七禾網18、萊恩斯和盈透證券有著哪些方面的合作？您對盈透證券的服務水準如何評價？

桑德?里德：萊恩斯使用盈透來做清算，執行操作，客戶帳戶托管。我們希望可以和盈透一起為客戶提供專業、全面、安全的服務。在我看來盈透是迄今為止最佳的最先進的理財及操作執行平臺。盈透是唯一一家公司聯系了全球的金融服務機構，為投資者和企業提供了全球化的多元化選擇。

七禾網19、盈透證券是唯一可以交易中國滬深股票的美國互聯網券商，您本人還有您的那些美國同行對交易中國股票的興趣有多大？

桑德?里德：我們已經開始在做中國大陸及香港的股票交易測試。我們不知道美國投資者目前是否有興趣交易中國的股票，但我知道中國股市一直是我們很大的關注點，它影響著全球經濟的動向。

七禾網20、目前萊恩斯總共管理多少規模資金？這一規模在美國各基金管理公司中，大約的排名是多少名？

桑德?里德：我們的公司不大，管理資產約為2.5億美金。但我們小而精湛，我們的明星產品持續排在同類別大摩黑石產品之上。

七禾網21、萊恩斯的客戶主要是個人投資者還是機構投資者？他們的核心需求是什么？

桑德?里德：我們的投資者有個人也有企業。他們的需求各不相同。我們盡我們最大的努力為他們提供最好的產品和資產投資配置服務。

七禾網22、您對中國市場是否了解？就您看來，中國市場最大的機會是什么？

桑德?里德：我們還在學習中國市場的過程之中。現在在中國做生意的偉大之處在于，它提供難得的機遇。在我看來，中國投資市場還有一段路要走，規范性可以更加完善，投資者理念也會慢慢成熟起來。我們都有義務去往這個方向進行引導。中國金融市場讓我想起了70-80年代的美國。

市場應該被看作為一個長期的財富商店，一個可以長期保值增值的地方。

我希望萊恩斯可以為中國投資者提供很好的穩健的規范的服務，把優質的產品和服務帶過來分享。

七禾網23、就您了解而言，中國和美國的金融投資市場有何差別？交易群體有何不同？

桑德?里德：大多數美國人擁有多元化的投資組合，并不去過于頻繁地交易，多傾向于價值投資，價值維護。典型的中國投資者是相反的，有大量的交易和投機。

七禾網24、華爾街的基金經理們一般如何看待中國市場？如何看待滬港通、深港通，以及可能帶來的機會？

桑德?里德：很多華爾街管理者并不真正了解中國市場和它的驅動力。我認為不管時外企走進來或中國企業走出去，這里提供的潛力是無窮的。

七禾網25、萊恩斯有沒有進入中國市場的打算？如果進入中國市場，將主要采用怎樣的策略？主要為哪些類型的中國客戶服務？

桑德?里德：萊恩斯正在試圖打開中國市場。我們正在積極在這方面做相關的工作。我們提供有受美國證監會監督屢獲殊榮的產品和專業的投資管理服務。我們相信，我們可以為中國投資人和企業帶來更多多元化，更安全誠信，更有長期價值投資的服務和投資經驗。

七禾網26、有個加拿大白人叫“大山”，在中國事業做得很成功，您對他的故事了解嗎？您如何看待越來越多的西方人在中國安家立業？

桑德?里德：中國是個偉大的地方，中國人過得很精彩，我感到很幸運可以常到這里來并與很多中國人結交為朋友。這是個了不起的國家，充滿了聰明、受過良好教育的辛勤工作的人。我認為，未來的中國會更好，無庸置疑會成為未來第一世界的國家。

桑德·里德專訪原文（英文版）

七禾網1、桑德里德先生您好，感謝您在百忙之中接受七禾網的專訪。您如何看待投資中的進攻與防守，主動與被動?

Dear Mr Read, thank you for accepting the interview. What is your opinion on passive and proactive investment?

