Ϲ ֽڸ ϴ ũ 2 ִ. ù°, ð ÿ ŸŴ. , ְ ̷ ż ϰ ŵ ϴ ̴. ̷ ڱ Ÿ̹ Ÿ Ǵ ڶ ϴµ ִ ̱ ϰ Ѽ Ҿ ϴ ̴. ι° ġ ŸŴ. , ְ ġϿ ŷ żؼ ġ̻ ö ŵ ϴ "ġ" ϴ ̴. Ѹ ϸ "氪 缭 ް Ĵ "̴.
ġ ô, Ǻм ƹ, 20 ְ õ ̸ ̱ ̾(Benjamin Graham) "" ؼ Ͽ. " ö м ΰ ڿ ͼ Ǵ ϸ, ̷ ǵ Ű ϴ ̶ ִ." ̾ ΰ ڿĢ ־µ ù° Ģ " غ "̰, ι° Ģ " غ ƾ Ѵٴ Ģ "̴. ó ڿ ־ ڿ ص ߿ ̴.
ٸ ȸ ΰ? ġڰ ϴ "ս ɼ"̴. װ "ġ " ǹϸ ְ ϴ Ҵ ƴ϶ ̴. ڸ, ġ ظ ְ ϶Ѵٰ ظ ƴ϶ ̴. ġ(, ڻ갡ġ, ) ְ ٽ ö ۿ ٴ ̴. ߵ ǵ ֽ ٸ ̹ ŷϴ Ͱ ٸ ̴. ܱⰣ ְ ϴ ġ Ͱ ٸ ٴ . Ǿ ִ ֽ 缭 Ⱓ ϸ ϰ پ.
߿ ܱ ְ ƴ϶ ġ ȭ̴. ֽĽ ܱ Ϸ ̴. ް Ȥ Ⱓ ֽ · 簡ġ 谡 찡 ִ. п ش ְ 100% 迡 ִ. γ ´. ְ ؼ ϴ ŷٴ ܱ Ӱ 簡ġ ϴ ̸ Ȯ ξ ø ִ ̴. ġڴ ð ڱ γɰ ο̴. ġڴ ߾ƴ ⺻ ⺻ ʴ. ġ پ ݵ ְ ̴. ÷ ĥ ڵ ٸ ð 뽺 Ŵ ϴٴ ڿ ؾ ̴.
簡ġ ϴ ַ Ȱȴ. û(liquidation), ӱ(going-concern), 尡ġ(market value) ٷ װ͵̴.
û û ܿڻ꿡 ܿä ܾ . û Ǵ ʴ´ٴ ִ. ӱ Ǵ 帧 簡ġ ϴ ̴. ̷ Ǵ 帧 Ȯ Ұϴ. 尡ġ м Ǵ ǥ Ͽ 簡ġ ϴ ̴. 尡ġ 缺 ٰŰ ٴ ִ.
簡ġ ϴ - ġ
ٸ ߿ ȿΰ. ιƮ رƮҿ ϴ ּ ٷ ӱ ˷. 簡ġ ̷ Ǵ 帧 ȯμ ٰ Ȯߴ. Դ 簡ġ ϴ (̷ Ȯ 帧 ̸ ȯ ) ִٸ ſ ۾̾.
̷ 帧 Ȯ ˾Ƴ ״ ƿ 簡ġ Ϸ ʾҴ. ũμƮ ſ ̰, پ 濵ڶ ȸ ̷ 帧 ϱⰡ ʹ ƴٰ ߴ.
ᱹ ״ ũμƮ 簡ġ ʾҴ. ̴. Ȱ ܼϰ ϱ ӵǰ ִٸ, ȸ ̷ 帧 Ȯ Ȯ س ̴.
̷ 簡ġ ̾߸ Ȯ ̶ ִ. , 20 ְ ڰ Ҹ Ź ɷ ϰ ְڴ°. Ϻ ڵ ̷ 帧 Ȯϰ Ѵٴ Ұϸ ϱ Ͽ ϴ Ǵܿ ¿ ٰ ϰ ִ.
̵ Ȯ ġ ϱ ؼ ٸ پ , , PER̳ PBR ų ؾ ̶ ϰ ִ. м , ̵ 鿡 ν ŵ ־ٴ Ͽ ̴. ó ͼ̳ ڻ갡ġ, ġ(Intrinsic Value) ǰϿ ϴ þ ġڰ (Value Investor) Ѵ. ٷ ̷ ġ ġ߸ ռ 3 ս Ϲڰ ִ ̴.
ġڷμ γ ߱ؾ
ٸ ġ Ǿ ? ⺻ ϰ 췮 μ ðѾ 10%(ݸ 2 )̻ ְ, ڻ갡ġϷ ŷȴٸ Ǿִ ̶ֽ ִ. ϸ PER 5 , PBR 0.5 ֽ ´ ̴. ū ̶ ϸ ȴ. ̷ ֽ߿ Ʒ Ǵܱر ų ִ ֽ ̴.
簡ġ Ǵܱ
1. ⺻ ġ-Ը, , Ư( ) 2. 濵 -, ո 3. 繫 -ä, , δ 4. ͼ(ͷ, ڱںͷ) 5. - ͼ â 6. 强-ִ (EPS) 7. -ͷ, 缺 8. ڻ갡ġ
|
|
Case 1 |
Case 2 |
|
ݾ |
ͷ |
ݾ |
ͷ |
ʱ |
100 |
|
100 |
|
Ⱓ 1 |
50 |
-50% |
90 |
-10% |
Ⱓ 2 |
90 |
80% |
117 |
30% |
Ⱓ 3 |
63 |
-30% |
117 |
0% |
Ⱓ 4 |
88.2 |
40% |
140.4 |
20% |
|
ܸ |
|
40% |
|
40% |
|
|
-11.8% |
|
40.4% |
| ǥ case1 case2 ܸͷ ͷ 52% ̰ . ̴ ڿݿ ս ϰ Ǿ ȸϱⰡ ڼ ҾԵǸ ڿ ڰ ٴ ø ְ ȴٴ ְ ִ. ڸ ġ Ͽ. 32Ⱓ(1965~ 1997) ڻ ȿ 1,308 Ͽ S&P500 29踦 ɰϿµ ̴ ȿ ϴ ִ.
" " ִ ΰ Ѵ. ȭ Ҷ ϱⰣ . ̶ֽ ǰ ̻ϴ. Ҷ ƹ Ĵٺ ʰ θ Ҽ ϴ ̼ ϳۿ ǰ̴. 츮 ֽ ʴ´. ݵ ϱⰣ żѴ. δ 911, ټ, 罺, źټ ϱⰣ ̿ δ Ѵ.
"ƴ " Ϲ ڵ м ɷ ڽ ִ ̳ ֳθƮ ߰ ִ. ڽ ̳ ڽ ˰ ִ ΰ ֽ ϴ ٶϴ.
"Ȱӿ ھ̵ ã" Ȱϴ ֺ ھ̵ ã ִ. ȭ̳ ǵ ȸ 캻 ǰ ϴ ڱȸ ִ
|
ְ ؼ ٵ,( 簡@.@ )
ȸԵ ġڿ ؼ ٽ غð, ڽ Ģ
մϴ.^^
־? 밡 Ůϴ.