– ٽ
The Intelligent Investor: a Summary of Benjamin Grahams original work in 2014
- : ̾ Benjamin Graham
- : Ƽ Stig Brodersen / ǽ Preston Pysh
- ű: ̰ / :
- ǻ: ϵ / 224 / \\13,000
ġ ̸鼭 , ̾ [ ] Դϴ. å ϵϱ Ҵ ֽϴ. ǥ ܳ 巯 ϵ Ŀ ǥ ҷ å 뿡 ־ ٽ ̶ ״ ̾ Դϴ.
̹ [ ] оϴ. 1973 2002 2004, 2005, 2006 3 ̽ ũ 2003 2007 2007 2012 2, 5 ϵ߽ϴ. ̽ ũ ù ǿ Ǵ 1.5 þ, о ߴ ϴ.
̾ [ м] Ⱓ , Ϲ ֵ å [ ] 5 ϵ ؼ ϱ ٽ ñ⸦ ̾ϴ. а İ ; ΰ ʾƼ 2007 Ҵ ۱ ߷ ߴ ִµ, ڿ ÷ϵ ϰڽϴ.
̾ ϳ ߿ ־ ū 1. ڿ 2. ڻ 3. , 3 ϰڽϴ. ̾ մϴ.
1. ڿ :
ڶ ö м ϰ Ű鼭 Ȯϴ ̴. ʴٸ . رǾ ŷ Ǿ ֽ ̶ ϰ, ݴ ؼ Ǿ ⸦ ϸ鼭 ڶ Ѵ.
* ö м: ġ Ȯ ؿ ߾ Ѵٴ ̴.
* : ݸ ͷ ں̵̳ ͵ ϱ ̴. ְ ǥ̴. ̴ ڰ ϰ Ǵؼ Ѵٸ ƹ ̶ ٴ ̴.
-> ֽ ǥͷ ⿹ ݸ 2迡 Ӵϴ. ݸ ؿ 4% ä ̸ ־ ö м ̵ ִ ǥԴϴ. ǥ ʴ Ⱑ ƴ ڰ ϴٰ ϴ.
2. ڻ :
ֽİ äǿ 50% δ ս ̴. Ȳ 25~75% ̿ ϴ . ༼ ٴڿ ֽ 75% ̰ ä 25% Ѵ. ΰ 帧 ϹǷ, ϱ ʴ.
-> ̿ ٸ ִٰ ϴ. ڱ ÷ ִ ̶ ֽ 100% ʽϴٸ, ڱ ø Ȳ ɸ , ڸ ؼ ̾ ʿմϴ. å ۿ ߵ ̷ ֽ 100% ߺ ͷ ϰ ֽϴ.
3. :
ֽ ͷ äǼͷ ξ ʰ Ȯȴ. ͼͷ(EPS/ְ) 9%̰ äǼͷ 4% . ֽ ͷ 鿡 äǺ 5% ϴ. ȸ ʰ ͷ Ϻθ ڿ ϰ, ؼ ġ ̴.
10 ڿ ʰ ͷ հ谡 ֽ Կ 50% ̸ ̴ .ٷ ̰ Ǿ ս ų ٿ ̴. ̷ 20 ̻ лϸ, Ư Ȳ ƴ϶ ȱ ̴.
-> и ̾ þ ڸ ϰ ֽϴ. ν ͼ ϰ ٴ PER ӹ ִ ϰ ֽϴ.
̹ 鼭 Ӱ ֽϴ. ̾ ڸ ϸ鼭 ڸ ֽϴ. ̴ ̾ 1929 Ȳ ä ó ߿ϰ Ͽ Դϴ. <ȸ Ӽ> ϰ ִ , ְ ֿ 繫ǥ ŷڼ 鿡 ٰ Ǵ Դϴ.
-> ѱ ÿ ϰ ִ μ Ȥ ̴ ְ, 繫ǥ ϱ ְ ֿ ŷڼ 鿡 ڶ ʴٰ ϴ. ̾ ÿ ־ 濵ڸ ߿ мҷ ٷ Ư 츮 ִ 濵(ѱ ʰ濵) θ ұ п 켱ؾ Ѵٰ ϴ.
<ֽĹ> ̾ Ѵٴ ̹ ˾ҽϴ. 5̳ оµ ־ٴ ǿ ΰ κ å ο ã Ȯ߽ϴ. ̾ űϴ. Դϴ^^
ڵ ֽĹ ʿ 븸 , ƹ ȿ ٰ Ѵ. ̴ Źп Ұϴ. ֽĹ ֵ ֽ ϹǷ, ʿϸ ֽ ŵϸ ȴ. ֽ ״ ϸ þ ֽ ŭ Ѵ.
