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April 30, 2004

元「一寸法師」の藤野さん

今日も何気なく木村氏のブログを読んでいたら、そのトラックバックを辿って、ジャーディ・フレミングからゴールドマンサックスに転職され、「一寸法師」という日本小型株ファンドのファンドマネジャーをされていたレオス・キャピタルワークス株式会社の藤野社長のブログを発見した。

藤野さん、その節はいろいろとお世話になりました。
当時のホームページ「My Asset Allocation」は留学や仕事もあり、最近はすっかり更新をサボっていますが、藤野さんがゴールドマンサックスを退社されたのは、「インベストライフ」の記事を友人から見せてもらって知りました。
別に現在の一寸法師の運用状況をどうこう言うつもりはありませんが、クローズド期間明けに退職されたのはちょっと悲しいです(しかも他社で運用助言をやられるとのこと)。
前回もそうでしたが、ゴールドマンサックスとも運用方針等で譲れない部分があったのでしょうか?
機会があれば、その辺りの話をまた聞かせてください。

よくヤフーの掲示板では、ファンドマネージャーの巧拙や責任論が話題になるが、個人的にはファンドの選択は個人の責任であり、目標とするパフォーマンスに届かなかったとしても、それは投資した個人が甘んじて受けるべきものだと思っている。
ただ、運用側も徒に「自己責任」といって突き放すのではなく、アカウンタビリティ(説明責任)をきちんと果たすことが大切だと思う。
それはそのファンド単体のためだけではなく、長期的にファンド投資という文化を根付かせるために必要なことだ。

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Comments

こんにちは。ふじのです。
おっしゃることはもっともだと思います。誠実に一ファンドマネジャーとして行動をすることとサラリーマンとして組織に従うこととのジレンマがすごくありました。

レオス・キャピタルワークスは私が過半数を持っている運用会社で、自分に結果責任があります。転職をしたというよりは独立をしました。長期的なファンド文化を育てるには、さわかみさんや阿部さんがそうしたように、理念を持って自分で行動するしかないと浅はかながらわかりました。

ここではずっと腰をすえて仕事ができるし、自分の考えに誠実に仕事ができます。言い訳のできない状況で仕事がしたかったのです。

もちろん、私が逆の立場だったらどう思うかもよくわかりますが、私はまだ20年は同じ仕事をしたいと心から思っています。そのためにいろいろ思い悩んだ末の決断でした。本質的に正しければ長期に成功するし、失敗したら消えていくだけです。今は給料は6分の1くらいですが、社会人になってもっともいきいき仕事ができています。

ながながと失礼しました。また遊びに来てください。

Posted by: ふじのひでと | May 01, 2004 at 12:15 AM

私も同様の感想を持っています。一寸法師は藤野さんが退社されたあと、パフォーマンスがずっとよくなっていますね。これは単に中小型市場が回復したからという外部環境だけの要因なのでしょうか?3年にわたって運用不振が続いたのはサラリーマンとして組織に従うジレンマがあったためなのですか?では今運用されている方(この方もゴールドマンのサラリーマンですよね?)はなぜ藤野さんより運用が上手なのでしょうか?

Posted by: ドレミ | May 02, 2004 at 01:10 AM

ドレミさん こんにちは。
ファンドマネジャーはモーゼのように海を二つに割って進むような奇跡を起こせないように、市場が60%下落するときに下落をゼロにすることはできないのです(そうしたいのですが)。たとえば中小型株指数が60%下落をしたときに40-50%の下落に抑えることができた10-20%の付加価値を出したということになります。

また市場が30%上昇をしたときに、20%の上昇だったら、上昇しているけど10%付加価値を出せなかったことになるし、40%上昇をしたら10%付加価値を出したことになります。

絶対パフォーマンス追求型という運用もあります。ヘッジファンド等で行われているものですね。
もともとゴールドマンはチームで運用をしており、今のファンドマネジャーはとても優秀です。ただ絶対的によい成果を出せるかどうかはわかりませんが、相対的にはよい成績を出せるものと思います。私は今のファンドマネジャーはとても信頼をしております。

