????說得更具體一點(diǎn)。萊維倫茨，為什么你這么看好中國？

????萊維倫茨：人們對(duì)中國有很多的誤讀，包括政治和經(jīng)濟(jì)的誤讀，人們擔(dān)心中國信貸如此迅猛的增長可能造成嚴(yán)重后果，擔(dān)心中國房地產(chǎn)市場(chǎng)存在泡沫。這種誤讀掩蓋了中國已經(jīng)、并將繼續(xù)取得的巨大成就。中國未來十年的年復(fù)合增長率將達(dá)到5%、6%或7%，即GDP規(guī)模再增5,000億美元，這是世界上任何其他國家都難以企及的成績。

????赫羅，在大多數(shù)人都認(rèn)為要盡一切可能回避歐洲銀行的時(shí)候，你投資歐洲銀行的舉動(dòng)引起了關(guān)注。現(xiàn)在這些投資的情況怎么樣？

????赫羅：由于法國、西班牙和意大利可能出現(xiàn)債務(wù)違約，人們一度認(rèn)為這些銀行一文不值?，F(xiàn)在，我也從不認(rèn)為希臘將走出困境，誰又知道葡萄牙會(huì)怎樣呢？但愛爾蘭的情況看起來正在好轉(zhuǎn)。意大利將違約的假設(shè)是不正確的。對(duì)于很多優(yōu)質(zhì)的歐洲銀行而言，它們唯一的過錯(cuò)就是總部設(shè)在歐洲，可能還持有一些意大利或西班牙的主權(quán)債券。你本可以按賬面價(jià)值的25%或30%買入。 以意大利北部的聯(lián)合圣保羅銀行（ Intesa Sanpaolo）為例，該行的按揭貸款違約率極低。由于對(duì)主權(quán)債務(wù)危機(jī)的整體擔(dān)憂，這些業(yè)務(wù)安全而乏味的銀行股價(jià)一度被推至難以置信的低位。要進(jìn)行這項(xiàng)投資，你必須相信這些相對(duì)安全的主權(quán)債券不會(huì)違約，這正是我們篤信的。你知道，過去四、五個(gè)月，它們的股價(jià)已經(jīng)回升了50-60%。危機(jī)還沒有結(jié)束，但我相信歐洲已經(jīng)基本上脫離了險(xiǎn)境。

????奧斯，有別于收益，你認(rèn)為投資者應(yīng)該從哪里尋找增長？

????奧斯：我們關(guān)注的一個(gè)領(lǐng)域是美國工業(yè)類股，我們認(rèn)為美國正在出現(xiàn)某種程度的制造業(yè)復(fù)興。未來三年我們的優(yōu)勢(shì)是，美國的能源價(jià)格相對(duì)低于世界其他地區(qū)。美國勞動(dòng)力相對(duì)而言也已變得不那么昂貴了。因此，我們看好像卡特彼勒（Caterpillar）這樣的公司。這是一家具有全球競(jìng)爭(zhēng)力的大公司，但是也已經(jīng)受到了中國經(jīng)濟(jì)放緩的影響。如果2013年下半年全球狀況開始好轉(zhuǎn)，我們相信這類股票將攀升。因此，我們看好擁有新興市場(chǎng)業(yè)務(wù)的全球性周期類股。在美國，我們相信樓市將出現(xiàn)強(qiáng)勁復(fù)蘇，看好擁有大量按揭貸款業(yè)務(wù)的銀行。比如，太陽信托（SunTrust）就很有吸引力，它當(dāng)前的估值很低。

????蘇博拉瑪尼亞，你認(rèn)為增長在哪里？

????蘇博拉瑪尼亞：目前有個(gè)行業(yè)有點(diǎn)重現(xiàn)90年代末的高增長，但現(xiàn)金流更好，增長更穩(wěn)定，這就是科技業(yè)。這是我看好的行業(yè)之一。該板塊現(xiàn)在比年初時(shí)便宜。一些藍(lán)籌科技股和藍(lán)籌醫(yī)藥股也是如此。它們擁有豐富的后續(xù)產(chǎn)品線。股價(jià)非常便宜。而且，如果利率開始回升，股息投資者將撤出公用事業(yè)和電信股，屆時(shí)這些板塊就是他們想要進(jìn)入的板塊。因此，我們喜歡那種派息成長股：比如輝瑞（Pfizers）和禮來（Eli Lillys）。

