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óī : Value Investing.. / ( oren ī )cafe by naver
(ٸ 쿬 ߰ '1996 꽺 Ǽſ ͺ ' ش
κи Խϴ. Ǽ ̴ 89ϴ.)
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ҿ θ ߽ ʸ ϸ鼭 ڱ
߱ϴ Ÿ̾.
ʸ Ǹ ° Ϻϰ ϰ ִ١
-̾
Ǽ Ѵ.
-
̾ , ູϰԵ ǼŴ 츮 翡 ִ.
״ Ƶ ɳ 繫ǿ ִ ȸǽǷ ŭŭ ٴٸ
־. 89 ǼŴ 㸮 ణ , ն Ѹϰ
Ҹ ȣϿ.
60 Ѵ λ , ״ Ȳ Ұ ǻ
. Ǽſ ̿( Ǽ ̴ 89) ο
ް ֳ - Ǽ ټ Ƶ-
װ ϸ鼭 ϴ Ǽ öп
־.
ʸ Ǽ(A): ȸ 3-5 ִ
ִ. Ⱓ ˵ ̶ Ȯ ٸ
̴.
. 35 ̶ ϸ ֽ ڴ°?
ֽĿ ˰ ־ 2001 ȸ
Ŷ Ȯ ְڴ°?
ǼŴ ֽ ʴ´. ״ κ 缭 弼
Ѵٰ ǴܵǴ Ѵ.
Ǽ ö Common Stocks and Uncommon Profits (1958) Ȯϰ ִ.
å ڵ о ϳ̴.
̾ ڵ ξ ݸ, ǼŴ ڰ . ϴ.
̼ ̶ ̾ Ģ ִ. Ǽ ڿĢ
ϱⰡ ư γ 䱸Ѵ.
ܷο . ұϰ ū ʰ, ұԸ
ڱݸ ϴ ϸ鼭 װ ̴. ״ 12 ̸
ð ִ. 漺̴. ߿ 1930 Ǽſ ð
5° ڼյ鵵 ִ.
ǼŴ ġ ƹ Ǽ ھ
. ý ð , 繫ǿ ǻ͵,
ӽ, ֳθƮ ϴ . ȭ Ѵ Ʈ Ÿ
̴. Ҽ 鸸 Ѵٸ ۼ ϵ ״
̴.
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(Question)
ż ŵ ſ ̾Ȧκ ΰ?
(Answer)
ȸ翡 ߴٸ, ִ.
͵ . 1957 Ѷ 10,000
ŵϸ, 1,993,846 Ǿ.
װ ų 16% ̴. Ⱓ ֽĽ 11% ߴ.
ϸ, Ѷ 庸 6 ̻ Ͽ. ̷ ġ ؼ ̻
. 1977 ٸ ֽ 쵵, ϶ߴ 60
ִ.
(Question)
ϰ ִ ٸ ֽ?
(Answer)
ֽ ϸ鼭, װ ϴ
ʴ´. 1969 ۡȸ ֽ , 1988 ķδ 2 ȸ ֽ
1986ʹ ۡȸ ֽ ߴ. Ʈ 6
Ǿ ִ. Ѷ 17 ԽŲ ־ ʹ Ҵ.
(Question)
Ʈ Ⱓ 20 ȴ. Ѷ ϰ ִ
־. 1990 40% ,
̿ 50% ߾. ȾҾ ū ø ־ٵ..
(Answer)
10 15 Ѷ ְ ʹ (overprice) Ǿ ȾҾ,
Ƹ ٽ ؾ ̸, û ̴. ϰ
ִ ֽ ʹ ٸ, 鿡 õ ״ ϵ Ͼ
(ְ ), Ŀ ο ְ ̶ Ѵ.
(Question)
Ѷ ְ ö 鿡 ݴ
մ, ̿ ̸ٰ Ѵ. ߾.