-> ٿ, 5% ֽĹ ݹ Ǹ ְ ȸѴٴ ݹͷ 5% Ѵٰ Ǵմϴ.
ົ̶ Ѱ ϱ Դϴ. Ư 繫ǥ Ƿʸ 13 18 µ, ̸ ϱ , ľ ؼ ٽ 鿩 ҽϴ.
ִ ϴ ̰ Բ ϴ , ۰ ŷ ȫ õ翡 Ȯ ־ϴ. ̰ å [ ] д Ѵٰ Ͽµ, å а å б Թ Ȱ ְڰ ̹ Դ Ȥ ǰڴٴ Դϴ.
ο ߵ, 2007-10-24 [ ] а ģ κи Ű ֽϴ. İ ̾ 밡 Ǿ ϴ űϴ.
1. ϴ Ư Ǵ ʿ ʴ. ʿ ǻ ϴ ϰ ü װ 鸮 ʵ ϴ ɷ̴. –
2. Ÿ ϴ Ǽ ݺ ۿ – Ÿ߳
3. ڻ 迡 ϴ ġ ִ 췮 ֽ ̷ ֽ ڵ ֽĽ ũ ¿ȴٴ ˰ ִ. ̿ , ƿƼ ڻ갡ġ ؿ Ǵµ, ̷ ֽ ڴ ϸ鼭 ϴ ϰ ֽĽ ո ݿ żѴ.
̷ ڹ Ȯ , ŷ о߿ ¥ ͺ ξ .
4. ٸ о߿ Ŀٶ ʿ , ƮƮ 糭 ̾. ڵ ū ̸ ִ ٷ ڱ ڽ ִ.
5. Ȯ ڵ鿡 Ȯ ʴ´.
6. ڴ ö мϿ ϴ ̰, ̷ ϴ ̴.
An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
7. ֽĸż ſ ̰ ϴٰ Ϲ Ǿ ñ ֽ ŷ ݼؿ ŷǰ ū ¼ ۵DZ ̾ٴ ( ƴ) Ŀٶ ̷̴. ݴ ֽĸ , ֽĸżڰ ֵ ر ְ .
8. ڴ ֽڿ Ұ Ѵٴ νϿ Ѵ. ڴ ̷ Ҹ ּȭϴ ÿ Ǵ ܱ Ҹ Ÿ Ϳ γ ɸ Ͽ Ѵ.
9. : 1) ϰ ִٰ ϸ鼭 ϴ , 2) İ 鼭 ̰ ƴ϶ ɰϰ ϴ , 3) ظ ر Ŵ
10. ɾ ʹٸ, ̷ ¸ ؼ ڱ( ) ϶. ϰ þٰ ؼ ¿ ߰ ڱ ƾ Ѵ. ( ⼺ ·κ ڱ ̴) ¿ ⼺ ڱݰ ڿ ڱ ؼ Ǹ, ü иؼ Ͽ Ѵ.
11, ǰ ̷ . ൿ , ڽ ൿ ϰ ϴ Ѵ.
12. ̻ ϱ ؼ ڴ 1) ϰ ϸ 2) ƮƮ αⰡ ڹ Ѵ.
13. ڻ Ÿڻ ʰ ڻ(ں) ðѾװ ؼ ڻ ðѾ ū ã´. ̷ αμ ġ ξ ݿ ŷǴ Ȯϴ. 濵ڳ ֵ Ͼ ݿ ֽ ŵ ̴.
14. ö м: Ȯ ġ ϴ
15. : ̰ų ո Ȳ̳ Ͽ սǿ ϴ
16. : ڰ ո ̼ ൿߴٸ Ⲩ Ƶ ִ
17. ϸ ְ ֽ ϴ ϶
18. ڴ ϴ , й ִ Ư ī̴. ϴ ڽ . ݸ ϴ Ŀ . ƮƮ Ӿ ̴ ȭ ŷ ΰŰ Ѵ.
19. ִ ٸ ؾ Ѵ. װ ̴
- (Yogi Berra)
20. ֽ ̳ äǺ ٴ Ѵٰ ϴ ̴. -> κ ̻ؼ ٽ ã ҽϴ. ð ֽ 7.0%, ä 4.8% ֽ ڼͷ ٰ Ϳ , ֽ ڼͷ 2% ´ٴ Ͻ ݹԴϴ. – 117
21. ǰ ġ ϰ Ʋȴ° , ü ڵ Ͼ ϴ°?
