姓名：約翰?里奧納德

職務：瑞銀全球資產管理集團（UBS Global Asset Management）證券部全球總監

????約翰?里奧納德負責監管公司全球約1,600億美元的證券市場，當然這一數字每天都在變化。稍加推算即可得知，他最近的業績報告應該有多么慘不忍睹。最近股市動蕩——里奧納德一直忙于在低迷的股市中發掘低價股票的價值。

????里奧納德說，“拿人錢財，替人消災，再難的事也得去做——你得打起精神，在股市極度低迷的時候買進，在股市極度高漲的時候賣出。”他認為人們對衰退的恐懼被過度放大了。過去的幾周中，他已經將一支基金1/3的現金流用來積存股票。他選購的對象是遭受重創的生物技術股和醫療器械股。他變賣了大型綜合石油公司的股份轉而買進小型石油服務和開采公司的股票。

????“誰都知道現在的問題很嚴重，而且還能告訴你一大堆理由”，他說，“但是市場目前過于悲觀”。

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."