ֵ ʾҴ. ֽ ȱ Ѵ. Raychem ⵿
ߴ ϳ. ٵ ƴϴ.
(Answer)
ֽ Ȯ 3 ȸ簡 ʴ´
, ̴. 濵̳ ٺ ȸȲ ִٰ Ǵܵȴٸ, ̴.
(Question)
ȸ ȴٰ ϳ?
(Answer)
߿ϴ. ݿ ֽ ٸ û
ø ִ. 32 ֽ µ ֽ 75 ٸ,
ִ. 20 µ 75 ٸ
̴.
ȸ ŷ ҵ ſ ݿ ŷ ִ. ǹ
̷ ȸ翡 Ͻ ȸ شٰ ִ. Ư ȸ
縦 ã ְ ġ ƴ Ǵϴ .. װ ٷ ̴.
(Question)
ֿ ؼ ̰ ִ. ǻ/ ⸦
ʴ´. å ȸ簡 ִĺ 濵 ξ
߿ϴٰ Ѵ.
(Answer)
濵 ߿伺 ϴ. װ ߿ ̴.
̷ Ժ ϰ, ̹
ܴ ٴ ؾ. ̱
̴.
̷ ־. 1920 ο Ұƾ. ̸Ͽ 丶 ֽ.
ӵ Ŀ ̱Ⱑ ڰ 丶 ֽ پ.
ᱹ 丶 ֽ ȾƼ .
(Question)
ǻʹ 丶䰡 ƴѵ?
(Answer)
߿ ÷ TV 忡 ־. ̰ ֽ
! ʸ װ ߴ. ֵ ÷ TV ȸ .
ȸ簡 ϴ° ٴ 濵 Ǹ δ.
濵 ߿伺 , ϴ.
(Question)
Ʈ ϰ ִ. Ҹž κ ѹ ϴ
̾. Ʈ 1980 ֽ ϳ. κ
Ʈ ʷ ǻ Ⱑ ƴ 濵 ٷ ߴٴ
Ͽ.
(Answer)
. ִİ ƴ϶ ̹ ó
ϰ ִ° ߿ϴ.
(Question)
پ 濵(good management). ǥ ƴѰ? 뿡 .
(Answer)
װ ǰ ϰ ǰ߰ ǰҰ ֱ⸦ Ű Ͱ
ϰ ִ° ʴ´. ϵ ʴ´ٸ, ȸ Ļϰ
̴.
ٸ ̵ ó ݰ ϴ ϵ ϰ ִ°? ˰ ʹ.
ݴǴ ǰ ﴩ ٴ Ƶ̰ 濵 ϴ Ϳ
ϴ ʴ ȸ縦 Ѵ.
(Question)
ǻ Ʈ .
?
(Answer)
˰ ִ Ѱ ڸ Ʋڰ ϴ ̴. Ǵܷ ̿
Ѵ. 濵 ϴ Ϳ ̹ ϰ ֱ Ϸ
̴. ¥ Ȯ ϰ ִ° ƴѰ Ǵؾ Ѵ.
κ ȸ ڶ ϴ ͵ ̹ ̴.
å ٽ Ǵٸ, ϴ ϴ 濵
ã ߿Ѱ ̴.
(Question)
߿ ۿ ٲ ִٸ?
(Answer)
å ſ ںν ̰ ִ.
ǻ ϵ Ʈ Ȱϴ° .
(ǰ ߰ װ Ȱϰ ִ.) ÷ Ʈ
ü ϰ ִ. پ Ʈ
踦 ϰ, պ ϰ ϴ ߰ ҽĿ
ִ.
(Question)
ݱ 濵 鿡 ȣϴ ȸ翡 ̾߱ ߴ. ڴ
ܽŰ ȸ?
(Answer)
ְ ø鼭, ذϿ 繫ǥ ̷ ϴ ȸ.
ȸ չ ڸ âν ذ ʰ
ϴ ȸ簡 . ̷ ȸ 4 5 ȸԸ ϴ ϴ ȸ麸 ξ
̴.
