̾ ڹ Benjamin Graham and the Power of Growth Stocks in 2012
: 帯 ƾ 3 Frederick Martin & 3
ű:
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ݱ 15 å õ縦 ϴ. ռ 14 å ª õ縦 µ å õ 3 Ҿ߽ϴ. μ · о Ⱓ
ٽ 鼭 å̶ ϴ.
̾ [ м, 1934] [ ,
1949] 2 ְ ڼ ڵ а ϱ ֽϴ. ̾ Ϲ ڵ [ ] ׳ ε ġ . å ó 1/5 ̾ ̷ ϱ ν Թ ϰ ֽϴ.
ڴ ߴµ, ! ϰ ϴ.
[Ǻм] -
ؾ ٽ װ 鿡 ġ
[ ] - ڿ
ڽ ö
õ
ֽ 簡ġ ϴ δ ͵ Ȱϴ 帧ι(DCF)
θ ˷ ֽϴ. ̷ ͷ () Ұ ߿ѵ, ͵
ߵ, ġ 簡ġ ũ Ȱϱ
ʽϴ. ̷ ƿ ͺٴ 뷫̶ ƴ ٸ鼭, ϴ , ũ ֹմϴ.
ġ ̾ 簡ġ ϴ (8.5 + 2G) X EPS ߽ϴ. ġֿ 簡ġ ϰ ֵ Ư DCF Ŀ ν Ȱ밡ġ ϴ.
å 帯 ƾ 1997 ڻȸ, DGI پ ø ִ ݵŴԴϴ. ״
̾ [Ǻм] 1962 ġ ٷ 39忡 ̾ 簡ġ İ ڽ ⺻ͷ ϴ ߱ϴ
ڻ Ѵٰ մϴ.
ڴ ϰ ִ 簡ġ ڹ ٸ 簡ġ
մϴ. ڰ پ ʸ ڹ 뼺
Ϸݴϴ. ũ ڿ óϰ θ ִµ, ڵ ص Դϴ.
ڴ å ̾ ߿ Ģ ڿ ϴ ϳ ̿־
߰, Ʈ , ̽
3 ٽ ݵ ؾ Ѵٴ θ Դϴ.
ڹ ŵ ż ߽ϴµ, ̸
̾ ħ ٽ, ̿ մϴ.
ġڴ ġ ֽĿ ϴ ̰ ڴ ̷ ġ ֽĿ ϴ
ġ ⺻ ġ ֽ żѴٴ ٸ ʽϴ.
ڴ ̷ ϱ м ð Ҿؾ ϹǷ ִ ڵ
Ȱϱ ڹ̶ ϰ ͽϴ.
ġ ع ϰ ִ /ֽ ݱ
ؿǷ ε Ŷ 밨 ֽϴ. å ġڵ ߽ϴ ⺻
ΰ ֿ ϴ Ѵٴ ó ġڸ ϴ ڿԵ ϵ ġ ϴٰ մϴ.
ã, ϴ,
å ٽ Դϴ.
Ӱ
ãƼ, ̾ ġ ֽĵ ġ ϰ, ż ȸ ٸ Ȯ ִ.
Ʒ Ⱓ å ٽ 鼭 Űܵΰ ; Դϴ.
̾ 簡ġ
- AAA
ȸä ݸ 4.4%
- 1974 ̾ ݸ ݿ ߴµ. DCF İ մϴ.
- ݸ ȭ · ְ / ؼ ̹Ƿ ؼ ʿ ٰ ϴ.
ִ 簡ġ = [8.5 + (2 * )] * ִ
Ex) 0% / ִ 2 - [8.5 + (2 * 0)] * 2 = 17 -> PER: 8.5
Ex) 5% / ִ 2 - [8.5 + (2 * 5)] * 2 = 37 -> PER 18.5
Ex) 10% / ִ 2 - [8.5 + (2 * 10)] * 2 = 57 -> PER 28.5
7 ִ 簡ġ = [8.5 + (2 * )] * 7 ִ
Ex) 7
7% / 7 ִ 2 - [8.5 + (2
* 7)] * 2 = 45
ⱸ
ֽ ڻ ż ڵ ⱸ 'ⱸ
ؾ' Ѵ. ż ֽ ּ 30Ⱓ ̶ غ. ̷ ܼ Ģ ֽ ż
Ģ ٲ ̸, 鿡 ְ ȴ.
, Ȥ ſ ( ?) ģ
̻ ġ ִ.
ų ߿ ϱ ؼ ̹ غ Ǿ ־ ϰ
ٵ ɷ ־ Ѵ. غǰ Ը ̷ ȸ ãƿ ε帱 ̴. ̷ ȸ ãƿ ȸ ̿ ִ ڱ, Ǵܷ, Ⱑ ־ Ѵ.
- [ , 1973
ı]
ſ Ϲ ֽĵ麸 ִ ξ Ұ, ̷
Ǵ ֽĿ Ǵ ̴.
- [Ǻм ,
1962]
ϰ ִ ֽ
ġ ̿ ؾ , ڶ
ָ ؾ ϸ, װ .
- [ , 1949]
- [ м]
̺ 1934 Ⱓ 1940, 1951(3), 1962
1988, 2008(6) Խϴ. ̾
3DZ 4Ǻʹ ̶ մϴ.
- 6 2
Ŭ ֵ ؼ ٿ ϴ.
- ϰ ִ 3 2 6Դϴ.
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