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å: ٷ ֽڹ

ٷ ֽڹ

The Zulu Principle in 1992 & 2008

 - : Jim Slater

 - ű:

 - ǻ: ũ/ 2016-07/ 362/ 19,500

 

ڶ ϸ, ̸ κ Դϴ. ο ִ ι п ö ҷν, ۵ п Դϴ. ? å ιԴϴ. ͳ ˻ϴ, ̷ǿ 2012⿡ ٷ ڹ Բ Ұ ־µ, ~ о ũ ʾƼ ؾ Դϴ.

 

ڴ 5 ڹ Ұϸ鼭 ߿ ڽ ⿡ ´ ڹ ؼ Ѵٸ, ڼ ִٴ Ĩϴ.

 

 

ٷ ڹ ٷ, ٷ ̷ Ű Ұ űϴ.

 

ٷ ī θ ϰ ־ϴ. ī Ĺ ÷ ٷ ׺ 䱸 ź մϴ. 1822 Ѱ â ٷ Ը µ, ٷ δ ϴ ʶ߸ν и ̲ ´ٰ մϴ.

 

ī (?) ƳԼ ⸦ ڴ ڽ ڹ ٷ ϴٴ Ī ٿٰ մϴ. »δ ߹ 븦 ٷ ܱⰣ ν ū ִٴ ڽ ڹ Ѵٴ Դϴ.

 

ڴ ʿ . ȭ о߿ ռ Ǵ ġѴٸ鼭 ٷ ڹ մϴ. װ ϴ 5 ڿĢ ٷ Ű⿣ Ȯ ط ֽϴ. ϸ鼭 ذ Ǿ ϴ ٶ ϴ.

 

 

å ϸ鼭 ṵ̋ д ڰ ϴ Ģ ŭ ľ ֽϴ. ٸ  å̵, Ư ڿ õ å ڿĢ Ȥ д ͸ Ģ Ȱؼ ߴ ޼ ִٰ ϴ´ٸ, ҼԴϴ. Ģ ؼ ϱⰡ , ٽ ߶ Ģ ۸ ڿ Ϸ ģ ǥ , 칰 ã ģ ٶԴϴ. å Ģ ϰ, ڰ Ģ ڿ  Ȱ϶ ϴ 뷫̳ ־ϴ. ׷ϴ.

 

ڰ ϴ 5 ڹ ϴ.

 

1. investment to small dynamic growth companies

2. Ͼ turnarounds & cyclicals

3. ֽ shells

4. ڻ Ȳ ֽ ġ asset situations

5. ǥ leading stocks

 

ڰ ȣϴ ڹ ̰ ֽİ Ͼֶ ϸ鼭 δ ڸ κ ٰ մϴ. ڴ ֿ ڻֿ ڿ ־ γ ʿϰ Ͼ ֽ 쿣 ̿ؾ ϸ ǥ ڸ ȯ ζ մϴ.

 

 

ű̿ ڰ ߽ ϴ 5 Ģ ϴ.

 

1.

ðѾ ϴ ֽĿ ϶ ̴ϴ. ̸ ؼ ġ Ȱ PEG(Price Earnings to Growth ratio: ְ) ̿մϴ.

 

PEG = PER / EPS

Ex) PER 10 / EPS 20%̸.. PEG 10 / 20 = 0.5 -> ^^

-> ڴ ü 15% ̻ PEG 0.75 , ٶϰԴ 0.66 ֽ ã ִٰ մϴ.

 

ŷ¿ ڴ 츮 ִ Դϴ.

- ְ ϴ ⺻ ̶ ؾ Ѵ. ù° , ° ֽĽ οϴ PER ̴.

–> ֿ οϴ PER 缺 մϴ.

 

ڹ ڰ ù ° Ŵ ڿ ־ ణ ִٴ ϰ ˴ϴ. PEG ߿ Ͱ ǻ ġ Ѵٰ ߴµ, ϴ ٴ Դϴ. Ѵٰ ϴ Ȯ Ƿ 뿡 ־ PEG ̿ ڹ ؼ ǹ ˴ϴ. ݸ鿡 ̷ ߰ؼ ִٸ ϴ <> Ȯϰ^^

 

2. Ͼ

̷ ̳ Ȳ Ÿ ó , ȸ Ͼ ֽ ż , ȸϰ ְ ŵմϴ. Ÿ̹ ߿ ؾ մϴ.

