| [: Ʒ Ư ũ(valuewalk.com) 6 3 Դϴ. ֽĿ ش Դϴ.]
* ó: ص Ʈ(Andrew Hunt), < ġ: ġڷμ ϴ ħ(Better Value Investing: A Simple Guide to Improving your Results as a Value Investor)> , ACTIVE INVESTING ONLY MAKES SENSE IF YOU UNDERSTAND COMPETITIVE ADVANTAGE," 2021 6 3, https://www.valuewalk.com/active-investing-understand-competitive-advantages/
ڿ ڿ ϴ , ڸ ϰ ִٴ Ϳ Ѵ. , ڽ Ǹ ̳ ľϰ ϴ ڴ . ̷ ǽĿ ̴. * ó: ص Ʈ(Andrew Hunt), < ġ: ġڷμ ϴ ħ(Better Value Investing: A Simple Guide to Improving your Results as a Value Investor)> , ACTIVE INVESTING ONLY MAKES SENSE IF YOU UNDERSTAND COMPETITIVE ADVANTAGE," 2021 6 3, https://www.valuewalk.com/active-investing-understand-competitive-advantages/
, ٸ , Ȳ ڴ
а 츮 ؽ ʰ£ ȴ. ⺻ ̰ ڽ Ѵ. ̴ Ÿ ̰ܾ Ѵٴ ǹѴ. ٸ ε Ÿ ̱ ϱ Ÿ ̱ ̴. ڿ , ڻ 20% 2 Ƴ, 10 ϳ ڶ. 赵 ϴ. ̱ 뵿豹 ڷῡ , ұ 20% â ùؿ ϰ, 50% 5 Ѵ.
迡 ٸ ϰ ִ. ΰ ˴ٽ, 20 ̻ 1~2% ݵŴ ü ݵŴ 1% ̸ Ұϰ, 90% ̻ ̱ Ѵ. ſ ȯ濡 ̴ ϵ ƴϴ.
庮, Ȥ ̸ ڡ ̴. ڴ κ ִ Ѵ. ڿ 庮 ٸ ξ ̴. ó 庮 . ڰ¸ ٷ ŸŸ ִ. ( ̿ ֵ) Ǿ Ѵ. 簡 ǰų ī並 Ͱ ص 庮 ſ .
: Դϱ?
ڿ ǻ 庮 ٸ, ɼ ֽ ڻ꿡 ణ ͷ ø ̴. ͷ ñ ְ, ñ ϱ ̴.
̷ ( ణ ͷ ø ) 麸 ϱ ̴. , ٸ ڵ ų ̴.
ڷμ ڽ ˰ ִ 幰. ڿԵ İ , 췮ֿ մϴ١ Ȥ PER ֽ ϴ١ ̴. ̷ ƴϴ. ̴ ڽ Ÿ ̴. , ڸ ϴ װ .
ϰ ϴ ٽ, ڰ--ٸ ڵ ų --ڽ Ȯ ٸ, ⲯؾ ؿ ġ ̶ ̴.
ڰ ٸ ڵ麸 ͷ ø ִ , , δ ִ.
1. ű ڱ Ȯ ִ ɷ: 2009̳ 2020 3 ÿ ű ڱ ִٸ, Ǹ ø ִ. ¿ ŵϰ дп ŵϴ κ ڻ ż ֱ ̴. ̷ , ڱݰ ʴ´. 밳 ߾ ̱ ̴. ̷ ڱݰ ű ڱ ִٴ ٸ ñ ڸ ϰ ־ٴ -- Ҵٴ -- ǹ ִ.
2. Ͻ Ż ȸ ̿ ִ Ȥ ø: Ҽ ڰ ȸ ̿ ʰ ø ִ Ͻ Ż Ȳ ִ. ȣ Ȥ ȸ ϱ ϰ, Ư Ż âϱ Ѵ. , 2020 Ʈ ڿ ߱ ο ֽ óؾ ߴ. ̷ ¿ Ը ŵ ְ Ŵν, ſ ȣ Ϻ 鸶 ġ ̳ʽ DZ Ѵ.*
* ̳ʽ ġ(negative Enterprise Values): ðѾ + ä Ȳ. 'ðѾ + ä' ϰ μص μڱݺ μ Ȳ. ְ ո 츦 Ѵ.
3. : ̴ ڰ (ٸ ڵ) ٸ ϴ ̴. , 10 ߴ Ϻ ڵ Ư û ߰߾. Ϻ Ƽ ڵ 繫° Ϻ ϰ ִٴ ߰ϱ ߴ. 2007 쿣, ݵ ÿ ε ü Ǿ, ſ ϴٴ ߰߾.
