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[i] , ŷ '' ?

ڿ - γ ׿

ܵ
| ؿ ġ ü Ұ Ÿ ϴ. ش ü Ǹ ڿ ϰ, Ǵ Ϻθ մϴ. Ϻ Ȯ ǹ ǿ ֽϴ.

̱ þƲ 縦 ̵ ijŻ ŴƮ(Smead Capital Management) 2007⿡ Ǿϴ. ׵ ġ ö ̱ 1 ȸ翡 մϴ. , TV, α پ Ȱ ġڸ ˸ ֽϴ.

Ʒ ̵ ijŻ ŴƮ ׵ ڿ ۼǾϴ. 츮 , 'ϴ'ü Ұմϴ.


ģϴ

ֱ ũ ִ ϴ. ȭϴ ð ־, νų(ũ ) ִ ŷ ڹ 湮߽ϴ. װ ȭ 谡 õǾ ־ϴ. ǰ ˰Ե ǰ û ð 鿩 ۾ ǰ̶ Դϴ.

ȭ ϴµ ð ɸϴ. ۿ ð ɸ ưưϰ ȭ п ũ 迡 ߿ ػ Ǿϴ. 13 ε ٷȽϴ. ׸ ħ غǾ , ε û 帧 ϴ. ׵ û θ ׾ҽϴ.

γ ׿ ڷ

츮 ũ ׿ âϴ ãϴ. ׸ 츮 13 εó dz 帧 鶧 γ ٷ 𸨴ϴ.

츮 Ӱ ̴ ϳ ؾ߸ ϴ ׿ ȸԴϴ. κ ȸ ں⿡ մϴ. ׷ 츮 ں⿡ մϴ.

* ں : , ڻ ڸ ǹ

ֽڸ ϴµ ׿ ߿ ϱ? ֽ ָ θ ȸ ó ؾ մϴ. ȸ ̶, ؾ ׿ Դϴ. ȸ簡 ׿ âҼ ڰ ˴ϴ. ׷ κ ڵ Ǹ 踦 Ⱓ մϴ. ֽĽ忡 ڴ ȸ簡 ׿ θ ׾ ø ٸ մϴ.

׿ ߿ ٸ ׿ 濵ڿ ȸ ġ ø پ ֱ Դϴ. ȸ ׿ ̿ ְ ڻָ ֽϴ. Ͻ Ȯϰų ٸ ȸ縦 μϴµ ׿ ֽϴ. , ħü ȸ ο ֽϴ.  , ׿ ȸ ġ ̴µ ˴ϴ.

ڴ Ǹ ׿ âϴ ȸ縦 ŷմϴ. ޵ ܿ 츮 ߰ ׿ â ȸ縦 ˾ƺ ֽϴ.

- ũ پ 踦 縦 ó ش ģȭ å ؿԴ°?
- ȸ ׿ ִ ִ°?
- ֱ ȸ系ڿ ŷ ޴ Ǵ ֽ ż ִ°?

̶ 츮 ȸ 濵ڰ ׿ Ȱϰ ִٰ ֽϴ.

ȸ 濵ڴ ȸ ο ׿ ܱ ϴ ó ̱⵵ մϴ. , ׿ Ǵ ֽ ϴ ǻ ׷ϴ. ׷ ׿ ̿ ٸ ǻ Ⱓ γ 䱸ϸ ˴ϴ.

׿ ã - , , ,

̱ ü Ÿ(Target) ֱ ׵  Ӱ ϴµ ں ߽ϴ. ׵ Ŵ ׿ ־ ̷ ǻ ־ϴ. ׵ ׸ 縦 Ǽ մϴ. ̷ ڴ 帧 Դϴ. ׸ 2 ̷, ڴ ū ׿帧 ش Ⱓ γ߽ϴ.

Ÿ ܿ 츮 Ұϰ մϴ. ׿ âϰ ȿ ǥ Դϴ. Ŀ(Discovery) ∙θƮ ȸ ̺ Ʈ о߿ ä ϰ ֽϴ. ֱ ش ֽ ׿ 9 ŷ ǰ , ȸ系ڰ ֽ ߽ϴ.

ũ Ƹ޸ī ̱ Ʈ ׽Ʈ(Stress tests) ޾ҽϴ. ̱ ǥ ֵ ް ڻ Կ ִ ׿ ϰ ֽϴ. ׵ ʿ ں ں ֽϴ. ׵ ں ų ׵ θ ֵ鿡 Ŵմϴ. ũ Ƹ޸ī ׿帧 ̸ پ ȸ ġ ̰ ֽϴ.

* Ʈ ׽Ʈ(Stress tests) ־ Ȳ 󸶳 ִ غ

(Amgen) û ׿帧 Դϴ. ȸ翡 õ ڵ ̿ Ǿǰ ∙ ϰ ֽϴ. Ӹ ƴ϶ ģȭ å ǽϴ մϴ.

ٸ Ŵ ׿ âϰ ֽϴ. ȸο ̷ ū â ִ ᵵ ֽϴ. ׵ 17% R&D մϴ.

R&D ڴ ̷ ݵ ʿմϴ. ׷ Ŀ νĵǴ ٸ ȸ 󰢰 ٸ R&D ݾ ó˴ϴ. R&Dڸ ʿ ұϰ û ׿ âϰ ִٴ Դϴ. R&D ڴ ϵǰ R&D ڰ ٸ ū ׿帧 Դϴ.

޵ û ׿ âϴ ǥ Դϴ. ׸ 캸 츮 ڿ ޱ ð γؾ ֽϴ. 츮 ϰ ִ ٸ 鵵 ׿帧 ݴϴ. ģȭ å ġ ý ׿ ȿ մϴ.

ð 鿩 踦 ̿ ظ ָ ŷ ٽ ڿ մϴ.

William Smead ø

: William Smead, Smead Capital Management ,"Patience And Free Cash Flow"
ٷΰ



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