 

- ֿ ϴ Ӹ μ ̱ , Ÿָ̹ ū ְ, ׷ ؼ ֱ⿡ غ ذ ʿϴ. –> ƽϴ.

- ż ϱ ̰ ŵ ȯ и ǰ ̴.

- ֳ Ͼָ ߰ϸ, Ư ο 濵 ū ִ. ũ Ƿ ̷ ֽĿ ü Ʈ 10% ̻ ؼ ȴ.

 

3. (shell) ֽ

۵ Ǵ ֽĽ忡 μ Ǵ ״ ߿ ̶ ϳ׿. 츮󿡼 Ѷ ȸ ̿Ǵ ν ڸ մϴ. ϴ ٸ 췮(?) μ ִ ̹Ƿ ڿ Ǹ ← մϴ.

 

ڴ Ѷ M&A ޵ Ļ ֽϴ. ׷ ȸ ־ ̹Ƿ ڰ ȣϴ ڹ̶ Ϲ ڴ ŵ鶰 ʴ ּ ˴ϴ^^

 

ü ڿ Ȱϴ մϴ.

1. ̷ 10 ̻ ν лŰ

2. ڿݿ 40% ϶ϸ Ÿ ϰ

3. ǴܵǴ ֽ ؼ ÷.

 

4. ڻ Ȳ ֽ ġ

ڻ ְ  50% ̻ ֽĿ ڷ PBR 0.66 ֽĿ ϶ մϴ. asset situations Ǿ ־ ε, 츮 ϴ ڻ Դϴ. û갡ġ ֽ (Ǹ 濵 ν Ȥ ü Ƿ) ڻ ȰȭѼ ø ִٴ Դϴ.

 

5. ǥ

ðѾ ū ϴ ϸ ŸŰ , κ м ̷ν ְ 찡 幰ٴ ֽϴ. ȯ ؼ Ȱ ִ -ᱹ ڰ ǰڴµ- ڹ Դϴ.

 

ڳ ޸ٸ, ֿ ڱȸ ã ִٴ ڴ ʿ췮 ָ ϴ մϴ.

1. 5Ⱓ ִ 15% ̻

2. 5 ּ 4

3. ۳ ִ ּ 15%

4. 5Ⱓ ų ޵Ǿ

 

 

ڴ 1963 2 <ijиƮ> ʸ ؼ ڷ׶ Į ϸ鼭 9 ڿĢ Ʈ մϴ. 3.6% װ Ʈ 68.9% ͷ 鼭 ϴ. ڴ 9 Ģ Ų 11 ڱ ϰ ڻʸ  մϴ. 9 Ģ ù ° ߴ ͷ 4%̻ ߽ϴ μ Ҹ- ȭ ְ ֽϴ.

 

11 Ģ ߿䵵 Ͽϴ.

 

ʼ

1. 5

2. PEG

3. ְ濵

4.

5.

 

߿

6. ο

7. ðѾ

8. ְ

 

ٶ

9. ͷ

10. ڻ Ȳ

11. 濵 ֽ

 

 

å ϴ åμ ߰ ֽϴ. dz Ұ ܿ ڰ ܿ / ν ظ ֽϴ. ǻ翡 -츮 ˷ ʾ ؼ̰- ڿ Ұ ־ϴ. 𸣴 å Ǹ ׻ ͳ ˻ ڿ ˷ ϴµ, ̹ ׷ ʿ並 ʾҽϴ.

 

̷ν ҽϴ. ȸν 忡 Ȱϰ Ȱϴ ū ɷ ޾ ϰ Ǹ鼭 ̷ ϰ ڴ ᱹ ڽ ִ ڷ ˴ϴ. ģ Բ ȸ ĥ 1973 ũ ܶ Ҹ մϴ. å ϴ ڹ Ȱؼ ڷμ ϴµ, κ ־ ݰ ϴ.

