ġڴ Ǵ Value Investing Makes Sense in 2016
- : 帶
̾߸ ̾߱
: 帶 ̾߸(1940-01-23~
Jean-Marie Eveillard)
ű:
ǻ: ũ / 2021-06
/ 266 / \\18,500
帶 ̾߸ Ŀũ ī ġ 밡 ͺؼ å, [ġڸ Ѵ VALUE Investing with the
Masters in 2002] ó ϴ. ڿ õ ٸ å
⸦ ־ ι̾µ. װ ڽ
̹ å Դ ô ݰ ȸϴ.
õ縦 ̽ ũ ̾߸ ״ װ Ǵٴ
غ ߴµ,
ġ ٶ ڼ ̶ մϴ.
ڴ å 鼭 ǥ ο ξٰ ϴµ.
ġڿ ȰƼ ġ 迡 հ ϴ.
1.
ġڴ Ÿ ڹ̸
2.
ȿ̴.
ڴ ̾ ڽ ڰ å д ſϴ. ϴ ڸ Բϸ ð ĵ ó .
ڰ پ ʸ 鼭 å з ٵ ϴ ƽ ߽ϴ.
Ҵ ű غϴ.
ġ
ġ ϴ ڰ DZ δ ġũ ִٴ , ٽ Ƶ鿩 Ѵ.
ΰ Ϸ ϱ ̸ ̸ Ƶ̱ ſ ̴. ٷ ġڸ ϴ ̴.
̾κ 3
1. ̷ Ȯϴ.
2. ̷ Ȯϱ лڰ ʿϴ.
3. ڴ Ϻκ ϴ ̴.
- ɰ Ÿϴ ƴϴ.
(ڸ )ֽ
ŵ ñ
̶ (ǵ Ʋ)ȮѴٸ, ְ Ȥ ټ Ǿٰ ؼ ŵؼ ȴ.
ְ ũ Ǿٸ, ּ Ϻδ ŵؾ Ѵ.
ڿ ϰ ΰ
γ ϴ ڿ ϰ 26(1979~2004)
4,400%, ͷ 15.8% ø ڵ ܴ ƴϾϴ. IT 1998~2000
Ȳ ȸ ȭ Դϴ.
1Ⱓ ӵ ڵ ߰, 2Ⱓ ӵ ݺ, 3 Ŀ ȴ.
3 ڱ 70%
ٰ ϴµ. ƿ ݵ带 û ۿ Ÿ̰ ݵ ιƮ ٸƴϺٴ
Ҵ Դϴ.
ġ ܷο
ִٴ ˰ ִ, ߰
ָ ֱ ƴϴ.
ġڰ ƴ ٸ ټ ڵ, ̷
ʴ´. ӿ ִ ϴϱ ̴.
ڰ DZ ʿ IQ
ƴ϶ ̶ ִ. , ϴٰ
Ⲩ ߰ ݴ ־ Ѵٴ ǹѴ.
ȸ
ġ ȸ翡 ν 2
1. ְ ڻ갡ġ ν ų
.
2. ڵ 迭 ġ ڻ갡ġ Ѵ.
༼忡 迭 ְ ֻ ְ Ŀ ݸ, 忡 迭 ְ ö . ֻ
ڷ ִ 迭 ְ µ ֻ ְ ȮǾ ǻ ༼忡 ֻ ֽ
żϴ ̴.
- ؿܿ ֻ ֽ Ǿ ŷǴ Դϴ. 츮 ֽĽ忡 ϳ ȸε.
α ϰ ִ ȸ ֽ ֱ , ߽ϴ.
װ п
ڻ갡ġ ̸ 尡 ڻ갡ġ Ȯ ƴ ߿ϴ. ش ä Ư .
ä ʹ 鼭 ⸦ Ÿ ڴ ϴ ̴ּ.
ݺ
ڱȸ ã ǰ, ڱȸ
ã ϸ δ. 츮 ϰ
̴.
ġ
1962,
ҽÿ ǾֳθƮ Ի
1968,
δǥ – μ ̶̾ 縦 ˰
1975, ĸ
, ݵ带 ȸ ݴ ġڸ
1978,
– 1,500 ݵ
- μ ġ ֽ ־
- Ȱ
15 ð ߴٰ
- ó 5
ؾ , 10 ġڹ ˸鼭
- 1993, ̾
ڹ ڹ ̵
* ݵ ڻ: 1987, 1 – 1993, 10
– 1997, 65 – 2000 70% –
2015 , 900
ġ 帶 ̾߸ Ưߴ ڻν ݿ Դϴ. з Ҿؼ ڿ ϸ鼭, ÷̼ǰ
÷̼ θ ϴ DZ Ʈ (ڴ 10% ϴٰ ) äٰ մϴ. μ ΰΰ þ ڰ ȭԴϴ.
ش ȣ
ش.
- Ÿ
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