Page 39 - CCFA Journal - Sixth Issue

加中金融 Job Wealth 财富管理

4. Finally, we have a significant position in alternative 4. 我们认为另类投资是一个重点领域，其中包括：
investments. These investments include real estate, 房地产、与股市无关的对冲基金、私人股权投资
hedge funds that are not correlated to the stock 和结构化产品。如果你还没有进行另类投资，那
market, private equity and structured products. If you 么现在是时候关注这个领域了。
don’t have alternative investments, it’s time to take a
look at this space. 如果我们在 2022 年可以从疫情中恢复过来并进行正确的
投资，那么可以预计未来一年会有稳定的约10%的增长。
If we can emerge from Covid in 2022, we see a solid year 但同时，波动的出现是必然的，我们预计平均每 18 个月
ahead, possibly a 10% year if we have the correct 会有一次正常的 10%的回调，而这种回调的幅度在 2021
investments. There will be volatility of course, and a 10%
correction is normal every 18 months on average and we 年不曾出现。
didn’t get a pull-back of that size in 2021. 杂志：在 2022 年您会避免哪些投资？
Magazine: What investments would you avoid in 2022? Jim: 随着通货膨胀不断侵蚀财富，现金是一种不断贬值的

Jim Sheridan: Cash is a depreciating asset with inflation 资产。所以我们会尽量把现金投资控制在最小值。简单
eroding your wealth each year. We try to keep our cash to a 来说，现金投资不值一提。此外，随着利率的上升，债
minimum. Basically, cash is trash. 券成为了一种很难持有的资产类别。我们已经大幅减少
了债券投资，取而代之的是为我们的长期投资者提供另
Bonds are a tough asset class to hold with interest rates 类投资。对于投资期限低于一年的投资者来说，债券和
rising. We have dramatically reduced our bonds and replaced 现金投资是合适的。但在利率上升之前，请将债券投资
them with alternative investments for our long-term 维持在最低水平。另外，我们还正在避免投资一些在疫
investors. Bonds and cash can be a suitable investment for an
investor with a time horizon of less than one year but 情前暴涨如今却无利可图的股票。
otherwise, keep your bonds to a minimum until interest rates 同时，我们预计今年会有更多的波动，所以高度分散化
rise. 的组合和以往一样重要。
We are avoiding some of the unprofitable stocks that were
the high-flyers during the early pandemic. We expect more
volatility during the year and a highly diversified portfolio is as 杂志：您对长期的财富管理有什么看法？
important as ever.
Jim: 我看好未来的十年。随着全球财富的加速增长，高质
Magazine: What are your thoughts for the longer term? 量证券供应短缺，我们应该会看到可观的回报。对我们
而言，最大的考量是客户以及他们的家庭的健康和幸福。
Jim Sheridan: I am bullish for the next 10 years. With global
wealth accelerating and high-quality securities in short
supply, we should see decent returns. Our biggest concern is 杂志：数字资产和令牌化持续受到机构和散户投资者的
the health and welfare of our clients and their families.
欢迎。一部分人认为加密类资产应该成为投资组合中的
Magazine: Digital assets and tokenization continue to gain 一部分，特别是在高通货膨胀的环境下更应如此。而另
popularity with both institutional and retail investors in 2021. 一部分人认为，正是由于加密类资产的高波动性，散户
Some suggest crypto assets should be part of investment 投资者才更应该远离它。就这个话题而言，您的看法是
portfolio particularly in the context of high inflation 什么？
environment, while others are of the opinion that retail
investors should generally stay away from cryptocurrencies Jim：很好的问题。就 RBC 而言，我们是一家保守的公司，
because of high volatility, What’s your take? 在现阶段我们不主动索求或发起与加密货币资产相关的
订单。但如果客户打电话给我们需要购买，我们也可以
Jim Sheridan : Great question. At RBC we are a conservative 完成。我认为这个领域极具吸引力，我们需要了解这个
firm and at this stage, we are not soliciting orders related to 领域的发展和进步。加密货币资产是非常重要的资产类
cryptocurrencies. We can fill an order if a client calls us to 别，我相信随着行业对这种资产的接受度的提高，未来
buy, but we can’t initiate or solicit an order. I think the space
is fascinating and we need to be aware of the evolution and 加密货币资产将成为充分分散化组合中的一部分。
progress in this sector. It is a significant asset class and I am
convinced cryptos will be part of a well-diversified portfolio in
the future as the industry becomes more comfortable with 杂志：ESG 投资理念在市场上热度暴增，从散户投资者
the asset class. 的角度来看，您认为我们应该如何将它纳入投资考量范

围内？
Magazine: ESG has ballooned in the investing market, from a
retail investor perspective, how should we take this into our Jim : ESG 投资理念其实一直都存在，只是最近它的受欢
investment consideration? 迎程度急剧上升。在我看来，在考虑 ESG 时，应当把它
作为一项附加属性，而不应该是决定投资的唯一因素。
Jim Sheridan: ESG has always been around, but recently it has 任何强调适当管理的重要因素都有助于更好的投资。总
exploded in popularity. ESG should be an overlay when
considering suitable investments but in isolation it should not 的来说，ESG 投资理念对行业来说是一个积极因素。
be the only factor in my opinion. Any critical factor that puts
emphasis on proper governance makes for better investing.
ESG is a positive for the industry.

CCFA JOURNAL OF FINANCE February 2022
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