| Ʒ ġ÷Ŭ 4 ƴ Դϴ. ؿ ֽĿ ظ Ұϰ ΰ Ϲ ȸ մϴ. ġ÷Ŭ Ʒ ؿֽ 2~3ȸ Ұϸ Ʈ ǥ ÷ Դϴ.
[ : ڿ Ư ̱ ũ(valuewalk.com) Ʈ м 2~3 Ұմϴ. ̱ Ȳ ظ ּ ߰ Դϴ. ũ ̱ ǥ ġ Ʈ ϳ ġڿ پ ڷḦ մϴ.]
* : Ʒ Ư ũ(valuewalk.com) 11 30 Դϴ. ֽĿ ǰ Դϴ.
2020, ġڴ °?
- ȯ ġ ʿϴ
2020, ġڴ °? ֽĽ 2020 û ظ °, ֵ ġֵ е ̰.
, ġ֡ 캸. ġֶ Ϳ ְ ֽ( PER), Ȥ ΰ ְ ֽ( PBR) Ѵ. ̷ ġ ؿ 찡 , װ ̵ üǾ ֱ ̴.
°, ִ Ϳ ְ ų( PER) ΰ ְ ֽ( PBR) Ѵ. ̵ ְ ̷ Ϳ 븦 ݿ ̴.
2020, ġڴ :
1. ֿ ġ
- ֿ ġ , ְ ġֺ 138% ũ ռ ´.
< ֿ ġ >
(2010.11.25~2020.11.25)
̱ +349%
̱ +242%
̱ +237%
̱ ġ +211%
̱ ġ +167%
̱ +158%
ڷ: https://www.longtermtrends.net/growth-stocks-vs-value-stocks/
2. PER: ġ ȸ
ġ ֿ ξ Ͱ Բ, 27迡 ϴ ̱ ֽý PER ڵ Ϳ 2 ̻ ǰ ǹѴ( ڰ ϴ). ݸ, ̷ PER ̼ ְ̱ ġ ȸ پ( ġڿ Ҹϴ).
3. ξ: ġ
2020 ȭ Ͽ ֽĽ ϱ ȭå ϰ ̸ ȭ ߴ. ̷ ȭ ϰ ִ ֽĽ忡 ֽ 並 װ, S&P 500 ְ ϰ ִ.
<2020 ڻ: -100 >
*() 6M = 600*100 = 6
ڷ: https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
ѡ ġڴ ʾҴ
ġڴ ٴ Ű , ġڡ .
ġڿ Ǵ ġڿʹ ټ ٸ. ״ ڻ װ âس ִ ̷ ŭ ġ ִ١ ߴ. ̷ ؾ ϸ, ͼ ִ ġڰ Ƿ Ϳ PER ؾ Ѵ.
ġ źٴ ̷ 帧 õ ̱ 帧ι ̷帧 ϴ ġָ ã ̷ο ذå ִ. 40-50 ġ , ÷̶ ο Ͻ ź ο ؿ ְ ־.
÷ , , ̽, Ѵ. ̵ Ͻ 2 ̵ 5,000 ̵ ̿ڿ ϴ 뿡 ̰ . ̷ ְ, ġ Ģ , ġַε ִ.
ٽ Ģ ״ ٽɡ ڿĢ̱ ð ȿ ̴. 2020 ߰, ̴ ڸ ϴ, ٲٰ ִ.
ȯ, ȸ
ݸ ´. ̷ ȸ ŷ Ǿ. ȸ ֽĽ ͷ ϸ Ȯ . ֽĽ 10 ̱ ä ߴٰ ص ͷ 0% ̴. ֽĽ ڿ , , ä ڴ ȸ ũ. ڵ ֽĽ忡 پ ִ.
ȯ ſ ־. ÷̼ ݸ ٽ λDZ ϸ ֽĽ Ÿ Ҵ. μ ݸ ӵ( ÷̼ ) Ȯ .
̷ ȯ濡 ΰ?
ȸ Ƶΰ ִ ŷ Ǿ. ֽĽ忡 ؾ Ѵ. ̿ Բ ݸ ڸ غ ؾ Ѵ.
ġڴ ϰ ְ, ̷ ġ ȯ濡 ȿϴ. Ÿ ̷帧 Ѵٴ ̴. ְ PER ġڵ ġָ ã ư , Ǹ ̷ â Ͻ ã 䱸ϰ ִ.
ȯ濡 ϴ ġ ʿ
ġڴ ʾҴ. ϰ ִ ̴. ֽĽ ŷ ̷ Ͼ ٴ ̴. ڵ ȯ ̾ Ѵ. ̴ ġ ̷п ִ.
, ġڰ ϰ ؼ ȥ ȯ濡 ؾ Ѵ. ݸ , ȸ ó . ̴ Ǹ ġȸ ٸ鼭 ִ ġڵ鿡Դ ο ̴. <>
* ó: ȵ ũƼȼ(Anders Kristiansen), ũ ڸġ κ͵(Min Investeringsguide) ֳθƮ, HAS VALUE INVESTING DIED IN 2020?" 2020 11 30, https://www.valuewalk.com/2020/11/has-value-investing-died-2020/
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