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. Ⱓ 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. 繫
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 ̴.
1. investment to small dynamic growth companies
û ų^^
ڿ Ǵ å̶ о...
å а ־^^
ϴ...
Ͻø ھ ּ
߿ ȸ .... ŹҰԿ~~~^^&