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[i] ̴ ڿ ʴ ڷ

̱׷ "ô Բ ġ Ѵ"

ܵ
| ؿ ġ ü Ұ Ÿ ϴ. ش ü Ǹ ڿ ϰ, Ǵ Ϻθ մϴ. Ϻ Ȯ ǹ ǿ ֽϴ.
ݵ Ŵ ڸ õϱ پ Դ. ũũ Ʈ Ŵ ̱׷(William Nygren) ϳ. 2019 ׷̾ ȸǿ ̱׷ ġڸ ٽ ߴ. ״ ũũ 25 S&P500 2質 ͷ ÷ȴٰ ߴ. ״ 1991 ũũ ź ͷ ؼ ʰ ޼ߴٰ ٿ.

[漳: ׷̾ ȸǴ ̱ CFA NYs Value Investing Group ϴ ȸǴ. CFA NY CFA Institute η ׷̾ ߴ. ׷̾ ȸǴ ׷̾ ̸ .

׷̾ ȸǴ ׷̾ öа ٸ ִ ġ Ģ ˸ ų ֵȴ. ȸǴ 6 19 ֵư ֽĽ ̱ å 츮󿡵 ׸Ʈ ٽ .]

ġ ݰ Լ

̱׷ ǥ ġ ݰ Լ ߴ. ׸ 3 ߿ Ģ Ѵٰ ߴ. ù ° ȸ ġ ְ ε żѴ. ° ð Բ ִ ġ ϴ ãƼ Ѵ. 濵ڰ ȸ縦 ڽ ߴٰ ϰ ϴ Ѵ.

״ ȸ 繫ǥ ϸ ֱ 繫ǥ ߿䵵 ٰ ϴ ߴ. 귣, ǰ ڻ꿡 ϸ ġ â ڻ ߿ Ѵ. ̱׷ 繫ǥ ڻ ȸ ðѾ׿ ⿩ϴ ߿ غô 13% ġ . ̱׷ ðѾ׿ ڻ ⿩ϴ ߿䵵 ϶ ȸ簡 ġ âϴµ ̻ Ұ ƴ ش.

[׸] 繫ǥ ڻ ⿩


ڻ갡ġ ߿ϴ

ϱ׷ ġ ڻ갡ġ 谡 ǹٰ Ѵ. ״ ̱ 500 ְ ڻ꿡 踦 غҴ. 1975 71% 2018⿡ 14% ϶ߴ. ȸ ڻ갡ġ ƴ ְ ϴ ٰŰ Ѵ.

ڻ갡ġ ũ ϴ ǹ̰ . 2010 ķ PBR ϴ ͷ(-6%) ߴ.

[׸] PBR


​ ڻ ߿ϴ

ũũ ڻ ߿䵵 Ѵ. Ҿ PER ֽĿ Ͽ ϴ ̻ ̶ Ѵ.

ȸ ġ ϱ ̱׷ ø ڻ ġ ġ Բ ؾ Ѵٰ Ѵ. , ũũ ġ ϴ ͻӸ ƴ϶ ڻ ̷ﳻ ֿ ؾ Ѵٰ Ѵ.

ũũ ġڸ ָ ȣϴ Ϲ ġڿʹ ٸ ֿ ο ϴ Ÿ̴. ̱׷ 캸 ġڸ Ƽ׷(Citi) ٸ ̳(Ally Financial), Ͻ ŷµ ߽ TE ĿƼƼ(TE Connectivity) ۷̼(News Corp), ׸ ŷ ø(Netflix) CBRE ׷(CBRE Group) ִ.

: Michelle Jones, How Oakmark Uses Intangibles To Identify Value Stocks
ѹٷΰ



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