ڴ ϴ Conservative Investors Sleep
Well in 1975
: ʸ Ǽ Phillip
A. Fisher
ű:
ǻ: ¸Ͻ / 2005-07
/ 206 / \9,800
2005 ̹ 8ȸ
о İ θ ߽ϴ. å Բ [
ö Developing an Investment Philosophy in 1980]
å ϳ ܿ 80ʿ Ұ û ִ å ó о
å Ϻκ ִ å ƴϱ Դϴ.
! оٴ ڱ ؼ
ű ģ ߿ ߿ϴٰ Ǵ Ű ϱ ߽ϴ. ̷
þ ǽ~ . 鼭
コ^^
ϵ
Ģ ° ִ. â, ٸ
װ̴. ݱ ̷ ƿԴ.
-> ϴ Ϻε. ̾ ȣ̼ ñ οؼ Ϲ ڸ ߴµ, ǼŴ ڰ ڼ Ϸݴϴ.
ڶ ּ ũ
ڽ ִ ڻ ŷ Ű, ϴ ̴.
Ѵٴ
ڰ ϰ , ڽ ϰ ϴ (, drive) ǿ ٰ Ǵ
θ ùٸ ִ Ϸ ൿϴ ̴.
-> ڿ ϴ մϴ.
6
5, 6 ְ ϴ ٷ 4忡 ߰ Դϴ. å , [ ϶ Common Stocks and Uncommon Profits in 1958] ұ ϴ Ӵϴ.
1, ֽڿ غ
- , , , 繫,
⺻ о߿ Ź ɷ
- ڴ DZ ؼ ݵ
ش ų üŭ Ѵ.
- ȰȲ ֽĽ ̰ Ǹ , ũ ū Ѱ ξ ũ ⼺̶ 鿡 ŷµ .
- ȭ ΰϰ Ѵ. 䰡 ƴ 信 ǰ ֱ ̴.
Ź ɷ°
- ִ.
1. ǰ ǰ
2. ,
̴ 繫
- پ 繫η ȸ ϴ.
1. ǰ Ե Ȯ ˰
ִ â ִ ǰ ִ.
2. ȹߴ Ϳ ִ
ϸ 绡 ˾ ִ.
3. ְ ͷ ø ִ о߸ ں
̴.
̷ 3
1. Ӿ ο鼭 âس ǰ
ִ.
2. ̷
ӵŭ þ ִ.
3. ͷ ״ ϸ鼭 ο ǰ
Ǹϰ ִ
ڰ 忡 ϴ
1. ȭ ӵ ִ ô뿡
ʰ ״ ִ ƹ͵ . - ִ Ұϴ.
2. ϴ Ͽ
ش.
3. ö ġ
Ȱ ȴ.
2, ǰ м: ()
߿伺
پ ŵ ̸鿡 ܷ â , Դ ° â ̵, ġ ִ
ڴ ִ ִ.
- Ų â Ը Ŀ
ڿ DZ ؼ 縦 Ű ڽ ؾ մϴ.
ְ濵ڴ ڽ ֺ ϴ ؾ ϸ, پ μ ȸ ߿ óϴ ſ ִ 鿡 ̾ؾ Ѵ.
- ݵ ο 縦 Ѿ ϴ ƴ ϱ
ŷ 밳 ϴ ִ.
- ܺο ο 濵ڸ ؾ߸ ϴ ó
濵 ⺻ ִٴ ȣ Ƶ鿩 Ѵ. ֱ Ͱ꼭 Ÿ ǻ
濵 ƹ .
- ְ濵 ٷ ӿ
ѵ û ٸ ϴ ؾ Ѵ.
ڰ
ġ ִ ֽ 3
1. ӵ ϰ ִٴ
νϰ
-> ٸ ESG ϴ ó ^^
2. ڽ ȸ簡 ϱ ̶
- ƴ϶ ǿ ǽ̸
- :
α
3. ְ濵 ȸ 忡 ʿ å̶ Ⲩ
־
- /
ܱ/
3, ϱ : Ȱ
̻ ͼ ϰ ִ Ư ־
- ̻ ͼ ڰ ڿ ϱ ؼӸ
ƴ϶ ø ݵ ʿ
- ü Ҿ ü Ͽ ϰ ſ 꼺 ϴ -> Ը
*
Ư ִµ, ٸ ü ΰ?
- ƹ͵ ٴ ´ٸ
ȸ âϰ ִ ٸ ü ȸ 忡 پ ȸ簡 ִ Ѿ
̴.
4, ֽڴ Ѱ?: ְ
- ֽڶ ϴ ̸ ڰ ٸ
ְ ü ֽĽ Ӱ ϴ ֽĿ
̴.
ְ ų ΰ
忡 ǿ ̴. ̷ ǰ ش ְų
Ȳ ̶ .
ݴ ϴٸ ̷ ð ̰, ְ ְ ȭ ̴.
- ռ 3
ϴ ֽ ְ ſ ̴ ؾ ϴ
5, 3 – 4忡
߰
- ְ ġ 3 ѵ ۿѴ.
1. ֽĽ ü
2. Ư ִ ̳
3. Ư ü
ڴ ڽ ִ ̳ 忡 ִ
и νϰ ־ Ѵ. ̷ ش ݴ ϴ Ϳ
, Ȥ Ǵϱ Ӿ ؾ Ѵ.
6, ְ ݴ – 4忡 ߰
̷ ū ϸ Ҽ ڰ ϰ ϴ ְͺ . 忡 Ÿ ְͺ ƴ϶ 忡 ϰ ִ
ΰ ȴٴ ̴.
- ֽĽ ְͺ
ֽĿ ø ó ż ݺ ְ
ֽ ̴. ƹ ְ ؿ ͼ ִ ϴ ְ
ְ ٵ簡 ٴ ֽ <δ>簡 <δ> ִ 밡
. ǰ ֽĿ ϰ ִ ͺ ش ݴ
ξ , ƴϸ ξ ۰ ̴.
-> ڽ ִ ְ ڽ
Ȥ Ʒ հ ް Ǵ ο Ǽ Դϴ. ְ ӿ
ȭ ߿ ٴ 忡 ߿ ϴ.
ݸ/
ǹ ū ġ ݸ. ݸ Ƶ ܱ ݸ Ƶ, Ȥ ݸ ΰ
Ƶ äǽ忡 ݸ Ǹ ڱ ū κ äǽ 귯 ǰ, ֽĿ
ŭ Ѵ.
ݸ äǽ忡 ֽĽ ڱ 귯 . Ƿ
ݸ ֽĽ ü ְ , ݸ ֽĽ ü ְ
ִ.
̾ ϴ 翬 ڸ ϰ ִٰ մϴ.
ڸ ʴ ڶ Ѵٸ, ġڴ 簡ġ ְ , ũ ν ̸ մϴ.
ǼŴ µǹǷ (麸)ϴ ȴٰ մϴ.
Ѵٸ ġڴ ܼ ڿ ʴ ͷ
ڴ ϱ ư ڿ ð 鿩 û ͷ ֽϴ.
ó ڿ ִ ڴ ̾ ڰ ڿ θ ϴ
ڶ Ǽ Ŀ ġ ־ Դϴ.
̶ β ¦ .
а İ ־ ڽϴ.
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