ƹ ȸ簡 ǰ ִ ں ȸ ȴ.
(Question)
ŭ Ʒõ ڴ . ̵ ְڴ°?
(Answer)
ִ. ߾ ݵ忡 Ͽ лڸ ϰ
. ( پ ) ǷϿ ڴ
.. ̰ İ .
(Question)
ߴٸ, ʿ ϰڴ°?
(Answer)
ϴ ɷ ã . ڵ ȸ
ã ̴.
˰ ִ ֽ߰ Ư , 鿡 ſ Ѵ.
ֽ µ Ŀ ֽ Ⱦƾ߸ Ѵٸ, ״ ſ Ȳϰ ڽ
ߴٰ Ѵ.
(Question)
ڹ ŰⰡ ſ ݸ ߾ݵ ϱⰡ ſ
ϴ. õ ߾ ݵ ڵ鿡 ?
(Answer)
ŷȸ , ݺٴ پ 濵 켱Ͽ ϴ
ݵ带 ãƶ. ֽ Ͻ Ǿ ִ, ݵ б
̱ ֽ ʴ ݵ带 ãƶ.
(Question)
ǿ ´ ݵ尡 ʴ´. ݵ尡 ֱ
ϴ. ſ ִ. ʹ Ǿ ִ ƴѰ?
(Answer)
ģ ٰ ?ϰ . !
˰ ִٸ, ٷ ϰ . ߴ. , 2 ġ 巯
µ, 100 ݿ ŷǴ ֽ ִٸ Ȯ 忡 ִ ̴.
IPO() ȰȲ ֽ ݸ ٴ Ģ ִ.
6 ϰ , ã ִٸ ֽ 9 ø ̴.
IPO ħüǾ ֽ .
ٴ ƴ . Ư(unusual) ȸ縦 ã ְ ʹ
ƴ Ǵϴ ̴.
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ǼŴ ſ ͼ ֽĵ ߱Ͽ ڱ ڽ 鿡Ե û
θ Ȱ ־. ȷ Ȩ Ҹ ״ ġ Ҽ Ȩ ãƳ,
پ ° , ߷ ֽ ġ ִ
˾Ƴ.
(߷)
״ 1958 Ǿ 1997 ߰ ֿ
Ÿ (Common Stocks and Uncommon Profits and Other Writings)̶ å
Ἥ ָ Ҵ. Ǽ å а ʹ , Ķ
Ͼƿ ãư ߴ.
(߷)
ǼŴ 1907 9 8Ͽ ¾. ״ ڽ ƹ, θ ϱ⺸ٴ Ӵ
ǻ翴ٰ ϰ ִ. Ǽ ƹ ҵ ȯڸ ġ ־
. ǼŴ ڽ "12 13濡 ֽ " ȸߴ. ״ ֽĽ,
ƴ϶ α Ȱܴ ִ ߴ.
θ ߴ ǼŴ 15 п п
.
(߷)
ǼŴ ڽ ſ ڶ Ѵ. θ Ǽſ Բ ڿ
, Ƶ ݵ Ŵ ϰ , Ŭ̴ 16 ̿
̵ ̵ . å 꽺 'Ʈ
'̶ Į ϴ. Į 꽺 80 ϰ° շ Į
.
ǼŴ Ǽ κƮƮ(Fisher Investment) â ȸ̸ CEO̴.
- 鿡
װ δ ϴ ǰ? Ȥ ôٸ Ϸ?
츮 ݵ ִϴ.
̰ݵ忡 ԵȰ ߿ ִ° ֳ
캸 ϸ ַ ߴ.
ִİ ߿Ѱ ƴ϶ ٸ ̹ Ѱ ϰ ִİ ߿ϴ..
common stock & uncommon profits..
Ư ȸ ܾ ſ ϴ.
.
װ ϰ ִ .