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"ġڴ ʾҴ. ġڰ '׾' ٸ "

ܵ
| ڴ ̱ Ʈ 'Ʈ' Ư ΰ ڿ ϰ ֽϴ. ̹ ó ϴ.
* ó: Ż īڽ(Vitaliy Katsenelson), Is Value Investing Dead?" https://contrarianedge.com
̹ Ż īڽ ̱ ˷ ġ ڿ IMA CEO̸, ũ¿ Ⱓ ġ: Ÿֿ̹ ġ ̱⵵ մϴ.
: 򰡵鿡 , ġڴ ó ȿ ,  ̵ 10 ְ ġֺ ´ٴ 踦 ϱ⵵ Ѵ. ̷ ظ  ݹϰڴ°?

亯: ִ.

ù ° ڵ ϴ ֡ ġ֡ 信 ̴. 信 ڵ, PER ġǥ ϸ鼭 κ--ֶ ϴ ֽĵ ġֶ ϴ ֽĵ- ִ. ̴ ſ ̰ ̼ , ġ 񽺵鵵 ̷ ֿ ġָ ϰ ִ.



ֵ ׵ κ ̷ ߻ (ſ ߿ ܾ)DZ 翬 ġ򰡸 ޴´. ä ݸ ϴ ó, ġ ݸ ϶ Ŀ. ̷ Ǵ 帧 װ ġ ȯ ϴ ( ⺻ Ѵ) ū ġ ̴. ׷ 10 ݸ ϶߰ Ҵ. ׷ и ؾ ݸ ̾Ƹ ٸ ʴٴ ̴.

° ټ ϴ. ġڸ ϴ 찡 . ġڶ ϸ, PER 10 ֽó ֽ ֵǴ 찡 . ׷ ̷ ܼ ġڿ ʿ ɷ̶, 5 ̾ Ǹ ġڰ Ǿ ̴. þƾ 100 ̴.

־ ġڶ ̸ ġ 6 ϳ ö̴( 6 ׷̾ ħ Ģ å The Intelligent Investor' ڼ Ұ , Ŀ Ϳ θ ˷. ⼭ 6 ڼ Ұ ̴).

, ġڴ  ̳ 繫 ǹ Ⱓ żϴ Ͱ ֽĽ忡 ϴ ̴. ̷ ð ֽĽ忡 ϸ, ó ̸ (̹ ̸ֽ ֽ, ġ 츮 10 ħü ̰-- --ݸλ ʷߴ κä ع ʰ ó Ű ֽ) κ ָϰ ̴.

̱ ư ִٰ Ѵٸ, 츮 10Ⱓ ħü ʾҴٴ ϱ ٶ. غ ݸ (, ݸ 2.5% ̻ Ǹ) ħü ݸ λ ´. ׷ ̱ δ 1 ޷ ѳ ڸ ϰ ִ. ̷ ֡ ݿ ݿ (, ġ)ŭ̳ ׷ Ϻ ʴ.

֡ ϸ鼭 FANG ֽ(̽ , Ƹ, ø, ) . ְ κ ̴. ̵ ſ ϰ 濵Ǵ ̸, ̵ ϴ ǰ 񽺵 α⸦ ִ. 5 ̵ ֽ ʾҴٸ, ̱ õ ޾ иϴ. ū ðѾװ ϴ , ̵ ֽĽ ͷ ũ ¿ϰ ִ.

̵ ⺻ κ ո ڵ غ Ⱓ Դ. ׷ ̵ Ŀ Ģ(law of large numbers) ߿ ̴. Ը ޱ ̴. ̱ (׸ ׵ ̵鵵) ̹ ø ϰ , ø ۷ι پ 庮( ö.  ϴ ƴϴ) ̱ ̱ ͼ . ۰ ̽ ⺻ ε, ̵ ڿ Ը Ѱ( ȭ) ׸ ħü(ſ ֱ ߻Ѵ) Ҷ ϰ ̴.

׸ Ƹ ִ.

ó Ƹ 󸶳 Ǹ ˰ ִ. ׷ (ٸ FANG ֽó) Ƹ ֽĵ ̹ ߰ߵǾ, 2019 60(PER 60) ̻ ݿ ŷǰ ִ. , ε Ƹ ݱ Ѵٸ ݵ ſ иϴ.

׸ Ƹ â ݴ Ϸ ƴ( ֽĿ ϱ⸦ ġ ̴), 1990 PER 52 ŷǴ Ʈ ǽ ǰ--Ʈ 30 뼺 ӵ ̶ 븦 -- ̴ܾ ޾Ҵ ϰ ִ. 13 Ʈ ֵ鿡 ñⰡ ƴϾ. Ʈ ٽ ؼ 1999 ߴ ȸϱ ٷ 13 ɷȴ.

2,500 ޷ ϰ ִ Ƹ  Ʈ ô޸ ̴. ׷ٰ ؼ Ƹ ֽ ̶ ϴ ƴϴ. ׷. ù° Ƹ̶ Ͽ 󸶳 (强) ִ 𸣱 ̴. °  ֽ 򰡵Ǿٰ ؼ װ 򰡵 ٴ ǹϴ ƴϱ ̴. 1999 5 Ʈ ֽ PER 35() ŷǰ ־µ, Ұ , ְ 50% ϸ鼭 PER 52( ) ִ.

ġ ? ó ̰ ֽ ֽĿ ̻ ̴. ġ 忡 ̺ ξ ִ. ӵ ӵ ? (ֽĽ κ ġڵ к° ִ ð Ⱓ ո ¿ ӹ ִٴ ǿ ұϰ) κ ̷ ùٸ ˰ ִ. FANG ֽĵ ġڵ Ʈ Եǰ ִ Ÿ ִ. ġڵ FANG ֽ ̷ 强 ġ ϱ ְ, ̵ FANG ֽ ν ޴ ߵ ִ.

ġ ̻ ̰ܿԴ. ̰, ſ ٷ ̷ ϸ, ñⰡ ̻ ⸦ ϴ ΰ̰, ٷ ׷ ġ򰡿 롱 ñ ϰ Ǵ Ǻ ū ǰ ̴. 2018 ũ ؼ ȸ ʹ ϸ  ڵ ŷ ִ١ ִ.

, ġڴ ƴϴ. ġ Ŵ Ʈ Ӹ ᱹ ٸ ̴. <>






















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