Sander·Read：My opinion on passive and proactive investing is that there is a time and generally, an account size that makes sense for both.  A blend of the two in one assets mix can makes sense even, because some markets are better covered by indexes, or passively because there aren't enough good active managers that cover that particular market.  A mistake that is being made in the US in particular is that the largest passive managers are advertising that passive always wins, more or less, and that since it's cheaper, it's better to put all of your money in passive.  This is the wrong approach and could be very harmful to investors because as a group, they are all in the same trade, like the S&P 500 for instance.  What happens if everyone wants to sell at the sane time, which could very well happen?  It would accelerate the decline or crash because there is no diversification in the holdings in people's portfolios.   What I don't think will help the masses of passive investors is active managers that claim to be active but simply try to mimic the indexes.  Many active managers hold so many stocks that are in the passive indexes, that they really don't add a lot of value to the portfolio management.  This is the group of managers that drag down the overall performance of active managers, and they are called closet indexers.  With the trend of assets moving in to passive investments, it makes the closet indexers performance even worse.  Whether it's passive or active, it's a bad idea to put all of a portfolio into one strategy.  But if everyone is moving into the same strategy, it's really bad.  Clearly the best investors in the world, like Warren Buffet, are active investors.  Their skill and ability to outperform the indices is proven over long stretches of time.  So it's been proven that active is the best style of investing, but it's necessary to find those types of managers for the markets they can benefit from active management.  Interest rates also play a part in whether active or passive is in favor.  If interest rates are falling, as they have been for the last two and half decades, passive is generally favored.  If intersect rates are rising, then active managers tend to do better.

Larger accounts can benefit more from active managers because they have more money to deploy to different strategies.  Smaller accounts have fewer choices, so in that case passive investing makes sense.  Larger portfolios also can be customized using both active and passive managers.

七禾網2、萊恩斯的策略是偏進攻的還是偏防守的，是偏主動的還是偏被動的？或者說在什么情況下以進攻為主，什么情況下以防守為主？

How do you define the strategies lyons use? Is it focused more on defense or attack? Is it passive or proactive investment?

Sander·Read：Lyons uses model driven, active management that stays on the attack most of the time.  Historically, our models have been in the equity markets 70% of the time and in Treasuries (defense) about 30% of the time.  It is actively managed.  Though most of the time markets are normal and do not crash, we think it's equally important to avoid the major market downturns if possible.

七禾網3、市場多變，有人認為要“隨機應變”，也有人認為應該“以不變應萬變”。就您看來，做投資應該選擇“隨機應變”還是“以不變應萬變”？或者什么情況下應該“隨機應變”，什么情況下應該“以不變應萬變”？

In order to meet variable market demands, some investors think it is necessary to change according to the demands, others prefer to hold tight on principals rather than implementing interactive changes according to demands. What is your option on it? Under what kind of circumstances the first action is preferable? Under what circumstances the second action is preferable?

Sander·Read：I don't really understand this question but....investors should have a long time horizon for investing, not short term.  In my opinion, it is necessary to modify portfolios from time to time in order to capture macro economic trends as well as trends in the markets.   It makes no sense to stay in an investment that underperforms for years on end for the sake of "holding tight".  But once again, time frames and risk tolerance vary for each investor, and that has to be taken into consideration when designing portfolios and strategies.  Timing on portfolio alterations again depends on the markets, the investments, and the investor and their time.  

七禾網4、您成功躲過了2008年金融危機的暴跌，請問您是如何分析，如何做到的？

You’ve successfully avoid the 2008 crisis(the model) I think. So what analogy in the program helped you to do that?

Sander·Read：The major component of our Quantitative Risk Indicator is momentum during different time frames.  It is designed to indicate a bear market to exit and the beginning of a bull market to re-enter.  Long term market momentum give a pretty clear indication of market direction.  It does not catch short term disruptions in the market, like flash crashes and mini "cuts" in the markets.  It's designed to identify long term trend changes and signal when to get in and out of them.  Our model signaled in 2008 and then re-entered in 2009 because the trends were consistent and sustainable.  (Please note we were not managing real assets in the program at that time and that it was a model signal.)

七禾網5、2016年，萊恩斯榮膺湯森路透理柏（Thomson Reuters Lipper）評級第一，主打策略“萊恩斯戰略資本投資組合”（Lyons Tactical Allocation Portfolio）榮獲晨星網（Morningstar.com）的五星評級。榮獲這兩項評級對萊恩斯來說意味著什么？

Lyons won the lipper award and ranked 5 stars by morning star, what does that mean for lyons? What kind of impact do they have for lyons?

Sander·Read：It's a true honor to have won the 3 year Lipper Award for the Flexible Portfolio Group, which was over 130 different managers.  Our win was based on our performance and consistency of rate of return.  It was especially gratifying for a boutique firm of our size to beat some of the biggest names on Wall Street, including Guggenheim, JP Morgan, Morgan Stanley and Blackrock.  That's no easy feat.  What it means to Lyons is the proof of concept of a strategy that we put together as a team back in 2011 and 2012.  The tactical space of the market was becoming more and more sector rotating ETF's and called for a concentrated equity portfolio with a slow tactical trigger.   The combination of using Return on Invested Capital (ROIC) and Value in our screens has proven itself out with real performance that is award winning, and I couldn't be more proud of our team and the results of our programs.

七禾網6、一般來說，美國的基金管理公司一年獲得多少收益，客戶會比較滿意？

Generally speaking, what kind of return of a fund will satisfy clients?

