Ͻ , γ ȭο ,
̷ ְ ִ ÷Ƚϴ.
Ư ߴ 40 ִ
߿ ٴ ʹ غ ˴ϴ.
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㵷 Ⱓ Ͽ
" νؾ ̰ ð ɸٴ Դϴ. 11 ߽ϴ. ̸ Ʒ Ͱ ֽϴ. ϴ ߿ Դϴ. 56¥ Ƚϴ. ϴ.
ó ġ ʿ Դϴ. Ʈ Ź װ ߽ϴ. ġ θ ʴ ùٸ ϴ ߿մϴ."
" ־ ߿ߴ 츮 ū ս ٴ Դϴ. Ʈ Ȱϴ 츮 ũ ؽ ڿ ʸ Դϴ. 츮 и ϴ װ ϴ 'circle of competence', ڽ ϴ ӹ ̷ ־ϴ. (circle) ū ߿ ʽϴ. ߿ 谡 ƴԴϴ. ִ ȿ ӹٸ ŵ ֽϴ. ӽ(Tom Watson) " õ簡 ƴ ȶ ̾ αٿ ӹ Դϴ." ó .
ٷ װ ڸ ϴ Դϴ. ִ ȸ鿡 մϴ. Ѵٰ ؼ Ŀٶ ŵ ִ ƴ ߴ ս Դ Դϴ. 56 ڿ ã ͼ Դ ּ. "
ڹ Կ Ͽ
" ־ ߿ ȩ ڹ (Benjamin Graham) "The Intelligent Investor" å ٴ Դϴ. , ϰ ֽĿ ־ íƮ ų мϴ ̸ м̶ ؿ ־µ, ̴ ־ ߽ϴ. "The Intelligent Investor" ߿ ̵ ־ϴ.
, ֽ ϴ ȣ ƴ ü Ϻη Դϴ. ֽ ٴ ü Ϻκ ̴ Դϴ. ġ ִ Źҳ Ҹ ó Դϴ. General Motors ۼƮ Դϴ. Ƿ ˰ ִ Ͻ ϰ װ ġϴ ˾ƾ մϴ. ϱ ٸ ٸ ȸ縦 ã.
° ֽĽ µ Դϴ. ״ ֽĽ 츮 ϱ ִ 츮 ġ ִ ƴ϶ ߽ϴ.(Stock market is there to serve you not to instruct you.) Ƿ ֽ Դϴ. ֳϸ ˰ ڸ Ѵٸ, ִٴ Ͻ ξ ݿ ִٴ ǹ ̱ Դϴ. (庯 µ)
Margin of Safety()Դϴ. 4.5¥ Ʈ ϰ ִµ dzʾ Ѱ谡 5̶, 10 ߵ ִ ٸ ã Դϴ. , ֽ ġ ξ ؾ ϴ Դϴ.
ո̶ Ǿϴ. ̵ ٺ Ģ پ ٽԴϴ. Դ ΰ ־µ, װ ڵ ϰ Ӹ ƴ϶ Ͻ ֱ Ͻ ˰ ִٴ Դϴ."
, ö ٽ м ʴٴ Ȯ ϰ ֽϴ.
" ֽ ں ðѾ Ѵٵ ϴ ߽ϴ. ħ ߿ κ ͵ ƴ϶ մϴ. ħ ߿ ֽ Ͻ Ϻη κԴϴ. 鿡 Դϴٸ κ ʷ κ ȭ ־. Ͻ ״ ϴ. ϱ , ִ Ͻ ̴ Ǵ 谡 Ǵ մϴٸ ͵ ׳ 繫ǿ ڸ д ִٰ ߽ϴ. ũ ߽ϴٸ Ǵ (used cigar butt) źڿϴ."
"cigar butt approach" Ÿ ʵ ǿ ִ ó, ٸ ʴ ϰ ȸ縦 ⺸(2-3)ϴ ũ 찡 ȸ縦 ؼ ٷȴٰ Ȱ ڸ ϴ ǹմϴ. ̰ ǹ 'ġ' Դϴ. , Ͻ м ϹǷ, ߿ ̱ ũ ٰ ߰ öϰ ڻ ȸ鸸 ߽ϴ. ̾ ϳ Ͱ , ȸ翡 лϴ Ʈ ؼ ߱ Դϴ.
, '' Ʈ ȸ ϰ ȸ簡 ִٸ ξ Ź شٰ ߰ Ʈ Ҽ ȸ翡 ߽ϴ. ״ ̸ ȱ ֽ ʾҽϴ. ʰ ִ Ź ȸ縦 ̵ ŷ ݱ ϸ Ը ؼ ߽ϴ. Ź ȸ翡 ð ̱ Դϴ. Դϴ.
귣 í
" ĵ(See's Candies) 1972 ߴµ, ȸ縦 ϸ鼭 귣 ġ װ ؼ ϴ. ĵ п 1988 īݶ ־ ũ 츮 100 ( 10 ) Ȱ ־ϴ. κ 1972 ĵ 2500 ( 250 ) ̶ ֽϴ.
ϳ, ڸ ϸ鼭 Ͻ ľϰ 50 ľ ִٴ Դϴ. ϱ ϴ. ־ ũη . ĵ ˰ ƴ Դϴ.
ִ Ͻ Ǵ ˰ ִ Ͻ ִ ȸ ģ , Ͻ ū ڸ ʰ ݸ ϰ Ŀٶ ˸ ̶ մϴ. ϴ , ״ ʾ ظ ϴ.
īݶ 1919ΰ 1920 ִ 40 Ǿϴ. ؿ ְ 19 . ġ ̻ Դϴ. ġ Ѵٰ ϴ´ٸ ũ Ͻ̰ å Դϴ. Ǵ ٰ Ȳ̳ 2 , ͵鿡 ؼ ϰ ־ٸ ׳ ɾƼ ͵鿡 ϰ ־ ֽϴ. ߿ īݶ ȸ簡 ȸ ˾ ִĿϴ. ÿ 40, Ǵ 19 ߴٸ װ 500 Ǿ־ Դϴ. ٷ װ ʿմϴ. ִ ̵."
Scuttlebutt: ϶
ʸ Ǽ(Philip Fisher) 'scuttlebutt' ؼ ڸƮ߽ϴ. Ͻ Ϸ 迡 ִ . ߴ , "10 ־ ϴµ ȸ ֽ ϳ ݵ ߸ Ѵٸ ȸ縦 ڽϱ? ?"ϴ. ̷ ȸ ȸ糪 , ϸ ü ¾ ٴ Դϴ.
* ̸ 濵 Դϴ...
츮 2 濵 ߰, ε Ȯ ..
Ѵٴ ɷȴµ....
а ϴ ٽ ѹ ϰ ϴ..
ֽ ְ սǾȺ ڸ Ѵٴµ
ϼ ϴ...Ф
δ .
ϴ..
overshooting , ̳ Ǽ, 屸 ٽ ٵ ϴ Դϴ.