we sell," Bryan says "We started that process in 1987 and by 2007 our accounts had an annualized return of more than 30%," says Bob.
So in late 2007 they launched Auer Growth, with Bob acting as portfolio manager and Bryan in charge of portfolio analysis.
Naturally 2008 was an inauspicious time to start a fund, but for the year to date it's up 22%. When asked what's the greatest lesson he's learned from his dad,
Bob laughs. "Only how to compound money at 30% a year."
Gordon, Kent and Russell Croft | Croft Funds
Gordon, now 76, had been a director and manager at T. Rowe Price for 20 years when his older son,
Kent decided to leave his job at Salomon Brothers in 1989 and return to Baltimore to start a firm with his dad. "
The first thing I did was make Kent president, so he has been the boss for 20 years, "Gordon says." Russell joined the firm in 1999.
"Both of them have the highest ethics and highest character that you can imagine," says Gordon, "and that holds them in good stead in this business."
The Croft Value fund seeks out high-quality companies with low P/Es that can be held for the long term.
It's a strategy that's allowed the fund to beat the S&P 500 over the last three, five-and 10-year periods. Kent, 46,
says the greatest lesson he's learned from his dad is the importance of keeping long horizons on stocks.
"When you're younger you tend not to quite think like that," he says. Russell, 35, says his father taught him and his brother to constantly question the conventional wisdom.
"That's in our blood," he says. "The search for inherent, hidden value with a contrariant nature-we got that from our father more than anything."
Lloyd and Larry Glazer | Mayflower Advisors
In 1989 Lloyd, now 70, was a partner at Bear Stearns in Boston, a place he had worked for two decades. His son Larry, 41, had senior positions at H.C. Wainwright,
Trammell Crow and Bank of Tokyo. They had long talked about working together and decided that the time was right. So they formed what Lloyd calls "a terrific partnership,"
他的儿子、现年41岁的拉里·格拉泽在 H.C. Wainwright、Trammell Crow和东京银行都担任过高级职员。这对父子在很早之前就讨论过合作投资的问题，并认定当时是恰当的时机。
setting up their advisory, Mayflower Partners, within Advest, a regional brokerage firm. When Merrill Lynch acquired Advest in 2005,
因此他们组建了劳依德所称的“绝佳合伙关系”，在一家地区券商Advest旗下组建了他们的咨询公司 Mayflower Partners。
the Glazers' clients urged them to strike out on their own. "And it has worked out wonderfully for us," Lloyd says.
"Mayflower was one of the first advisors to transition to a fee-based structure from a commission-based one,