Page 13 - CCFA Journal - Second Issue

财富管理 Wealth Management 加中金融

CCFA: what are the standout opportunities for future growth? 加中金融：未来增长的最佳机遇在那？

Jim: The biggest change is in fixed income where rates are so low. 吉姆：由于利率如此之低，投资合中变化最大的部分是固定收
Our clients need growth and income and rather than increasing their 益。而我们的客户需求是收入的持续增长，不是在投资组合中
stock exposure while they reduce fixed income in their portfolios, 固定收益减少的同时增加股票风险，因此他们非常关注并寻求
they are looking at alternative investments.
另类投资的机会。
Alternative investments can be real estate, infrastructure, land,
insurance, gold, and private equity any asset that is not directly 例如，另类投资可以是房地产、基础设施、土地、保险、黄金
correlated to stocks. These types of investments are growing in 和私人股本，以及与股票不直接相关的任何资产，这些类型的
popularity. We have experienced falling interest rates for the past 30 投资越来越受欢迎。过去 30 年来，我们经历了利率的下降，
years and that trend is coming to an end and we have to change our 这一趋势即将结束，我们必须调整我们的投资策略以适应现
investments to reflect this new reality. We follow the Canada Pension
Plan investments closely and they have reduced fixed income 实。我们密切关注加拿大养老金计划的投资，多年来，这些投
dramatically over the years and I believe that trend will continue. The 资已大幅减少固定收入，我相信这一趋势将继续下去。加拿大
10-year Canadian Government bond is under 1%. You can’t meet 10 年期政府债券低于 1%，而这么低的回报是难以履行养老金
your obligations as a pension with a 1% return. 的义务的。

One of the asset classes we have been looking at recently is Canadian 加拿大房地产投资信托（REITS）是我们最近一直在研究的资
Real Estate Investment Trusts or REITS. These publicly traded real
estate assets are really beaten down. They are trading at a discount to 产类别之一，这些公开交易的房地产资产可真是跌到低谷了。
Net Asset Value which is more extreme than during the 2009 他们的交易价格低于净资产价值，其跌幅之大比 2009 年金融
financial crisis. 危机期间更有过之而无不及。

With over 400,000 new immigrants expected to come to Canada each 由于每年有 40 多万新移民预计来到加拿大，我对加拿大的房
year, I am excited about the real estate market in Canada, but you 地产有信心，但你必须有选择性。
must be selective.

If you are looking to buy real estate directly, I think some of the 如果你想直接购买房地产，我更认为一些加拿大中小城市看起
smaller Canadian markets look attractive. Cities with a University 来很有吸引力。像金斯敦、伦敦、哈利法克斯、滑铁卢和渥太
like Kingston, London, Halifax, Kitchener Waterloo, and Ottawa are 华这样的大学的城市很有活力，因为越来越多的人寻找一个负
interesting as more people look for an affordable community to live 担得起的社区来生活和工作。我相信这些社区将受益于在家工
and work. I believe these communities will benefit from the work 作的趋势。我在安大略生活和工作，所以我不能评论加拿大的
from home trend. I live and work in the Ontario market so I cannot
comment about other regions in Canada and we all know real estate 其他省份，另外我们都知道房地产的关健是地段，地段，地
is about location, location, location. 段。

If you are searching for real estate as an investment, find a good real 如果你正在寻找房地产作为一种投资，找到一个自己也拥有投
estate agent who personally owns investment properties. Do not use 资物业的优秀的房地产经纪人。不要用一个没有投资经验的住
a residential agent to buy commercial or investment properties who 宅地产经纪人代理购买商业或投资物业。
does not have investment experience.
CCFA: What are some other investments you like going forward? 加中金融：吉姆，你未来还喜欢其他哪些投资？

Jim: Another area of opportunity has always been companies that 吉姆:另一个机会领域一直是那些拥有稳定的业务垄断某个行
have a sustainable business, ideally a monopoly where the company 业的公司，尤其是这些公司已经有长期的股息增长历史。价值
has shown a long history of dividend growth. Value stocks look 股在这里看起来很有吸引力。我并没有轻视那些正在成长的公
attractive here. I do not want to discount the growth companies, you 司，市场需要那些公司，但不要过度持有过去 10 年表现好的
need those as well, but don’t have all your assets in the growth area
that has performed so well for the past 10 years. With interest rates 增长型资产，由于利率处于历史最低水平，股息对于寻求可持
at record lows in our lifetime, dividends are important for clients 续收入的客户非常重要。
looking for sustainable income.
增长源自年轻的人口结构的新兴市场也很有吸引力。我们的客
Emerging markets are also interesting. This is where the growth is 户也很关注中国和印度。过去 10 年一直领先的美国市场地位
coming from with a younger demographic, where our clients are 可能会发生变化。客户希望在北美以外地区进行投资，进一步
asking about China and India. The U.S. market has been the leader
for the past 10 years and this leadership may change. Clients are 实现投资组合的多元化。
looking to invest outside North America and further diversify their
portfolios. 中国和印度人口众多，那里的财富增长非常迅速。加拿大较人
口而论算一个小国。正因为如此，我们很难理解这些国家经济
China and India have huge populations and wealth is growing very 的规模和发展速度，但加拿大会从这种增长中获益。
rapidly there. Canada is a smaller country population wise therefore
I think we have a hard time understanding the magnitude and the 加中金融：吉姆，你对 2021 年及以后的加拿大经济和世界经
speed of economic growth of these countries. As they grow, we will 济有什么想法？
benefit from that growth.
吉姆：我不是经济学家，但我认为我们可能低估了全球财富的
CCFA: Jim what are your thoughts about the Canadian economy and
the world economy in 2021 and beyond. 巨大增长。市场创造了诸多财富很多，但老实说，缺的是好投
资方案。未来 10 年我对持有优质资产我很乐观。如果我们今
Jim: I’m not an economist but I think we may be underestimating 年学到了什么， 那就是投资既要多样化， 但也要有耐心。从
the tremendous growth of wealth globally. There is just so much
wealth being created and to be honest, not enough good investment 长计议，投资计划建立后不要轻易放弃。
ideas to go around. I’m very optimistic about owning quality assets
over the next 10 years. If we have learned anything this year it would 赚钱的关键是时间而不是时机。真正的财富是长期积累，真正
be that you need to be diversified but also stay invested. Think long 的财富创造者在不同市场条件下获取的高质量资产并持有，无
term, set your long-term investment plans and stick to that plan. 论市场好坏。
Making money is about time in the market not timing the market.
Real wealth is accumulated over longer periods of time and the real
wealth creators own high quality assets that are held through good
and bad markets.

CCFA JOURNAL OF FINANCE DECEMBER 2020
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