求一段英文对话
This conversation might be a little too long:A conversation with Tom Clark by Xing Zong C: It is almost the most important part of managing money。 “Asset allocation” is a very important aspect。 The managers allocate the money among several asset classes。 American securities, international sec...全部
This conversation might be a little too long:A conversation with Tom Clark by Xing Zong C: It is almost the most important part of managing money。
“Asset allocation” is a very important aspect。 The managers allocate the money among several asset classes。
American securities, international securities, hedge funds, private equity, real estate…each one of those asset classes has a historical rate of return。
Often the highest rate of return is from the riskiest class。 Up 20% one year, and down 30% the next year。
If one could put money there for 100 years and not worry about it, then you would put all your money in the asset class with the highest return。
But most people have to live from year to year, from month to month。 It is a matter of peace of mind。
You don’t want to see your fortune drop 40% in a year。 So you put some money in each of several asset classes to even out the risk and return。
You have to see how conservative your risk level is。 That has often to do with age, dependents, children, other factors。
Typical investment strategy for very wealthy people is to put money into a lot of different classes, managed by smart, honest professionals。
Z: Warren Buffet shocked the world last year by donating 31 billion dollars to Bill & Melinda Gates Foundation。
In my opinion, this is the ultimate peak of the wealth。 After creating wealth, adding value to wealth, then donate them。
But from the company’s perspective, they probably still hope money can stay in their hands。 Do you think there is a conflict? C: U。
S。 trust has a reputation for a high level of integrity。 They do what their clients want them to do as long as it is legal。
We have some clients who inherited money and want to give it all away。 It is your right to give it all away, but then what are you going to live on? How you are going to pay rent and buy food? Some of them also want to give money to bad people。
We would not be good advisors if we don’t counsel against that。 That’s an extreme situation。
A more normal situation is that they want to take some of their money and do good things。 They want to create a foundation, some sort of mixture of income or principal is given to education or research or other good cause。
We will ask, do you want this foundation to go on forever or your lifetime or the next 10 or 15 years? Do you want your children to be involved? Some people want to use philanthropy to keep their family together, and to instill in the younger generation the goodness of charity。
So they hire a professional trustee to execute the mission of the foundation。 Yes, there is a potential conflict, but people would stop using U。
S。 Trust if they thought the firm’s integrity was in doubt。 So integrity is the most important historical quality of U。
S。 Trust。 Z: Last question。 U。S。 Trust also helps institutions to manage wealth。 But we know great universities, like Harvard, Yale, or Duke already have their own money management companies。
Do you compete with them? What sort of institutions you are taking care of? C: Collaboration would be the right word。
Some schools manage all their money。 But many also hire outside professionals。 Other institutions don’t have an in-house management team。
Only very large universities can afford to do that。 It is very rare for a person to be an expert in every asset class。
You may want to hire an expert in corporate bonds, or in junk bonds, or in government bonds, or in non-US bonds。
The more money you have, the more asset classes you will want to be in。 A place like U。S。 Trust can have experts in several asset classes。
An institution can rely on us, so it doesn’t have to keep track of 20 different people, U。S。 Trust will do that。
Is this clear?。收起