 

 

߿ ʹ Ҵ űϴ. ű , 2008 9 , , ̻ ֽ 7 19忡 Ʈ ִ, ٷ Ģ 10 ΰΰ 鼭 ڿ ־ ݵ ؾ Ҹ  ̶ մϴ.

 

- Ŵ иϴ. ź ξ ϴ ̴. ñ⿡ ֽ ż , , ŵ ִ.  ڹ Ű ֽ ż ȴ. ׷ , ְ ֽ ȴ. ̻ ż ƴ ŵ DZ⿡ . Ͼ, , ڻִ ֺ Ѵ. ѵ, ֽĵ 밳 ȸ̱ ̴.

Ͼ ΰ ֽ ˰ ڸ, ִ ڸ, ڻִ ⺻ġ ϴ ְ ڸ ֽ ŵؾ Ѵ. ż ߴ Ȳ ȭ ̷ ̴.

( ֽ) ̿ ſ ٸ ִ. Ŀ 20% ִ ϴ ָ ߰ߴٸ, ֽĵ ŵؼ ȴ. ̷ ֽ Ư ø ִ Ƽ ִ.

, , Ͼ, ڻִ νϸ ŵؾ , 췮 ִ Ī ٷ Ѵٴ ̴.

-> 5 ڹ ֽĿ ŵ/ͽ Դϴ.

 

- 忡 ð  , ڱ ּ 50% ׻ 忡 ϰ ־ Ѵ. ߼ ؼ ߸ Ǵ ׸ ׻ Ÿ̹ ߴ ͺ ξ ߿ϴٴ ̴.

-> ֽĿ 50%~100% ̿ ϶ ڰ ּ 50% ̻ ؾ ϴ Ⱑ ϴ.

 

- Ƿ ؼ ݴ ġ . ̷ óϴ Ⱑ ٸ ̴.

 

 

å 鼭 迡 ־, Ư ڰ ڱ ؾ ϴ ڰ 巯 ʹ Ƽ ۷ űϴ. ڴ ڴ 10~20 Ʈ ϴ ٶϴٰ Ͽϴ.

 

10 ϴ 100 ϴ ͺ ϱ? ù°, ó 10° 񺸴 ξ , 100° 񺸴ٴ ξ иϴ. °, Ʈ , ϰ мϱⰡ ϴ. ٷ ڿĢ ð ϴ ٷ ̴.




ƮƮ ũα (3) ֱֱ(1)
:
|

 Ѹ ( 4)

  1. ݰ
    ݰ | 16.08/01 16:10
    |
    ҽϴ. Ҿӿ ұϰ 50 ϰ ־ ݼϰ ִ а ݼϰ dz׿. 10 ٴ ^^
    ۾
    • | 16.08/04 10:11
      Ƹ ӵ巹 ڽ Ǵµ, ԰ ϴ  ϴ ȴٰ ߰ŵ.. ̻ δ 迡 ȴ ֽϴ. Ǹ ^^
    • ݰ
      ݰ | 16.08/02 13:43
      ߽ϴ. о ƾ߰ڳ׿ ^^
    • ݰ
      ݰ | 16.08/02 10:20
      ִµ ں ִ ʳ׿ ^^
    • | 16.08/02 07:41
      ۷ ο .. Ұŵ. ӵ巹 ڽ ϼ̵, ֽ 鿩ٺ鼭 ̰ ̶ ϴ ^^
  2. ƺ
    ƺ | 16.08/15 23:18
    |
    մϴ. ׿..

    1. investment to small dynamic growth companies


    ۾
  3. ȣ
    ȣ | 16.11/25 16:55
    |
    ֽð Ұ ˷ֽô
    û ų׿^^
    ڿ Ǵ å̶ о׿...
    å а ־^^
    ϴ...
    Ͻø ھ ּ
    ۾
  4. ؿ
    ؿ | 17.03/19 00:25
    |
    ҽϴ... å մϴ... ϰ å̶ ׿~~ ۵ ϼ˳׿!! ׸ Ź帮 ູϽð ϸ ϼ...߿ ȸ Ǹ ϸ鼭 ֱ Źصɱ
    ׷ ߿ ȸ ....׸ ŹҰԿ~~~^^&
    ۾

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