七禾网14、莱恩斯的基金产品，一般同时持有多少个股票？在股票搭配上，有何讲究？

How many stocks do Lyons funds hold? What is the strategy behind lyon’s stock combinations?

Sander·Read：CLTAX holds 25, CLPAX holds 30, and LFSAX holds 50 for now.  As you can see, the larger the positions the fewer stocks we hold.  The small the cap stock, the more positions we want to hold because there is more volatility and less volume as we move down in size.

七禾网15、莱恩斯的股票持仓比例一般控制在多大的范围内？有没有满仓或空仓的时候？（若有，在什么时候会满仓，什么时候会空仓？）

What is the proportion of Lyons stock positions. Do you hold cash or do you use all investment capital to buy stocks? Under what circumstances do you clear all stocks?

Sander·Read：We stay over 98% invested at all times in all of our products.  When we are not long we use cash.  If our risk indicator signals (QRI), we liquidate and go to US Treasuries in CLTAX and LFSAX.  We can also go to cash if Treasuries are not performing well.

七禾网16、近来，美元、人民币以及全球主要国家货币的汇率波动比较大，投资者应如何控制汇率波动风险，如何抓取相应的机会？

Currency market is quite volatile recently, what is your option on risk management and spotting opportunities?

Sander·Read：We don't really trade currencies.  We can more or less sit in any currency that a client would want to sit in, and we can hedge the currencies if the account is big enough.  But we don't really engage in any type of FX trading or speculation.

七禾网17、在美国，对基金管理机构实行监管职责的部门是哪个？监管力度严不严？就您看来，是偏严厉的监管更利于行业的长期发展，还是偏宽松的监管更利于行业的长期发展？

Which department supervise and regulating financial firms in America? Is it strict? Which is more beneficial for long-term development of financial industry, strict regulatory environment or less strict regulatory environment?

Sander·Read：We are governed by the SEC and in my opinion, they are very strict.  The US market is a very mature market and unfortunately the SEC and investors have seen many bad investment schemes and criminal activity.  I think because of this, the SEC is very experienced in finding and eliminating bad actors in the US marketplace.  There are also a lot of rules governing the market to ensure fair treatment and execution for the average investor.  I would consider the regulatory environment in the US as very good for investors and investment managers.  I think strict is better than not because there is no room for investment managers that don't put the interest of their clients first.  Less strict regulatory environment usually leave too much room for unscrupulous people to take advantage of others.

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？

What kind of partnership does lyons have with IB. How do you value IB’s service?

Sander·Read：Lyons uses IB for clearing and execution, as well as custodian for it's client accounts.  We are not "partners" per se, more working together to serve our clients.  IB, in my opinion, has by far the best execution and most sophisticated platform for managing money in the world.   IB is one of the only firms in US that makes it possible for managers like Lyons Wealth to manage money in countries outside the US.  So it's an extremely important tool for Lyons as we expand globally.

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？

Do you interested in trading Chinese stock via IB? Do you think investors and traders in America will be interested in trading Chinese stock?

Sander·Read：We are beginning to test trading in Chinese and HK securities.We are not sure whether American's will be interested in trading Chinese stocks, but we do know America investors are aware of China, the Chinese economy and markets and how they relate to the US and global economies.

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？

What is the size of Lyons funds, how many assets are under management? What is the AUM ranking among your peers?

Sander·Read：We are managing around $250 million in assets.  That makes us a smaller firm, though certain not the smallest amongst independent investment advisors.  Our goal is to get to over a billion in assets in the near future.

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？

What kind of clients do you have? Individual or institutional? What are their core needs?

Sander·Read：We have both retail and Financial Advisor driven clients, as well as a few small institutions.  Their needs vary but we strive to deliver the best products and asset mixes to them on a per customer basis.

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？

What is your understanding of Chinese market? What is the biggest opportunity Chinese market offers?

Sander·Read：We are learning the Chinese market, so our understanding is under development.  The great thing about having visited and now doing business in China is the amazing opportunity it presents.  What I see is the fact that the investment market has a long way to go as far as financial planning and diversifying of portfolios correctly.  China reminds me of the US in the 70's and 80's, with stock tips, day trading, trading in penny stocks and overall speculation.  So the opportunity for Lyons and the benefit to the Chinese investors is that we can bring organization and stability to the Chinese investor.  The market should be looked at as a long term store of wealth, a place to save and grow investments over a long time horizon.  The market should not necessarily be looked upon as a place to speculate, but that's the impression I have of individual Chinese investors.  Lyons wants to bring organization, financial planning and proper asset allocation discipline to the Chinese market using superior products where available, and that should help the average Chinese investor imensely.

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？

What is your opinion on the difference between Chinese financial investment market and American market? 

Sander·Read：Please see above.Most Americans have diversified portfolios and don't really trade too often.  The typical Chinese investor is the opposite, lots of trading and speculation.

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？

Generally speaking, how do fund managers in Wall Street think about Chinese market? China is slowly opening up the market, what do you think about the opportunities that can offer?

Sander·Read：Most Wall Street managers don't know much about China or the Chinese markets.I think the opportunity is massive that the market is opening up, and I'm surprised there aren't more American managers trying to come over and do business.My guess is that will change in the future.

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？

Does Lyons intend to break into Chinese market? If so , what are the main strategies? what are your targeting clients? What can you offer?

Sander·Read：Lyons has broken in to the Chinese market.  We are actively engaging clients and looking to manage money on behalf of Chinese investors. We are open for business!  

We offer our award winning products along with very sophisticated financial planning and on going investment management.  

We believe we can bring a much more diversified, safer, and more gratifying investment experience to the typical Chinese investor but sticking with the plans that we develop and customize for our clients.

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？

What is your opinion on more and more western people are doing business and settling down in China?

Sander·Read：China is a great place, the Chinese people have been absolutely fantastic to me and I'm grateful to have been able to travel here and have become friends with many Chinese people.I think the language barrier and distance from the States will keep many Americans out.I do think the brave ones that do come to do business and visit will be greatly rewarded.It's an amazing country full of smart, educated and hard working people and I think the future for China looks great.I think if there can be a solution to some of the pollution and perhaps continued population control, and China is a first world country of the future.

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2016-10-09

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