| [: Ʒ Ư ũ(valuewalk.com) Դϴ. ǹ Ʈʽ(Silver Ring Value Partners) Ʈʵ鿡 ϺԴϴ.]
* ó: Ը ̽(Gary Mishuris), Silver Ring Value Partners managing partner CIO, "How Can We be Sure That Value Investing Will Continue to Work?" 2020 7 17, https://www.valuewalk.com/2020/07/how-can-we-be-sure-that-value-investing-will-continue-to-work/
ġڰ ȿ̾ * ó: Ը ̽(Gary Mishuris), Silver Ring Value Partners managing partner CIO, "How Can We be Sure That Value Investing Will Continue to Work?" 2020 7 17, https://www.valuewalk.com/2020/07/how-can-we-be-sure-that-value-investing-will-continue-to-work/
ġڰ ̱ Ȯ . ſ ȿٰ̾ ؼ ̷ ȿ̶ ̴. ݱ ڰ ȿ̾ 캸, ̷ ȿ̰, ȿ ִ.
츮 ϴ ġڡ ǹ 캸. ݱ ġڶ κк ̳ ΰ ⺻ ǥ ֽ(̸ ֽġ̶ Ѵ) żϴ ġڶ ߴ.
ġڶ ڡ Ǵ Ǿµ, ڶ ش ̷ ż Ҹ( ż) ̶ 뿡 Ϲ ̳ ΰ ֽ żϴ ڹ Ѵ.
̷ (statistical cheapness) ġڹ ȿ̾ ־.
1. ൿ(Behavioral Biases): ڵ ֱ ̷ ʹ ϰ ϴ ־. ̷ ö м ո ߷а ſ ̾.
2. Ѱ(Institutional Constraints): ڵ 忡 ð Ŀ ִ ̿( ֽĵ) ϴ ڽ ° Ҹ Ī ũ δϴ ̾, . ݸ, ٸ ڵ α ִ , ̶ ص ־.
3. ȿ(Informational Inefficiency): 20 ص ֽ ã ؼ ۾ ʿߴ.
4. ܱ ð(Short-term Time Horizon): κ ڵ ȿ Ȯϱ ϰų ʿ Ѵ. ڽ ڰ ȿ ٸ ִ ڴ ſ 幰. ̷ ܱ ڵ ڿ ݴ Ѵ. ݸ, ġڴ ٸ ڹ ڱⰣ ĥ , ð Ҽ ڵ ٸ ڵ ġڿ ־.
ֽ ־
ֽ ְ ־. װ ż ſ ̼ ̵ ֽ ݴ ϰ ұ ̴. ݴ, , ֵ顱 ش ݴ ġֵ顱 ξ ұϰ ְ ־.
ġڰ ſ ȿ̾ ȿ ÷ ǻͿ ͺ̽ Ȯ ̻ ȿ ʰ Ǿ.
ֱ ȿ ǹ Ǵ ֱ Ҹߴ ൿ̴. ش Ͻ̰, ش ְ 뺸ٴ ͷ Ϻθ ȸϴ ִٸ, ̷ ൿ ̷ ְ õ ȴ.
츸 ִ ƴϴ. ̼( ְ) ε ְ ξ ū ϴ õ ̸, Ȥ ξ Ļ ܰ迡 Ÿ ̶, ڵ ߸ ̲ ൿ ڵ ӿ س ִ.
̷ ϴ ̷ ε ̶ ƴϰ, ְ մ ְ δٰ ؼ ó ؼ ǰ Ȯؾ Ѵٴ ̴.
ġ ̲ ( Ѱ ܱ ð) ̸ Ⱓ ̴. 15 ߾ݵ忡 , Ѱ ſ ݵ ϴٰ ִ. ٸ ؼ ϱ ٴ Ȱ ؼ ϴ ٴ ݾ κ ʹ ָ ݵŴ鿡Դ ȿ ̴.
ݸ, ؾ Ը δ ʰ °, ̸ Ư Ű ʰ ȸ簡 ϴ ݵŴ鿡 ؿԴ. ̴. ̷ ݵ .
ڵ ð ݱ ݵ ʾҰ, ε ɼ ſ . 뿡 ΰ ӿ κ ݵŴ μƼ ӿ Ѹִ. 3Ⱓ 鼭 ̳ ʰ 迡 ִ ڴ ſ 幰.
̷ м ֽ żϴ ǵǴ ġڴ źٴ ȭ ̶ ϰ Ǿ. ȭ ˱ ƴ. ġ ݵ ʰ ִ ( Ѱ ܱ ð)ε κ Ȳ ʰ ִٰ ִ.
̶ ġ Ǵ ƴϴ.
Ǵ 簡ġ(intrinsic value investing)̴. 簡ġڴ PER̳ ٸ ݴ ǥ ü ϴ ƴ϶, ʰڻ(excess assets) ̷帧 簡ġ ش ġ , ġ ΰ ֽ żϴ ǥ Ѵ. ̷ ϸ ֽĵ 巯 ְ, ݴ PER ֽĵ 巯 ִ.
簡ġڹ ڰ ϴ ġ м Ȯϴٸ, ݵ ȿ ־ Ѵ. м Ȯϴٸ ̴. δ ؼ ̷ Ȯϰ ִ ƹ . ̵ ̷ 帧 ٻġ ° ϴ ſ ̴. ̷ ؿ ȿ ־ ϴ ſ ٹ ؿ ɼϰ ϱ ƴ.
߸ տ , 簡ġ ̵ ڽ ϴ ϴ ȭϴ Ƿ ִ. ̴ żϰ ? . ġ ְ ٴ ȭϴ ̷ Ʈ ȴ. 簡ġڹ ϰ ִٰ ִ.
ġڹ 簡ġڹ ȯѴٴ ȿ ȿ ξ ְ ϴ ̴.
簡ġ, ո ̷ ִ
Ѱ ð 簡ġڹ ϴ ɼ ڶ 庸 ɼ ſ . ɷ ϱ ſ ̴. 䵿ĥ ո ִ Բ ɷ ִ ſ 幰.
ǹϴ ϱ? , صǰ DZ⸸ ϸ ġڴ ʰ ɼ ſ ٴ ̴.
̷ ִ ġ ź ξ ̴. ڹ( ġڹ) , Ȥ ġ ʹ ָ ڹ(ʹ ̷ ϴ 簡ġڹ) ϴ ڵ-- -- 庸 ɼ . ()
<> ðѾ : Z SK̴н Z̿ NAVER Ʈ LGȭ īī
( 0)