Sander·Read：As I mentioned above, there are a lot of different kinds of funds, some passively managed, some actively managed.  In the United States, there are just as many different kinds of funds as there are people, it seems.  It's really important to match time frames and risk tolerance with each individual.  I do think our fund is a better alternative to the S&P 500 for it's stock picking, concentration, and potential to side step market declines.  I think a fund that does what it says in the prospectus and stays true to its style and risk parameters should be satisfying to clients.

七禾網7、萊恩斯創立以來每年的盈虧情況如何？這樣的業績在美國所有的基金管理公司中處于怎樣的位置？

Since inception, how is lyons performance? Among all other fund companies , how do you rank Lyons?

Sander·Read：See latest stats but since inception I believe we are up a compounded 58% cumulative return.  We rank number one in the flexible category with Lipper, but range from two star to five star with Morningstar because I believe they have us in the wrong category.  Morningstar has us in the large cap blend category even though it says Tactical in our name and in our prospectus.  So we should be in Morningstar's Tactical Allocation category, where I believe we would be number one.

As a fund company, we are relatively small, but have done a great job despite our size.  We have beaten many companies that have dozens of analysts and research people.  So we pack a big punch for our size but have delivered great performance and service over the years.

七禾網8、就您看來，不同的基金管理公司之間，主要比拼哪些方面?最終哪些類型的基金管理公司能夠生存下來并且持續發展？

Among different funds and fund companies, what are the main aspects do they compete with each other? What kind of funds and fund companies do you think is sustainable and will be able to survive in the long run?

Sander·Read：Competition among fund companies is pretty fierce.  I think many companies specialize in particular areas of the market and strive to become the best in that area.  We are in the tactical space with different cap sizes, and we can compete in that area.  But some companies try to do everything and that's usually where things go wrong.  Also, performance and service are important.  Firms that don't perform or don't give good service tend to fail.  There also has to be a bit of what I call market vision, which is the ability to "see" or forecast major trends in the markets.  Picking the wrong direction can be very bad for a fund company.

七禾網9、萊恩斯的核心優勢是什么？

What is lyons core/main advantage?

Sander·Read：I think at this point our advantage is our performance, methodology, and the fact that we can go defensive where so many other fund companies won't.  So if there is ever a market crash again, we give our clients a chance to side step that decline.  The majority of equity funds in the world are long only, and I see no reason why they don't go down with the market the same way they did in 2008 and 2009.  I actually find this market eerily similar to 2007, including odd pockets of real estate speculation showing up.  

七禾網10、萊恩斯的投資主要涉及哪些領域？包含哪些策略？

What areas/markets do Lyons invest/manage? What strategies?

Sander·Read：Lyons fills out the equity portion of the asset mix pie chart with all three major asset classes.  We have large cap, mid cap and small cap.  So you have exposure to all cap sizes.  Both the large and small cap go defensive from the same QRI trigger, so if you used our funds and we went defensive, you would instantly go from being long equity to long US Treasuries in a significant market decline in which our tactical shift occurs.  Our mid cap program uses options to hedge against market declines.

七禾網11、萊恩斯最擅長的策略是哪一個？這個策略有何主要特征？

What is the most competitive strategy Lyons offer? What are the main characteristics? 

Sander·Read：I think if you read our brochures you can get an idea of the main characteristics of our strategies.  We are systematic, model based stock selectors of relatively concentrated portfolios with the ability to tactically shift to a defensive position in market declines.

七禾網12、在選股方面，萊恩斯執行的是怎樣的標準？萊恩斯偏好于哪些類型的股票？

What is Lyons strategy(bench mark ect) on stock picking? What is Lyons preference in terms of stock picking?

Sander·Read：The two major benchmarks that we use is the S&P 500 and the Lipper Flexible Portfolio category, which one could argue is also our peer group.  We prefer being compared to the Lipper group or Morningstar Tactical Portfolio groups as our benchmarks.  S&P 500 is not a very good benchmark for us because it's not concentrated and its long only.

七禾網13、買入一個股票后，萊恩斯在什么情況下會止盈？在什么情況下會止損？一個股票通常會持有多長時間？

After execution on buying a stock, under what circumstances lyons take profit/stop loss?

Sander·Read：Each stock in our portfolios has to stand up to the model screening that I discussed about.  If the ROIC (return on invested capital) and/or relative value changes the ranking of a stock relative to the other stocks in our portfolios, then the stock is sold.  Stocks are bought and sold using the screens and are equal weighted in the portfolios.  In the small cap portfolios, we though we technically only rebalance annually, we monitor stock on a daily basis.  And big changes as the stocks relate to the portfolios can cause it to be sold and replaced with another candidate.  All positions are constantly monitored by our trading and research team.