ֽĽ ̱ å Little Book that Still Beats the Market in 2006
: Ʈ Joel
Greenblart
ű: ȯ
ǻ: ð / 2012-01
/ 209 / 13,000
ںͷ ͼͷ ġ ű Ʈ
ִٰ մϴ. å ״ ̱ ˷ִ
åε.
ڹ ϱ ڴ ڽ ̵(2, ʵ 6г)
ִ å ٰ ϴµ, ϴ.
2006 ó ̹ 5°ε, ٸ å ο Ұ
ڵ鿡Դ ʵ ִµ İ ʾ ڹϰ ƴµ. å κп, ڰ ̶ ߴ, ǥ
(ٴ ) ߴ ϴ.
ܼ ǥ, ſ ܼ
̱ ִٴ 忡 ϱ, ϰ ϱ ߽ϴ.
ΰ?
췮 ֽ ŷ ϴ ̴. ſ
ó 鸮, κ ڵ
<췮 >̳ <ŷ
> ǹϴ ٴ ̴.
- ѱ
-> , 췮
ŷ ؼ ֽ 20~30 Ʈ ų ϴ
ϸ ̱ ִٴ ٷ Դϴ.
(2006 )25 ̻ ڷ Ȱ߰ 9 ݷҺ 濵п л ģ Ȯϴ 2
1. <ֽĽ
̱> ʹٸ, κ ڴ
ʴ´.
2. ٸ µ, װ ٷ ȥ س Ѵٴ ̴.
-
-> ̾ ڿ ϱ ʿ
ùٸ ؾ ϰ ϶ ߴ ħ ϴ.
(margin of safety)
- ̾ ߴ, ֽ
ġ ũ ŷ żϴ .
GM ȸ ֽ ó ʹ ϰų
ֽ ż Ŀ ڵ ȸ 濵 ۽ ȭǴ, ó ż
ս ̴.
̾
ڴ ̾ û갡ġ ϴ ֽĵ Ʈ ̾ ̶ մϴ. ̾ 30 ̻ ̿
ֽ ٰ ϴµ. 鼭 ̾ ڹ մϴ.
-> Ʈ ο ΰ ִ Ͱ
Ȯϰ ġմϴ.
̾ ڽ ̿ Ŵ
ֽ, Mr. Market Ͼ ǻ ַ ؼ
̶ֽ ߴ. ̾ ڰ ̷ ֽ ϸ ߿ ż
־ ʿ䰡 , ȸ ֽĿ м ʰ ϰ
ִٰ ߴ.
-> ϰ ֵ 츮 ֽĽ忡 ̷ ֽ
ηֽϴ.
ֽ ںͷ(ROE) ͼͷ(PER)
ű 30 ֽ Ʈ ų
* ںͷ(ROE): â ڻ ϱ ݾ
–> </ڱں> ƴմϴ.
* ͼͷ(PER): 츮 ؾ ϴ ݿ ؼ
–> <ðѾ/> ƴմϴ.
ϸ鼭 ϴ ǥ ʴٰ Ҹ ǥߴ ε. , ROE
+ PER ؼ ű ڰ Ѵٴ EBIT, EV üص ȿ Դϴ. ROE, PER ǥ߰.
̷ 17(1988~2004) 30.8% ÷ȴٰ մϴ.
- Ⱓ ͷ
12.3%
1. ſ δ.
2. ִ.
3. κ ڵ
ʴ´.
4. ۿϵ Ϸ, Ͼ߸ ϰ ڱⰣ Ѵ.
- ݺؼ ϰ ϰ ִµ, Ͼ ֱ ̰. Ⱓ 17 3 ̱ ͷ ´ٰ մϴ.
-> ǥʹ ٸ, (PER + PBR + PDR) ǥ Ʈ ϴ 迡
忡 ذ ִ 2 ̸ غϰ ̰ ƴ϶ ÷ ͷ
½ϴ. ó ϴ ڹԴϴ.
Mr. Market ܱδ ְ ű , δ
ȸ ġ ߿ϰ Ѵ.
ġ Ʈ ϴ ⺻ Դϴ. 忡 ߸ Ű Ű ̶ / ־ ϴµ. ڴ
2~3⸸ ٸ 氪 ż ֽĿ Mr. Market
̶ մϴ. ִٸ鼭.
1. о߿ ȶ . Mr. Market 氪̶, ȶ Ϻΰ ᱹ ȸ ˾ ֽ .
̷ ϰ ȴ.
2. ڻ ֽ Ǿ ִٰ Ǵϸ, 濵 ڻ ں ̿ ִ ڶ Ǵϰ ڻ ֽ Ϻθ ǻ ִ.
3. ȸ ӵǸ ٸ ȸ Ǵ ȸ簡
ֽ ż ü ִ. δ ȸ ü Ÿ
ɼε ְ Ѵ.
ֽ ⺻
Ȥ ֽڰ ֽĽ忡 ϴ ڼ
- ϴ ٿ ġմϴ. å ״ ο߰^^
1.
ϰ ִ. ϻȰ
س 3~5 , ƴϸ
ʿ ʴٴ ̴.
2.
ڿ , ٰ ոϰ ũ ϰ
ʴ.
3.
ɼ ֽĽ̶ ̾߱⸦ , ֽĽ忡 κ Ϸ Ѵ.
ڴ ɰϴ ڹ ˷ ־ ġ(value-oriented) ڿ ̱ٴ Ȯ ־ٰ մϴ. ٷ PBR, PER, PCR(帧), PSR, PDR .
-> ̺ 巹 踦 ̿ؼ
ϴ.
å ġ ڽ ̵鵵
ǥ 2 ̱ ߴٴ ֽϴ. ڿ ϴ صǴ ܼ ڹ ϰ γ ѳ ִٴ .
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