個人と組織の問題は難しく、なにが正しいとか間違っているとかいいにくいところがあります。ゴールドマンと当社とは今でも信頼関係で結ばれており、いっしょに仕事もしています。

誠実にいきることの意味合いって難しいですね。

Posted by: ふじのひでと | May 03, 2004 at 01:18 AM

ドレミです。お返事ありがとうございました。すぐお返事したのですがなぜか消えています。ひょっとしてまた消されるかもしれませんが再度お返事します。

鞍馬天狗の運用が順調とのことなによりですね。集まった50億円は大切なお金とのこと。一寸法師で集められた300億円あまりは今150億円ですけどどうでもよかったみたいだなと感じましたよ。報酬が6分の1に下がったとのことですが、一寸法師の純資産の減り具合から勘案したら妥当と思えますがいかがでしょう?

一寸法師に投資する決断は自分でしましたから、4年たってもまだ20%損した結果は自分の責任だということはわかっています。でもいただいたお返事の内容、申し訳ないけれどまったく納得いかなかったです。

私が素人ということで結構馬鹿にされたなあと感じました。設定当初の日経平均は17000円程度でした。だから今12000円をわりこんだ水準にある状況で、基準価格をわったのは仕方ないというご説明のように解釈しました。でも設定当初の説明で藤野さんはマイクロキャップ、ヤングキャップへの投資というのを強調されていました。だからJASDAQ平均と比べてはいけませんか?当時100程度だったJASDAQ平均、今ほぼ同じ水準ではありませんか?こちらと比べれば一寸法師は大負けではありませんか?

ゴールドマンのFMを信用しているとか今もよい関係にあるとか誠実に生きるということがむずかしいとかそういうことではなくて、単に藤野さんが運用がへたで無責任だと考えちゃいましたが、それは単純すぎるんでしょうね。

ベンチマークが日経平均だったのかJASDAQだったのかよく確かめずに購入した私が素人丸出しでしたけど、JASDAQよりパフォーマンスが悪い(特に藤野さんが運用していたときは)ファンドが付加価値を生み出していたと考えよ、という説明はまったく理解不能で不可解きわまりないと感じました。

いまさらこういうものを持ち出すのもなんですが、ここに藤野さんのインタビューが出ています。名刺代わりのファンドというふれこみで4年もたたずに会社を去られたということから、藤野さんの名刺って賞味期限が短いんだなあと実感しました。

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それからイーウーマンの佐々木さんとの対談で、ジャーディンを退社されたころのお話をされていましたね。

これにも驚きました。やめた理由の説明の中でこんなくだりがあります。

「2800億円のお金を投資してくれた人たちです。わたしが辞めることで、その人たちが怒ってしまって株を売ったとしてもその時がピークですから、その人たちにとってはいいわけです」

まあJFのファンドは成績がよかったからよいものの、ゴールドマンでは成績がほぼ底値に近いところでほおりだしましたよね。これも
投資をしてくれた人が怒って売ればそれでいい、ってことなんですかね?しかも多額の手数料を支払わせてね。

一寸法師に付加価値があったというご説明でしたが、私には大きな教訓という付加価値を残してくれました。もう二度と投資信託の類には投資しません。特に藤野さんが運用・助言しているものには。その後自分で投資をして一寸法師で損した金額をゆうに上回る利益をあげることができました。いうまでもなく手数料もかからずに。

藤野さんはお話が面白いし、文章も読みやすい。だからたくさんお声がかかってマスコミにもいろいろ登場されて本当にすばらしいと思います。私はもうだいぶ前から傍観者としてみているだけです。でもね、ご自分を市場の専門家のような立場で、語られるのはいかがなものでしょう?一寸法師のことをよく知らない人たちや大学の学生さんたちを啓蒙して、またかつての私のような煮え湯を飲まされることはないのでしょうか?こんな言い方失礼ですが、あんまり訳知り顔で登場なさるのはやめていただきたいなあと思います。

ファンドマネージャーの大先生に対して失礼きわまりない発言ばかり、申し訳ないです。でもいわずにおられませんでした。

ドレミ。

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