22. ɷ¿ ؼ ؾ߸ Ʋ Ȯ ̷ ʹ ִ.
23. ڱݾ Ϳ ؾ Ѵٴ ǰ Ʋ Ģ̴. ڰ ǥϴ ͷ װ ִ Ѵٴ Ϲ ԵǾ.
츮 ٸ. ͷ ڰ ڽ ڿ մ ִ. ϰ ڸ ϴ ұ ڿԴ ּ ư. ְ ְ ϴ ̰ ڵ鿡 ư.
24. ϶忡 ֽ ¯ ִ ּ 25% äǿ ؾ Ѵٰ ̾ Ѵ. ġ ־߸ ְ ϶ϴ ֽĿ ڱ ⸦ ְ ȴ.
25. ֽ ̴.
26. ְ ȭ Թŭ ñ Ȯ ķ ڹ ƹ ߰ ߴ. – 踰 (Lucile Tomlinson)
27. ֽ ͷ ڱݿ ִ ƴ϶ ڿ , , ڼҾ翡 Ѵ.
28. ΰ ູ ϱ û ƴ϶ Ͼ Ϳ ´. – Ŭ (Benjamin Franklin)
29. ̹ ߾ƴ ̳ ν Ѵٸ ɰҼ ִٴ ϱ ƴϴ. ã ù ̴ܰ. ܰ мϴ ̴. 潺Ե, ġ 繫ǥ мϰ ġ ʰ, ƹ ǰ Ǹϰ պ ȸ翡 ؼ ȴٰ Ѵ.
30. ϴٰ ϴ ˰ ִ ͺ Ϸ Ѵٴ ̴. װ ƴ Ϳ ϴ ̴.
- ٷġ ǽȣ (Baruch Fischhoff: īױ д )
31. ٰ ִٴ ȣ ۰ Ư¡ ȸ ű ֽ ȸ ְ غ ټ ȴٴ ̴.
32. ڰ ̻ δϴ ̳ ƴϴ. ڴ ܼ ڽ м ð ִ ̴.
33. κ 2 Ǵ ִٰ Ѵٸ Ȳ ڰ ִٰ ִ ٰŴ ΰ? – 2 ؼ żϴ 쿡 ϴ ū پ Ѵ. ù° ͷ . °, ȸ żݿ ̰ ᱹ ְ ĥ ̴. °, 밳 鿡 ϱ ո ر ÷ش. °, Ư¡ 忡 ӵǴµ, Ǿ 2 ر ְ ִ. ټ°, Ϳ ǿ ġ Ưε ο ȯ溯ȭ, ο å ä Ǵ 濵ħ ȭ ִ.
34. ū ؼ 㼺 ʿϴ. ū ٸ װ ϱ ؼ 10 ӱ ʿϴ. – ̾ νϵ
35. ִ ո ġ ִ. PER 25質 30踦 ξ ȸ » .
36. ڴ ְ α ƴ϶ ֿ ֿ .
37. (Shrewd Investor) Ǵ ΰ Ȱ ִ ༼忡 żؼ ΰ ִ 忡 ŵϴ ̾.
38. ѷ Ư¡: 1) 2) PER 3) äǼͷ ͷ 4) ſŷ 5) ڵ ű
39. ڵ Ǹ ɸ . 5 ӵ Ŀ ༼ ɼ ̻ ʾҴ. ذ ִ ᱹ ǻ Ǿ. ֽĽ忡 ǻƳ ̴.
40. ڰ ֽ 5 Ⱓ 50% ̻ ϰų κ 1/3 ̻ ϶ϴ Ϳ ɼ ⺸ٴ ̸ Ȯ ñ ̴.
41. ڿ ϳ ߿ ǹ̸ ´. ݺ ڿ ް ϶ ż ְ ϰ ŵ ִ ȸ ̴. ٸ ֽĽ忡 ؾ Ͱ ȸ Ǹ ̴ .
42. ū Ŀ ֽ ū ϶ Ŀ !
43. α⸦ ;ϴ ູ ٸ 鿡 ִ. ſ ߱ϴ ູ ¿ȴ. ູ ڽ ο ൿκ ڶ. – ƿ췼콺
43. ū ֽĽ ̴ Ϳ ʹ Ǹ δٴ ̴.
44. պ ƴ϶, ڽ ʿ並 ϴ ŭ ̴. ڽ ڼ Ǵϴ ְ ̱ ִ ƴ϶ ڽ ϴ ִ ڰȹ ڱ ִ ̴. ߿ ٸ ϴ ƴϰ, Ȯϴ ̴.
