κ ڴ ̱ ٸ鼭 ġ ʾҴٸ ᱹ 忡 ̶ ϴ ֽϴ. ̷ ϰ ġ , ٷ ư ųԴϴ.
ֽڴ Ȯϰ Ȱִ ڼ̹Ƿ ݵ ؾ Ѵٰ մϴ. , εڷ ^^
츮 ġ ̾ 1976 ̳ θƮΰ ͺ信 մϴ. ư ų ȿڵ ΰΰ ִ .
̻ ġ ȸ ã Ǻм ϴ ƴմϴ. Բ 縦 40 ̰ ִ Ȱ̾ Ȳ ٲϴ.
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities. This was a rewarding activity, say, 40 years ago, when our textbook Graham & Dodd was first published; but the situation has changed
̿ پ ̾߱ Ÿ ߽ϴ.
̾ 6 ص ũ ȿ ̶ ߾. Ƹ ״ ̷ ǹ̿ ȿ νϰ ־ ̷ ̿ ʾ ̴. ̾ . ״ ̾ ̻ȭ߰ ڷμ μ ߴ.
ܾϱ⸦, ġڴ ̱ ڹԴϴ. ̴ ġ 밡 ߰ ̺ 巹 ڷḦ ܼ PER, PBR, PDR Ʈε ξ ɰϴ ־ϴ.
2007 12 ݵ Ŵ ⸦ ɾ ϴ. 10 εݵ ͷ ֽݵ带 ռ ̶ ߴµ. Ǵ ſ 9⸸ й踦 ϸ鼭 ϴ.
̷ ⸦ ɾ , κ ݵŴ ͷ ǥǴ εݵ ͷ ̱ Ѵٴ ϴµ ־ٰ ϴ. ̸ Ϲ ڵ ̱ ڸ ־. ̾ κ ڵ ͷ ġ ϴ νؼ ̷ մϴ.
[ м] [ ] Ҹ 鼭 ڵ鿡 ̱ ִ (̸ Ű ư ϴ)ΰ κ ڵ ϰ ϰ å ƴұ ϴ .
ڵ, ڽ ڹ ϱ⺸ٴ, ͷ ϴ ڸ ϴ ٴ ڵ鿡 ִ ħ ְ ; ƴұ?
߿ ɵ鸮 ʴ Ȱ ֽڷ ؾ Ѵٴ ֽϴ. ġڷ ͷ ̻ ʴ ŭ ϱ.
: ư ų Ե 뼺 ؼ ڸ ȣϴ ڸ Ģ4 ϰ ֽϴ. 츮 εݵ忡 ϶ ϸ鼭 ڽ ڷ ̸ ʾҴ ǽ ϴ±^^
1. 5Ⱓ ̻ ̾ ȸ ż ϶.
2. ո ߰ ġ(簡ġ) ݿ ֽ .
3. ڵ ߴ(, ū ٺ ̷) ŭ 丮 ֽ ͵ ȴ.
4. Ÿ ٿ.
å:
ư G. ų, [ ȭ ̱ A Random Walk Down Wall Street in 2009]
Ÿ, [ Buffett in 1995, 2008]
( 0)