Ÿ
ֽ
/ ö ű
/ 344
â ġ ϴ غ ̴. б ٴ ̷ ѹ ֽڸ ϰ ĺ ȸ ãƿԴ. , ġ, , Ƽ 밡 丮 ٷ װ̴. ģ м 鿩 밡 ƴϴ ִ ؼ ŻٲѴ. ̷ å ִٴ и ̴.
̷ ؼ Ⱓ · ٷ ϰ ִµ New Buffettology ֽ Թڵ鿡 ¾ ġڵ鿡 Ұϸ Ծ å ϳ. Ư ƽ Ҵ Ͷ 忡 Ȯ ǹ غ ɵ ־. ̷ 濡 ٹ ð ̿ ߰ ںڵ 彺Ź̶ Ҹ ũ ؼ ڿ ֽ ڵ鿡 ְ Ǿ.
̶ å ġ ҸӴϰ Ĺ þ ڿ ־ֽõ ģϰ ϸ俬ϰ ϰ ־ ڵ鵵 ٷ ϴٴ ϰ ; ̴. å ϴٴ ˰ڴµ ڿ ؾ ڵ鿡 ħ ڴٴ Ҹ ִٰ ְڴ.
Ϳ ִ ڶ ̹ ġ ë ֽ ̹ ֽ ̷ ϶ Ұ ִ Buffettology ļ̴.( å ߴ) ȭ ǵ2, ̳3 а ̶ Ӽ ø å ؼŭ Ųٷ Ǿ Ÿ ϴ. ȭ ߱ å ߱ ̰ ִ .
ݲ ġ å̿ ֽ ̷ ϶ Ұ ʾҴ ٰ , Ͱ ROE, Ͱŷ åӿ Ʋ ʹ ܼϰ ϴ ٶ ĩϸ ڵ Ϳ ġģ ظ ɼ ũٰ ñ ̴. ڷḦ Ͱ å ַ Ұ ؿԴ. õ з ܼ Ȯ з ϴ ƽ ̴.
̷ ˾Ҵ ϸ鼭 ߸ ִ ̸ ߴ. Բ ȸ ߰ ִ .
ֽ ϴ Ű (durable competitive advantage) (selective contrarian investment strategy). Ǹ鼭 ð Ÿ̹ ̶ 䳢 ְԲ ش. ڿ Һڿ ֵ ϸ ϰ Ǵµ ڴ ſ ̴. ֽĽ ̳ ش 簡 ܱȭ ֽĽ ̷ ȯ ְ Ǵµ ̶ ڸ ϴ ٷ ڴ. ̶ ְ ٴ ܼ ڰ Ѵٴ ǹ̸ . å ڼ Ǿ 丸 ص ݲ ؿԴ ǵ κ ؼ .
ο ƴ϶ ڵ 翬ϰ κе տ ıǰ . ǥ ä ǹ̴. ڴ ä ڻ ä ܼ 繫 ̶ Ҵɷ Ÿ Ѵٰ Ѵ. Ⱦ ڻ Ⱦ ä ʱ ̴. ᱹ ͷ° ä ȯ Ⱓ ϴ ո̶ ̴. ⼭ ư ä ͷ¸ ִ ȯ Ѵ. 40 ä Ȱ л 3 20 ä ȯع 귣 .
å ŷ 2002 Ⱓ ŭ ֽ ʰ ϵǾ ִٴ ̴. ϸ κ īݶ øµ ̰ Ը ū Ÿ ǥϴ ̱ ̵ ϳ ̴. H&R, 귣, , ۽Ʈ, ķ, ȣν, İ, 㽬 ֽ ʵ ϳϳ ̵ ־ ̰ ƴ϶, ڿ ־ ʿ īݶ ־ ŴϾƵ ǻ ָ Ѵ.
ƽԵ å ƴϱ ִ ߴٰ Ƽ . 켱 PER ġ . PER ȸ ʷ 帧 ƴ϶ ڻ갡ġ ݿ Ѵ. ؿ ݼ ڻ 100 1000 ̼ ´. ̾ ̴. ְ Ȯ 忡 ÿÿ PER 带 ܼ ġ ذ .
ֽ ġڵ鿡 ؼμ ǹ̸ ȴٸ Ȯ ¾ ġ ٴ ġ κ Ž ۾ ü ִٰ Ѵ. ۾ å õ ʻ ƴ϶ 츮 Ǿ ֽڶ ̸ ´ ȿ ̴.
Ȥڴ ̷ ڴ. å ϸ ȥ ذ θ ˸ ϴ°ϰ ̴. ġڸ 츮 Ű ʰڴ. ٰ ؼ ġڸ ΰ ް Ǿ ġ ʴ´. Ű ƴ ˰ ֱ ̴. ͵ ֽ ã ܸϰ Ѵ. ŭ ġڴ ΰ Ž ̴. ٸ ̶ å ġڸ ڰ ִٸ װε 鿩 å Ǵ ϴٰ Ѵ. å ̳ ᱹ ð õ ִ.
ö wallstreet@viptooza.com
о^^;;
YES ε ݿ ۱ ִϱ Ȱ ƺ ־ Ҵµ.
å [ġ å] ÷ּ ڽϴ.
Ư ִ ε 찡 ɷ ˰ ִµ
ͱ Ű ̴.
ö ƴ϶
۽ ̵ ߴٰ .
ƹ, ٺ ۽ ̵Ǵ°
ƴҰ̴.
ϴ ߿
ڱ հ , Ӹ.
װ ̶ .
ö ' The new '
ٰ ڱ ȴ.
︲ ̻ Ǵ.
۰ ̷п
̻ ︲ ö, ,
̺ Ŭũ, α, ä, ۾
, '̷ֽ ϶'
ֺȯ ̶
ϰڴ.
װ
1. γ̴. !
ڽ Űٺ ˰ڴ.
ٸ ´ٴ° ,
ƴٴ .
繫ǥ ؼ ƴϴ.
ٸ ƴϴ
ٸ ԵǾ Ѵ
2. γϸ ݿ ִ.
ȸ縦 ݿ ٽ γϸ
ݿ ִ.
1 2 Ǿ ִ..........
3. ġڴ ΰ ϴ ڹ̴.
..... ö ı߿
ũ ' ô'
߾.
'ΰ ؾ ִ' ...
1,2 3 Ǿ ִ.
ε ƴ ǿ Ұϴ
߿ .
ְ ︲̸ ̴.
ٸ ︲ ̴
ݲ ؿԾ.....
ö ؾſΰ?
ȥڼ ڿ ؼ ϴµ ε
Ӹ ڰ ־µ ֽ
ϸ ְڱ ϴ .
" ϴ ߿
ڱ հ , Ӹ.
װ ̶ ."
˷ ؾ ǸϽʴϴ.
"
Ȯ
ٷȴ.
ٷȴ.
ħ ȴ."
ٸǹΰ??^^;;
̱⸸ ?
״ å Tao of Buffetε, Marry Buffet ʹ ųʸ ִµ ʹ. ʿ . ȥ ߴµ Buffet? åȷ ?
ROA ڻ Դϴ..