七禾网18、莱恩斯和盈透证券有着哪些方面的合作？您对盈透证券的服务水准如何评价？

桑德•里德：莱恩斯使用盈透来做清算，执行操作，客户帐户托管。我们希望可以和盈透一起为客户提供专业、全面、安全的服务。在我看来盈透是迄今为止最佳的最先进的理财及操作执行平台。盈透是唯一一家公司联系了全球的金融服务机构，为投资者和企业提供了全球化的多元化选择。

七禾网19、盈透证券是唯一可以交易中国沪深股票的美国互联网券商，您本人还有您的那些美国同行对交易中国股票的兴趣有多大？

桑德•里德：我们已经开始在做中国大陆及香港的股票交易测试。我们不知道美国投资者目前是否有兴趣交易中国的股票，但我知道中国股市一直是我们很大的关注点，它影响着全球经济的动向。

七禾网20、目前莱恩斯总共管理多少规模资金？这一规模在美国各基金管理公司中，大约的排名是多少名？

桑德•里德：我们的公司不大，管理资产约为2.5亿美金。但我们小而精湛，我们的明星产品持续排在同类别大摩黑石产品之上。

七禾网21、莱恩斯的客户主要是个人投资者还是机构投资者？他们的核心需求是什么？

桑德•里德：我们的投资者有个人也有企业。他们的需求各不相同。我们尽我们最大的努力为他们提供最好的产品和资产投资配置服务。

七禾网22、您对中国市场是否了解？就您看来，中国市场最大的机会是什么？

桑德•里德：我们还在学习中国市场的过程之中。现在在中国做生意的伟大之处在于，它提供难得的机遇。在我看来，中国投资市场还有一段路要走，规范性可以更加完善，投资者理念也会慢慢成熟起来。我们都有义务去往这个方向进行引导。中国金融市场让我想起了70-80年代的美国。

市场应该被看作为一个长期的财富商店，一个可以长期保值增值的地方。

我希望莱恩斯可以为中国投资者提供很好的稳健的规范的服务，把优质的产品和服务带过来分享。

七禾网23、就您了解而言，中国和美国的金融投资市场有何差别？交易群体有何不同？

桑德•里德：大多数美国人拥有多元化的投资组合，并不去过于频繁地交易，多倾向于价值投资，价值维护。典型的中国投资者是相反的，有大量的交易和投机。

七禾网24、华尔街的基金经理们一般如何看待中国市场？如何看待沪港通、深港通，以及可能带来的机会？

桑德•里德：很多华尔街管理者并不真正了解中国市场和它的驱动力。我认为不管时外企走进来或中国企业走出去，这里提供的潜力是无穷的。

七禾网25、莱恩斯有没有进入中国市场的打算？如果进入中国市场，将主要采用怎样的策略？主要为哪些类型的中国客户服务？

桑德•里德：莱恩斯正在试图打开中国市场。我们正在积极在这方面做相关的工作。我们提供有受美国证监会监督屡获殊荣的产品和专业的投资管理服务。我们相信，我们可以为中国投资人和企业带来更多多元化，更安全诚信，更有长期价值投资的服务和投资经验。

七禾网26、有个加拿大白人叫“大山”，在中国事业做得很成功，您对他的故事了解吗？您如何看待越来越多的西方人在中国安家立业？

桑德•里德：中国是个伟大的地方，中国人过得很精彩，我感到很幸运可以常到这里来并与很多中国人结交为朋友。这是个了不起的国家，充满了聪明、受过良好教育的辛勤工作的人。我认为，未来的中国会更好，无庸置疑会成为未来第一世界的国家。

桑德·里德专访原文（英文版）

七禾网1、桑德里德先生您好，感谢您在百忙之中接受七禾网的专访。您如何看待投资中的进攻与防守，主动与被动?

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.

七禾网2、莱恩斯的策略是偏进攻的还是偏防守的，是偏主动的还是偏被动的？或者说在什么情况下以进攻为主，什么情况下以防守为主？

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.

七禾网3、市场多变，有人认为要“随机应变”，也有人认为应该“以不变应万变”。就您看来，做投资应该选择“随机应变”还是“以不变应万变”？或者什么情况下应该“随机应变”，什么情况下应该“以不变应万变”？

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.  

七禾网4、您成功躲过了2008年金融危机的暴跌，请问您是如何分析，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.)

七禾网5、2016年，莱恩斯荣膺汤森路透理柏（Thomson Reuters Lipper）评级第一，主打策略“莱恩斯战略资本投资组合”（Lyons Tactical Allocation Portfolio）荣获晨星网（Morningstar.com）的五星评级。荣获这两项评级对莱恩斯来说意味着什么？

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.

七禾网6、一般来说，美国的基金管理公司一年获得多少收益，客户会比较满意？

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.

七禾网7、莱恩斯创立以来每年的盈亏情况如何？这样的业绩在美国所有的基金管理公司中处于怎样的位置？

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.

七禾网8、就您看来，不同的基金管理公司之间，主要比拼哪些方面?最终哪些类型的基金管理公司能够生存下来并且持续发展？

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.

七禾网9、莱恩斯的核心优势是什么？

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.  

七禾网10、莱恩斯的投资主要涉及哪些领域？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.

七禾网11、莱恩斯最擅长的策略是哪一个？这个策略有何主要特征？

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.

七禾网12、在选股方面，莱恩斯执行的是怎样的标准？莱恩斯偏好于哪些类型的股票？

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.

七禾网13、买入一个股票后，莱恩斯在什么情况下会止盈？在什么情况下会止损？一个股票通常会持有多长时间？

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.