Page 12 - CCFA Journal - Second Issue

财富管理 Wealth Management 加中金融

市场长期不确定性阶段的财富管理
对话加拿大皇家银行投资总监,投资组合经理和理财顾问吉姆谢里丹

Wealth Management in Times of Prolonged Uncertainty and Volatility

An interview with Jim Sheridan, CIM, Director Portfolio Manager & Wealth Advisor

吉姆毕业于麦吉尔大学经济学专业。在加入皇家银行之前，吉姆曾是瑞士联合银行多伦多的风
险分析师，也曾是一家提供全面服务的财富管理公司的总裁和创始人。如今，吉姆领导着一个
财富管理专业人员团队，帮助个人及其家庭实现个人和财务目标。

Jim holds a Bachelor of Arts degree in Economics from McGill University. Before joining RBC, Jim
was President and founder of another full-service wealth management firm. Prior to funding his own
firm, Jim was a risk analyst for the Union Bank of Switzerland in Toronto. Today Jim leads a team of
wealth management professionals to help individuals and their families reach their personal and
financial goals.

CCFA: Jim, you have been in the industry for over 30 years. You 加中金融：吉姆，你在这个行业已经 30 多年了。你在欧洲、
worked in Europe, New York and Canada and you have seen many 纽约和加拿大工作过，你见过许多牛市和熊市。与其他市场动
bull and bear markets. How does the 2020 correction compare to
other periods of uncertainty and how has this shifted the investment 荡时期相比，2020 年的投资格局有什么特征？
landscape? 吉姆：谢谢。与其他熊市相比，2020 年我见过的最快的下跌和
Jim: Thank you. Compared to other bear markets, this would have 复苏之一。在 1987 年，美国股市曾在一天下跌超过 20%。那个
to be classified as the one of the quickest declines and recoveries I 时候我们没有任何市场管控机制，我记得当时即使流动性好的
have ever seen. Having said that, the 1987 correction was also 股票也很难得到交易确认。市场关闭一天左右，因为我们需要
extremely volatile with the U.S. market dropping over 20% in one 梳理所有的订单。这是非常令人不安的情形，市场有很多恐
day. This was before we had any braking mechanism for the markets, 惧，这种恐惧持续了多年，尽管市场在 1987 年 10 月崩盘后不
and I remember we had a hard time getting trade confirmations even
on the most liquid names. The markets closed for a day or so as we 久强劲反弹。 在经历市场大调整尤其是创伤性事件之后，心
sorted out all the orders. It was very unsettling and there was a lot of 有余悸是人类的天性。但在底部抛售并屈服于恐惧的投资者将
fear in the market and that fear lasted for years even though the 很难长期赚钱。
markets rallied strong soon after the collapse.
对于投资者而言，1999-2000 年也是一个非常有趣的时期，网
It is human nature to remain fearful after a traumatic event like a 络公司的股票直线上升，至少加拿大北电主导了市场的增长，
market correction. However, investors that sell at the bottom and give 但几年后才崩溃。我不想直接比较 2000 年与 2020 年，但仅从
in to their fears will have a very difficult time making money long 一些高价股票投资组合来看却颇有相似之处。
term.
当下最大的区别是，大的科技公司都是提款机，他们拥有非常
The period of 1999 – 2000 was also a very interesting time to be an
investor with the dot com stocks going straight up and Nortel in 强大的市场地位和非常忠诚的客户群。这些公司的股价可能高
Canada, at least dominating market growth, only to collapse a few 的有些离谱，但他们肯定是非常优秀的企业。
years later. I don’t want to directly compare 2000 to 2020 but there
are similarities of excess building in some of the high-flying stocks. 随着 COVID-19 病毒今年在世界各地迅速传播，各种投资急剧
减少，至少在疫情初期是如此。作为应对，政府的大力救济帮
The big difference today, is that these big tech names are cash 助了一些企业暂时度过了难关，但并不是所有的企业。
machines, and they have a very strong franchise and extremely loyal
client base. They may be historically expensive, but they are great 我们所看到的是市场的两个故事：专注于"留在家里市场"的公
companies for sure. 司正在蓬勃发展，而传统企业，尤其是服务、旅游和酒店业，
确实还在苦苦挣扎。
With the COVID-19 virus spreading aggressively throughout the
world this year, investments of all kinds contracted dramatically, at 利率已经暴跌，如果你是借款人，这是幸运的，但对储户来
least initially.
说，较低的利率使得投资者在寻求收入的解决方案上更具挑战
In response, Government intervention helped markets find a bottom 性。
for some businesses but not all.

What we have seen is a tale of two markets. Companies that are
focused on the “stay at home market” are thriving and more
traditional businesses - especially in the service, travel and hospitality
industries - are really struggling.

Interest rates have plunged which is great if you are a borrower but it
is more challenging for investors seeking income solutions.

CCFA JOURNAL OF FINANCE DECEMBER 2020
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