ƴϴ
ιƮ 佺(Robert Wiggins) Ƽ ø(Timothy Ruefli) ȹ ** 40 , 7,000 м , ߴ 캸Ҵ. ̵ ȸϴ ŷ Ҵ. ̵ ſ 幰 ſ ܱ ߰ߴ. м 10 ̻ 5% ƴ. 20 ̻ 0.5%, 50 ̻ 0.04% Ұߴ. ̵ ش ϴ Ⱓ ȭǸ鼭 ٴ ߰ߴ.
** :
1. Schumpeters Ghost: Is Hypercompetition Making the Best of Times Shorter? October 2005, Strategic Management Journal, Robert R. Wiggins and Timothy W. Ruefli.
2. Competitive Advantage: Temporal Dynamics and the Incidence and persistence of Superior Economic Performance, 2002, Organization Science, Robert R. Wiggins and Timothy W. Ruefli.
ٸ 20 ̻ ؼҼ ϱ? ̵ ϳ ƴϾ. ̵ ٲ Ϸ ߴ. , , ̹ Ư, ٸ ... Ŀ ... ̳ ͺ̽ ߴ.
, 迡 ο Ű ϸ . ̷ ڿ غ. ڰ ؼ ?
• ù°, ̵ ȿ̶ ˷, װ ڱ ϰ ȴ. ȸ ڱ ڵǸ, ͷ ŭ .
• °, ٸ ڵ ڸ ̴. и . ڵ ڶϰ ̸ ˸ ; Ѵ. ̵ θ ˷ ȴ. ż õ м ȸ ã м , м ڵ ״ Ϸ м ִ. ... ϰ ִ١ ϴ ״ Ͼ ȴ. ϰ ְų ϰ ִ ̱ ̴. ھ迡 뺧 ڵ, ڹڵ, ܼƮ ǾƴϽƮ ij. ̵ ȸ ã ִ ̴. ̵ ̶ Ϻϰ ִ ̴. ( ڻ ǰ ִ ſ 幰).
ϸ, ٸ ó, ̵ ͼ ִ ȸ ִٸ ں װ ̴. ̷ Ư ȸ ڿ ıѴ.
ڰ Ϲ ִٴ
Ϲ ں ڿ ű ں ڱѴ. ϶ϰ, ϶ϸ, ں ٽ ų ߰, ȭȴ( ȸѴ).
ڴ ̷ Ϲ Ȳ ڴ. ϴ, Ϲ ó ں ʷѴ. ں ̶ ٷ Ȳ ½, ξ δ. ں Եȴ! ϳ ȸ-- ԵǴ ڱ âϸ鼭--ڱ ǰ Ѵ. ñ ̷ ο ں ش , , Ȥ ȫó ۾ ǰ رѴ. ʹ ȸ , ܼ ϶ϴ Ϳ ġ ƴ϶ رѴ! ڵ , ǰ , ս .
ι ̷ ִ . ̼ ſ Ŵ ű ڱ Եǰ ֱ , ι ν Ѵ ص, ΰ 10 ̻ װް £ ô ̴. 10~20 ü Ⱦ ʴ. ű Ļϰ ̴.
ڸ ߱Ѵٸ ˾ƾ
ؽ ڿ Ǹ ƴ(Ұϴٰ ϴ ִ). ڴ 庮 ƴ϶, ȿ ̸ ̵ ȶ ǻͰ ִ.
ִ ڿ ٴ νϴ ̴. , ̳ Ÿϵ ױ ƴϴ.
5-10 ÷ȴ 鵵 ᱹ ڷ ̾. ڴ ݴлӸ ƴ϶ ʷѴ. ڵ Ұ, ̸ ȸϴ ð ɸ--2000 TMT ֽ(, ̵ ), 2006 ڵ ġֿ ε, 2008 ǰ 찡 -- ٸ ο ٸ ڷ ְ ̴.
ڸ ߱ϴ ڵ鿡 ۿ ϰ ϴ :
1. ڽ Ȯ ľؾ Ѵ. ڽ ߰ ٸ ϰ ִ, ˾ƾ Ѵ.
2. ؾ Ѵ. ٸ ϰ ֵ װ ϰ ű ִ. ȿ̰ װ ˷, ٸ 鵵 ̴.
3. ο ؾ Ѵ. ó ڴ ϱ⺸ٴ Ϸ Ȯؾ Ѵ. ̴ ٹ鿡 Ѵٴ ǹѴ. ġ ãƳ ִ ڶ ġڰ ȿ ̴. ٸ --ﱹ , , û , Ƽ , ÷ܱ -- ⸦ ִ ִٸ, ̴. ȸ ִ ̸ ִ ɷ ־ Ѵ.
4. ߱ϴ Ÿ ִٸ, Ż ⱸ ־ Ѵ. ߰ߵDZ ̰, ڱ ǰ ǰ, ǰ ᱹ . ̼ Ȥ ΰ ϰ ִٸ ؾ Ѵ. , װ ٸ غ ؾ Ѵ. <>
( 0)