????因此在科技股中，我們談到的是微軟（Microsoft）、谷歌（Google）和思科（Cisco）這樣的公司嗎？

????蘇博拉瑪尼亞：沒錯(cuò)，正是這樣。就是這些估值不斷走低的大型老牌科技公司。人們擔(dān)心它們未來將沒有增長，但你知道，我想它們會(huì)和任何其他公司一樣參與到周期性復(fù)蘇之中。

??? Let's get a little more specific. Justin, why are you so bullish on China?

????Leverenz: There are?a lot of misconceptions about China?-- political and economic misconceptions -- and the sense that there's got to be consequences associated with a very rapid increase in credit, that there's got to be a property bubble there. But that obscures the enormous progress that China has made and will continue to make. It will grow 5, 6, 7% compounding for a decade, and that means an additional half a trillion dollars of output, which no other country in the world can offer.

????David, you've gotten attention for investing in European banks, which most people thought were to be avoided at all costs. How's it working out?

????Herro: There was this assumption that?these banks were worthless?because France,?Spain, and Italy were going to default on their debts. Now, I never thought that Greece was going to make it out of the woods, and who knows about Portugal? But?Ireland?looks like it's making progress. And to assume that Italy would default was just incorrect. For a lot of the quality European banks, their only crime was that they're based in Europe and they may have held sovereign debt of Italy or Spain. You could've bought them at 25% or 30% of book value. Take Intesa Sanpaolo in northern Italy, which has mortgages with extremely low defaults. These were safe, boring banks that were driven to unbelievably low prices because of the whole fear of the sovereign debt crisis. In order to make that investment, you had to believe that the relatively safer sovereigns weren't going to default, and that was our belief. You know, in the last four or five months, they've bounced 50, 60%. It's not over yet, but I think Europe is almost out of the woods.

????Steve, where would you guide investors looking for growth, as distinct from yield?

????Auth: Well, one place we look to is U.S. industrials, because we think there is a kind ofmanufacturing renaissance?going on in the U.S. The advantage that we have over the next three years is relatively cheap energy relative to the rest of the world. U.S. labor has gotten relatively less expensive. So we like companies such as Caterpillar (CAT). That's a big, globally competitive company, which has been affected by the slowdown in China. And when the world starts to look like a better place in the second half of the year, we think stocks like that could run up. So we like global cyclicals for growth with that emerging-markets exposure. In the U.S. we like banks with heavy mortgage exposure because we see the housing business coming back pretty strong. For instance, SunTrust (STI) is pretty interesting and trading at a very cheap valuation.

????Savita, where do you see growth?

????Subramanian: Right now one of the sectors that has kind of morphed from the über-growth sector of the late '90s to more of a cash-return, stable-growth vehicle is technology. That's one of my favorite sectors. It's cheaper than it was at the beginning of the year. So some of those blue-chip techs -- and also blue-chip pharma. Their pipelines are refilling. The stocks are very cheap. And the dividend investors that are going to have to come out of utilities and telecom when rates start to go back up -- that's the place they're going to go to. So we like that sector as a kind of dividend-growth play: the Pfizers (PFE) and Eli Lillys (LLY) of the world.

????So in tech, are we thinking Microsoft (MST), Google (GOOG), Cisco (CSCO) -- those names?

????Subramanian: Yeah, sure, exactly. Big-cap, old-fashioned technology companies that have gotten cheaper and cheaper and cheaper. There are fears that they're ex-growth, but, you know, just like anything else, I think they'll participate in a cyclical recovery just as much as any other stock.