45. ϱ ڴ Ŵ ڰ ̹ ؾ ϸ, ִ ξ ϰ żؾ Ѵ.
46. , Ȯ϶
47. ֽ ġ ̿ õ ڹ ؼ Ѿ ŷ . ̳ , ̷ üϷ ϰ ڸ ⸦ Ϸ Ѵٴ ȣ Ƶ鿩.
48. ؿ ֽ ϴ ִ ص ϳ̴.
49. ȸ ⺻ Ǵ ϴ ͺ âϴ ̴. 濵ڴ 뵵 ϴ ã´. ̷ Ǹ ϴ ֽĽ ǵ ġ ϴ Ȯϴ.
50. ó ڴ ̷ 뿡 ʹ Ƽ װͿ ҷ ʹ ϰ 밡 ȴ. ȹ ͵ . ̴. ŭ ʴ´ٸ, ġ Ͻ ս Ƹ ȸϱ սǿ ϰ ִ.
51. ڴ ص ̷ Ȳ ۾ ϰ ִ. , ̷ 翡 ϴ ̴. ϰԵ ̷ Ȯϴ. ÷̼ǰ ŷ , Ƿ . , ں, 糭 ٰ´. κ ڵ ߴ Ͱ ݴ Ÿ. Ƿ ʷ ϴ ̴. ⺸ٵ ŷڵ . κ 鿡 ٰ ( ְ ϰų ڽ Ǵ ϴ κ ) ּ ذå̴.
52. Ȯ Ϳ ϴ ū ڰ DZ ƴ. 迡 Ŵ Ļؼ ϰ ȴ. Ƿ ս Ȯ ϴ .
– ý
53. ӿ ǰߴ . ȥڼ ڽ ǰߴ ͵ . Ѻǿ ִ ִ ̾߸ ̴.
– Ralph Waldo Emerson
54. ڴ ִ. ù°, ٲٱ⸦ źν, ڽ Ģ Ű ϰǰ ൿѴٴ ̴. °, ϰ Ѵ. ؼ Ű .
55. ȯ ڶ Ÿ. ̶ ȸ ȯ ŷ ְͷ ̴.
56. Ǵ´ ൿ ϶. Do as I say, not as I do.
57. ϴñ ڶ ʴ´. Trees dont grow to the sky.
58. ҵ鵵 鵵 µ ȴ.
Bulls make money, bears make money, but pigs get slaughtered.
59. Ҵ̴. 繫 ڸ ̻ ٴ ̴. Ǵ ⸸ ϸ ȸ, ̵ Ѵ. , ǻ, , Ư ϰ Ǹ, װͰ Ǵ ȸ ̵ ű . к ִ ڵ ̷ ٺ ƴ ̴.
60. 9 ؼ ڿ ° ո Ȯ ó, ֽ(Ǵ ü) Ⱓ ¸ ִ. ŵ ְ϶ ϴ ܼ οԴ ʹ ̴.
61. ܱ ǥ, δ ü̴߰.
62. ֵ 1) ϰų, 2) ȯ濡 ó ִ ϰų, 3) ְ , 濵ɷ¿ ϴ ϴ.
63. ư ǿ Ǵ ← ϴ Ͱ ְ Ǵ ǿ Ǵ ʿϴ.
64. ڴ սǺ ɼ ū ִȭϷ ؾ Ѵ. κ ڿ Ȯϴ ܼϰ лڴ.
65. ǹ ڸ Ϸ Ѵٸ ű ǹ ؾ Ѵ. ̷ ġ ǥ ְ ߷ ־ ϰ 迡 ִ ̾ Ѵ.
66. ֽ̳ ֽ . ֽİ ֽĸ ִ. ְ 췮ֽĵ ʹ θ Ⱦƾ ǰ ־ ֽĵ ʹ θ ġ ִ.
67. ڼ ϴ Ϲε ϴ ͺ , Ź ø ⺸ ƴ.
68. 忡 ִ ִ ʿ ڵ ༼忡 ū ս ̴.
69. Ȥ پ ģ º ߿ ִ. Ǵ ߴ ڿ Ϲ غⰣ Ʒõ ɷ̶ ݵ ̴. ȸ ڽ ε帮 ϱ ؼ ȸ ν ִ Ʒ ־߸ Ѵ. , ȸ 츱 ִ , Ǵܷ Ⱑ ־߸ ϴ ̴.
70. 踦 ϰ Flat Earth Society( ϴٰ ϴ ) âϰ ִ. 忡 ݰ ġ ̴ ӵ ̰, ̾ å д ̴.
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