Five Father-Son Teams Share Investing Secrets
It's a cliche, but it happens to be true: You can't learn everything from books.
As important as a degree from a business school can be to the education of a young money manager or advisor, there's nothing quite like the lessons imparted by an older,
wiser, more experienced professional.
And who better to learn from than dear old dad?
"Steve first became interested in investing when he was about eight years old and he found out that you could put money in a bank and it would earn interest,"
罗纳德·罗杰和他的儿子斯蒂文·罗杰共同运营着 R.W. Rogé & Co.和 Rogé Partners fund。罗纳德谈到自己的儿子时说，
says Ronald Rogé of his son Steven, who together run R.W. Rogé & Co.and .the Rogé Partners fund.
"In other words, he discovered that you could make money without working," the elder Rogé says with a chuckle.
Later Steven was curious about mutual funds.
He collected baseball cards at the time, so his father explained that a mutual fund was kind of like a pack of eards-a basket of individual stocks,
some of which ware potentially more valuable than others. By the time Steven was 12, he was hooked.
That's a common theme among the father-son teams SmartMoney spoke with ahead of Father's Day weekend. When talk at the family dinner table centers around stocks,
bonds, mutual funds and the market, well, an interest in Investing tends to get kindled at a very young age.
Even more important is. that those relationships create an appreciation for history, for experience, for risk and for unconventional thinking一things that can't necessarily be learned in an MBA program.
After all, when your dad's been in the busjness along time, you stand to benefit from his decades on the front lines of the securities markets.
Here, then, is a look at five father-and-son investing teams-and some of the generational wisdom that has stood them in good stead.
And lest we forget, daughters can benefit, too. Abigail Johnson helps run the company her family founded, mutual fund giant Fidelity.
Learn the investing secrets of Steven and Ronald Rogé and four other father-son investing teams.
Bryan and Bob Auer | Auer Growth Fund
Bryan, 73, had been managing his own investments quite successfully for a long time when his son Bob, 48, took a job as a broker at Dean Witter Reynolds in 1986.
Bryan opened accounts with his son but wasn't interested in the firm's research or recommendations.
Rather, he had his own stock-picking system-one the duo continues to employ at Auer Growth fund to this day: Cull through thousands of stocks looking for 25% earnings growth,
at least 20% sales growth and a forward price/earnings multiple of less than 12. "Once a stock stops having those characteristics or doubles in price,