向他拋出各種問題:怎么才能跑贏市場?他的成功秘訣是什么? ????當然,這并不是沃倫?巴菲特在Piccolo Pete's餐廳(位于奧馬哈市——譯注)舉辦的午餐會,但也十分類似了。亞克曼是全球最成功的共同基金經理之一,但表面上卻絕不顯山露水。他穿的是卡其褲,戴的是天美時手表(Timex)。他言語溫和,還常常低著頭。當那些銀行家追著問他的投資秘訣時,他先是開了個俗氣的玩笑:“秘訣就在這些醬汁里”。他一邊說一邊遞給他們一杯燒烤醬汁——然后告訴他們,他的做法很簡單:靜待那些高品質的公司股票下跌再買入,一直持有,直到它們的股價反彈,而這種公司幾乎總會反彈的。他表示,不需要頻繁地買進賣出各支股票。他說:“只需要充分抓住時機就行了,但同時需要非常非常耐心。” ????再也找不到比亞克曼更耐心的投資者了——今天的股市面臨財政懸崖和收益不確定的考驗,而他似乎總能掐準每個時機,抵御市場的大幅下挫。這位71歲的老人身材魁梧,已經謝頂。他在金融危機后的這個跌跌不休的股票共同基金市場里業績非凡、一騎絕塵。過去這十年里,他的旗艦亞克曼基金(Yacktman Fund)年回報率達到了10.5%,幾乎是標普500指數的兩倍,而其更集中的亞克曼核心基金(Yacktman Focused Fund)回報率高達11%。自金融危機中期以來,他所創造的記錄就更驚人了。這只基金富有先見之明地投資了維亞康姆公司(Viacom)和新聞集團(News Corp.)這樣的老牌股票,之后,它從2008年年末到今年11月中旬飆升了99%,讓98%的競爭對手和整個市場望塵莫及。 ????驚人的回報率和穩健的投資策略已吸引了更多資本——大量新資本——投入亞克曼基金。晨星公司(Morningstar)預測,亞克曼的兩支基金自2008年以來已吸納了129億美元——除了另一家名為黑石(BlackRock)股利基金的股票基金外,這個成績超越了所有對手。 ????讓人驚訝的還有,作為當今最炙手可熱的基金經理之一,亞克曼并不像其他那些明星基金經理,比如肯恩?何伯納和比爾?米勒幾年前那樣以其橫掃市場的回報率而著稱。亞克曼并不是百發百中的神射手,他也不認為自己每年都能戰勝標普500指數。一般而言,人們聽不到他高談闊論,對歐債危機發表高見。實際上,如果不是看到他偶爾在CNBC電視頻道上露面,你可能根本就不會聽說有他這號人物。 ????他的不同尋常還在于對家庭生活的熱情。他在芝加哥住了38年,2005年,他搬到了奧斯汀市,而他的七個子女中,有六個都跟著他一塊兒搬了來。現在他已將基金的控制權交給第二個兒子——42歲的斯蒂夫。他的大女兒曾因中風而陷入“閉鎖”狀態(locked-in state),過去七年里,他全身心投入到幫助女兒康復的治療中。 ????見到亞克曼,就能懂得何謂謙遜低調——他的言行舉止更像是一個教堂主教(他在自己的摩門教教會里確實也擔任這個角色),而不是一個掌握幾百億美元的明星投資人。他很少會用比平時談話更高的嗓門說話。他自己接電話,不雇人負責公關事務。他35歲的女兒梅麗莎回憶說,暑假為父親工作時,一到午飯時間,他就會請路過的無家可歸者一起進餐。她說:“常常只有我、爸爸和一個流浪漢一起在溫迪快餐店(Wendy's)吃飯。” |
????The County Line barbecue joint in Austin is buzzing at lunchtime -- you can smell the charred red meat half a mile away. Way in the back corner, Don Yacktman is enjoying his usual: a plate of lean brisket, peppered turkey breast, potato salad, and baked beans. He's surrounded by a gaggle of local bankers who are pitching him on services he doesn't need and eagerly asking him questions. How does he beat the market? What's his secret? ????This isn't?Warren Buffett?holding court at Piccolo Pete's, but it's close. Yacktman is one of the world's most successful mutual fund managers, yet you would never know it. He's dressed in khakis and wearing a Timex. He speaks softly and keeps his head down. When the bankers press him for investing tips, Yacktman first cracks a corny joke -- "the secret's in the sauce," he says, passing a cup of barbecue sauce -- then tells them it's simple: He waits to buy great companies when they're down and rides them until they recover, which great companies almost always do. You don't need to jump in and out of stocks, he tells them. "You just need to catch the wind enough times," he says. "And you need to be very, very patient." ????You won't find a more patient investor -- one who's seemingly programmed to withstand the whipsaw stock market of today, with its?fiscal cliffs?and earnings uncertainty -- than Yacktman. The 71-year-old with a broad build and bald pate is thriving in the slumping, post-crisis world of stock mutual funds. During the past decade his flagship Yacktman Fund (YACKX) has returned 10.5% a year, almost double the S&P 500's return, while his more concentrated Yacktman Focused Fund (YAFFX) has returned 11%. His record since the middle of the financial crisis is even more impressive. After prescient bets on beat-up stocks like Viacom and News Corp., the fund skyrocketed 99% from the end of 2008 through mid-November, scorching 98% of competitors as well as the overall market. ????The spectacular returns and conservative approach have attracted new money -- a lot of new money -- to Yacktman's funds. The two funds have pulled in $12.9 billion since 2008, Morningstar estimates -- more than all but one other stock fund, a BlackRock dividend fund. ????What's shocking is that one of the hottest fund managers today isn't celebrated for his market-trouncing returns the way stars like?Ken Heebner?and?Bill Miller?were a few years ago. Yacktman's not a gunslinger, nor does he think he'll beat the S&P 500 every year. You won't hear his opinion about the European debt crisis. In fact, if you don't catch his rare segments on CNBC, you might not hear him at all. ????What's also exceptional is Yacktman's dedication to his family. Six of his seven children have followed him from Chicago, where he lived for 38 years, to Austin, where he moved in 2005. He's been transferring control of the funds to his second-oldest son, Steve, 42. And for the past seven years he has dedicated his life to helping his adult daughter recover from a devastating stroke that left her in a locked-in state. ????Meeting Yacktman is a lesson in humility -- he acts more like a church bishop (which he was, incidentally, at his Mormon congregation) than a multibillion-dollar investing star. His voice rarely rises above a quiet conversational level. He answers his phone himself. He doesn't employ anyone to handle public relations. His daughter Melissa, 35, recalls working for him during summer breaks, when lunchtime included inviting the passing homeless man to eat. "It'd be me, my dad, and a homeless guy at Wendy's," she says. |