特里·史密斯的重塑（Citywire财富经理人物专访）
作者：迪伦·洛博 2014 年 6 月 4 日 13:44
by Dylan Lobo on Jun 04, 2014 at 13:44
2010 年特里·史密斯创立他的精品公司时，并非所有人都相信他能在基金界立足。
When Terry Smith launched his boutique back in 2010 not everyone was convinced he could make it in the funds world.
史密斯——伦敦金融城出了名的好斗人物，在 FundSmith 推出时接受 Citywire 采访，自称是“主动进攻型拳手”——之前已在经纪领域闯出名堂，担任德利万邦首席执行官。
Smith - one of the City’s pugnacious characters who described himself as a ‘come-forward boxer’ in an interview with Citywire when FundSmith launched - had previously carved out his success in the broking world as chief executive of Tullett Prebon.
简单说，投资史密斯（如图）的新公司，等于把全部信任押在一个基金管理业绩毫无实证记录的人身上。
In simple terms, investing in Smith's (pictured) new business would be putting blind faith in someone who had no demonstrative track record in fund management.
史密斯的 Fundsmith 股票基金遵循的是最朴素的投资理念：长期持有全球 20 到 30 只“坚韧”且“高品质”的股票。
Smith's Fundsmith Equity fund was run to one of the most basic concepts around, holding 20-30 'resilient' and 'high quality' stocks long term from across the world.
他声称这只基金是为“破败的行业”而生，专注于“以合理成本实现卓越投资回报”，因此招来批评。这一理念源自约翰·邓普顿的格言：“若想跑赢大众，就必须与众不同的路。”
He received criticism by claiming the fund was designed for a ‘broken industry’, focusing on delivering ‘superior investment performance at a reasonable cost'. The philosophy was based on John Templeton’s axiom that ‘if you want to have better performance than the crowd, you must do things differently from the crowd’.
不收业绩费；不故弄玄虚；不择时；不跟踪指数；不做空——这些是基金的核心原则。
No fees for performance; No nonsense; No market timing; No index hugging and No shorting are among the fund's key principles.
自然，这些豪言壮语加上一个基金管理履历浅薄的人与邓普顿相提并论，给怀疑者提供了大量靶子。“基金界的迈克尔·奥莱利（瑞安航空首席执行官）”，有人如此嘲讽。
Naturally these boasts and the Templeton comparisons from someone with little history in fund management provided plenty of bait for the sceptics. ‘The Michael O’Leary (Ryanair chief executive) of the funds world’, one blasted.
还有人质疑，投资这只被他们视为准指数跟踪基金的逻辑——经理不过买入一篮子蓝筹股然后坐等升值。
Others questioned the logic of investing in a fund which they perceived to be a quasi tracker, where the manager simply buys a handful of blue chip stocks and sits on them.
基金成立初期，史密斯的口无遮拦依旧惹祸不断。他不断痛骂政客，让人怀疑他到底是在认真做基金，还是更想竞选公职。
In the fund's early days, Smith’s outspoken nature continued to get the better of him. His constant tirades against politicians raised questions as to whether he was really focused on funds or more interested in running for office.
但在这一转型期，FundSmith 股票基金业绩坚挺，冷嘲热讽者开始对史密斯认真起来，他的政治抨击也收敛了不少。
But during this transitionary period, performance of the FundSmith Equity fund held up and the cynics started taking Smith a little more seriously, while his political crusade moderated.