The interview is for BayStreet BBS members who are interested in careers in the fund management industry. Alfred Sum, a portfolio manager with Hillsdale Investment Management Inc., will share his experiences in career development and advice for successfully job landing in the industry. Alfred was also one of the guest speakers of BayStreet’s Portfolio Manager Panel Discussion back in 2012.
Biography
ALFRED SUM, BASC, MASC, CFA, FRM
Mr. Sum is a Portfolio Manager on the team that manages Canadian and Global equity strategies. As a member of the portfolio management team, he assists in the design and implementation of the firm’s proprietary research. Prior to joining Hillsdale, Mr. Sum was an Investment Analyst at Cornerstone Capital Partners, Senior Analyst at TD Securities and Senior Risk Analyst at RBC Capital Markets. Mr. Sum has over 10-year experience in financial and quantitative analysis.
Interview Questions
Q: What are the key factors that you would attribute your success to?
A: As many have said, it is important to follow your own passion and do what you like to do. I found investing is an interesting career as it closely linked to global events and fun to understand companies from different industries. Secondly, don’t give up on learning. Lastly, always remember to be humble; willing to listen; but be able to develop your own philosophy over time.
Q: What important trends do you see in the industry?
A: Globalization brings the world much closer. The largest companies now generated more than half of their revenues outside of their domestic markets. The fast-paced technology development has also impacted the investment industry in areas such as high frequency trading; big data analysis; and ETFs in both passive indexing and active investment space.
Q: What are your thoughts on current market valuation and investment opportunites?
A: The equity market has enjoyed a multi-year rallies since it hit the bottom in March 2009 during the financial crisis period. Current market valuation is relatively expensive but not outrageous. This is supported by stronger companies’ fundamentals and extremely low interest rate accommodated by central bank policy. Sectors such as auto parts and lumber should continue to do well as housing and auto markets improve.
Q: What are the most important skills to develop in order to be successful on the buy side?
A: Practical skill requirements are very different depends on which type of investment firms you are looking into. In general, understanding of companies’ fundamentals; strong analytical skills; and market knowledge are all important. Some roles will also require strong statistical/programming skills. Don’t overlook on soft skills like communication and public speaking/networking capabilities.
Q: Any other advises for new grads who want to break in the industry?
A: My first suggestion to the new grads would be to open your own investment account and start investing with your own money, doesn’t matter how much. You can tell if you truly have passion on investment after a while. Tried to read more and learn from other professionals. Learn from people’s mistakes. There are many ways to succeed but usually only a few common ways to fail.
Q: Any recommended reading books?
A: Investment books from famous investors such as Warren Buffett, George Soros and Jim Rogers. My latest read is “The Quants” by Scott Patterson which described how a group of mathematicians revolutionized Wall Street but nearly destroyed it in 2007-2008.
这个访谈是专为对fund management industry感兴趣的贝街论坛的成员而做的。Alfred Sum，Hillsdale Investment Management Inc.的Portfolio Manager，会与我们分享他职业发展的经验，并且会对大家找相关的工作提出建议。Alfred曾是2012年BayStreet’s Portfolio Manager Panel Discussion的客座讲师之一。
ALFRED SUM, BASC, MASC, CFA, FRM
沈先生在Hillsdale Investment Management Inc.担任Portfolio Manager一职。他管理的团队主要对加拿大和全球资本市场中的证券进行投资。作为投资组合管理团队的一员，沈先生协助设计和施行整个公司的自营交易策略。在加入Hillsdale前，沈先生曾任Cornerstone Capital Partners的投资分析师，TD Securities的高级分析师和RBC Capital Markets的高级风险分析师。沈先生有十多年的金融和数量分析经验。
Q: 您觉得帮助您成功的关键因素都有哪些？
A: 正如很多人所说的，做你有激情的、感兴趣的事情很重要。我觉得投资是一个很有趣的职业，因为他让我每时每刻都关注着全球的重大事件，而且能深入了解不同行业的不同的公司。另外，永远不要放弃学习。永远保持一个谦卑的态度，愿意倾听（他人的意见），但最终要形成自己的一套投资哲学。
Q: 您觉得投资行业里未来的趋势是怎样的？
A: 经济全球化使世界越来越小，现在有些大的跨国公司的境外收入甚至超过了他们总收入的50%。科学技术的发展也已经对投资行业产生了深远的影响，比如高频交易，大数据，和ETFs无论是针对被动型投资还是主动型投资。
Q: 您对现在的市场估值有哪些看法？您觉得现在有哪些好的投资机会呢？
A: 证券市场自2009年3月由于全球金融危机而触底以来，已经恢复了一些元气。现在的市场估值处于高位但还保持在一个合理的范围内——这是因为一些公司越来越强劲的表现和央行持低息货币政策的原因。我看好汽车零部件和木材行业，因为（随着经济的复苏），汽车和房地产市场会逐渐繁荣起来。
Q: 在金融市场的买方公司，若想要成功要具备哪些基本的素质呢？
A: 我觉得不同的投资公司要求可能会有很大不同。总的来说，懂得你要投资的公司、行业，强大的分析能力和对市场的感觉都很重要。一些职位对数理统计和编程要求也很高。与此同时也不要忽略一些交际能力，比如人与人的交流，公众演讲和人际关系。
Q: 您对想在这个行业里一试身手的初出茅庐的毕业生们有哪些建议？
A: 第一个建议就是同学们可以试着开自己的投资账户，用自己的钱试着去投资，钱少一些也不要紧。试过之后你才能知道你对投资有没有兴趣。试着阅读专业书籍和请教其他专业人员。要学会从人们的错误中学习——成功者各有各的成功之道，但失败往往都由于相似的原因。
Q: 您能为我们大家推荐几本比较好的投资书籍吗？
A: 那些著名的投资者，像Warren Buffett, George Soros and Jim Rogers写的书可以看看。我最近读的一本书是Scott Patterson的The Quants，讲的是一些数学家如何运用数学知识在过去的十来年中赚的盆满钵满，但在2007-2008年的时候差点毁了整个华尔街。
采访：Joanna Jin，公关组
翻译：Viki Qi，编辑组