姓名：约翰•里奥纳德

职务：瑞银全球资产管理集团（UBS Global Asset Management）证券部全球总监

    约翰•里奥纳德负责监管公司全球约1,600亿美元的证券市场，当然这一数字每天都在变化。稍加推算即可得知，他最近的业绩报告应该有多么惨不忍睹。最近股市动荡——里奥纳德一直忙于在低迷的股市中发掘低价股票的价值。

    里奥纳德说，“拿人钱财，替人消灾，再难的事也得去做——你得打起精神，在股市极度低迷的时候买进，在股市极度高涨的时候卖出。”他认为人们对衰退的恐惧被过度放大了。过去的几周中，他已经将一支基金1/3的现金流用来积存股票。他选购的对象是遭受重创的生物技术股和医疗器械股。他变卖了大型综合石油公司的股份转而买进小型石油服务和开采公司的股票。

    “谁都知道现在的问题很严重，而且还能告诉你一大堆理由”，他说，“但是市场目前过于悲观”。

Name: John Leonard

Title: Global head of equities, UBS Global Asset Management

    John Leonard oversees about $160 billion in stocks worldwide, depending on the day. A little back-of-the-envelope calculation shows you how ugly his recent paper statements probably looked. Stocks have seesawed in recent days -- Leonard spent much of that time taking advantage of cheap prices on the dips.

    "We get paid to do what's hard to do--that's to stick your head up and buy when the market is too pessimistic and sell when it's too optimistic," says Leonard. He's betting recession fears are overblown, and has spent about a third of the cash hoard of one fund accumulating stocks in the past couple weeks. He's bought the stocks of battered biotech and medical device makers. He's also sold shares in big, integrated oil companies to buy smaller oil services and drillers.

    "Anybody can tell you 10 reasons why there are problems," he says, "but it's just too pessimistic here."