Empower Your Investing in 2019
: A. üũ Scott A. Chapman, CFA
ű:
ǻ: / 539 / 2022-06 / 25,000
[ ȭ]
Ǵµ [ ]ϱ? ñߴµ, å а ̷ ǻ ο
ź߽ϴ. 3 밡κ Ҵٴ ŵ.
1993 ڴ Ǻм ϴ 忡 ־
ִ ݵ带 þƼ ϶ ø ϴ. ݵ带 ϴ е Ұ ȸ
MBA, CFA ڰ ߾Ƿ ڿ
δ ϰ ˴ϴ.
ְåڴ װ ִٸ ݷ־ ̿ ڴ ̹ κ
Ƿ ױ մϴ. ã ٷ,
, ġ, , ̾ϴ.
ͳ ̿ Ƿ ڴ å, Ź
μ⺻ ̿ؼ , ͺ ãƳ մϴ. پ Ƕ̵ Ƕ̵
ڽŸ ö ˴ϴ.
* 밡 3ο
å о ݱ ߴ ־µ. ڰ öϰ
źϴ ϴ.
, ڰ þ ݵ Ÿκ
Ҵ ݵ 4⸸ ְ ް ˴ϴ.
ڰ åε ڽŸ ʾҰ ڿ
ؼ ڽ Ģ 7 Ұϰ ֽϴ. < Ģ Ƕ̵> ϰ .
ϸ鼭 å [ ]̶
︰ٰ ߴµ, ڰ 3
ħ ص ġ鼭 ݺؼ о åԴϴ.
ϰ ϱ Ƿ ΰΰ а ű İ Ϸ մϴ.
1.
: 1912-11-29 ~ 2008-07-08
- 1954 660
ݵ带 ߴµ 3 忡 15
1969 ݵ ڻ ܿ 700 1974 1,300 ƽϴ.
- 극̽ ָ鼭 ݵ ڻ ްϰ þ 1980, 4.2 .
1986, 24 Ҿϴ.
- 38(1954~1992) ͷ
14.5%(S&P500: 10.9%) 1 ߴٸ 174 Ҿϴ. * S&P500 δ 53
- ù 10 9.5%(S&P500 12.8%) 庸 ͷ ÷ȴٰ ϴµ, ߴٴ ͵ ϴ. * ⸸
ΰ^^
ϸ ø Ǵ, ȭ
1939 9, ̱ ͱ ۿ ٴ Ȱ ̱ ϸ Ȳ ķ
Ȱϸ Ǵմϴ.
翴 ÷κ 1 ̱ ǰŷҿ
ִ 1 Ͽ ŷǴ ֽĿ 100 մϴ.
- ̰ װ ε ʿٰ
ϳ.
104 żߴµ,
37 Ļ ġ ȸ 巯 4
1 ȿ , ֽ
4 ŵؼ ھ 4 4 ϴ.
迡 ¿ ٰ մϴ.
ٸ ؼ , ٸ Ž彺 ȷ Ⱑ ʿ ñ ū ȴ.
Ī, ٰ bargain hunter
츮 \'ū ȸ縦 ƴϸ ȸ縦 ?\' \'̱ ȸ縦 ƴϸ Ϻ ȸ縦 ?\' ڹ ʴ´. 츮 \'
ġ 氪 ȸ ȸ ִ°?\' ܼ ϸ鼭 ȸ縦 ã´.
ٸ Ȱ ֽ ٸ
ٸ Ȱ ̴. ٸ پ ø⸦ ٶ ִ
ٸ ʴ ֽ ̴.
µ, װ ߸ ̴. ùٸ \' ΰ?\' ̴. ġ
ֽ Ѵ. ֽ 氪 ȸ . ٸ Ȱ ֱ ̴. ٸ .
ż ϱ ؼ ηϰ ãƾ Ѵ. ΰ ڽŵ ణ żؾ .
– Ȯ
, ڸ , ̰ ־̴. ֽ ݿ
ȸ ҵ ִٰ ֱ ̴.
ͷ ֽ ڵ Ӹ ƴ϶ ںս 迡 Ѵ. ҵ ø ξ ü ϴ ̴.
- 1954. 2.
2.
ġ: 1944-01-19 ~
- 13(1977~1990)
ݵ带 ϸ鼭 ͷ 29.2%%(S&P500: 15.4%) 1 ߴٸ 28 Ҿϴ. * S&P500 δ 6.4
-> Ⱓ ªٴ ұϰ
!
Ƹ߾, ġ ̿϶
ֽĽ忡 ڸ ſ ִٰ Ѵ. ó
ϴ Ƹ߾ ڵ鿡Դ ̶ Ѵ. ֽ ̷
ر о ų ̷ ÷.
- 1994. 10. 7
ֽ ڴ Ұ
ֽ ̴ ֽĿ 1,000 Ҿ 1,000 ̴. ٴ ־. ݴ Ǵ Ǵٸ 5,000 1 ִ.
̳ ʿ䵵 . 10 3 ǰ, ȸ簡 ư ִٴ νϰ, ϴ ϰ, ߰ ϰ, ȸ ̿ϸ ִ.
-> ڷ зϴ . ġڶ 10 9
Ϸ մϴ.
ϴ
뺸 ξ ֽ Ȯ ö, ֽĵ ư ϴ ִٴ ִ.
- ġ ֽ ִ? ġ ߴ ѵ. ̷ ־^^
ݵ 25~30% ֽĿ Ѵ. װ Ȱ ȾƼ ֱ ٸ ֽ . ϶ϰ Ȳ Ʈ ֽ ̸鼭 ŷ ָ ߸Ѵ. 1985. 7. 22.
- ֽ 100%
ġε. 1987 10 յ
10 Ϸ ߴٴ ⸦ ֽϴ.
-> Ʈ ֽ ä ִ
¯?^^
3.
: 1930-08-30 ~
Ȯ Ź
- 1947~1949
ǺϾƴ ư кο 귡ī Ű 1950
- Ϲ 濵п հ߰ 1981 ÷ƴ뿡 ̾
- 1951 ̾κ A+ л MBA
- 57(1965~2021)
ũ ؼ̸ ϸ鼭 ͷ 20.1%%(S&P500: 10.5%) 1 ߴٸ 36.3 Ҿϴ. * S&P500 δ 299.5
3
1. ƹ, Ͽ
κ \'Ź 1鿡 Ǹ ִ ϵ
.
2. ̾κ \'ڿ
ʿ Ʋ Բ , ְ ϶ص η ʰ, ָ ִ ɷ\' .
3. ۰Ŵ û ͷ Ǹ
Ȯ װ ְ . ̾
ż ʰ ε. ̰ װ ¥ ̴. ̾ ѵ ð ؼ ʿߴµ,
. п ڿ þ߰ о.
- ij ʸ ǼŸ ؼ 5 žҽϴ.
ɷ
Ͻ ڿ ־ ߿ ɷ (circle
of competence) Ȯϰ ִٴ ̶ ϰ ʹ.
װ ؾ ִ.
ٸ ϴ ȸ мϰ ŭ ִ ϴ ġ ʴ´. ó ִ Ϸ ް,
ǾҴٴ Ȯϰ ̴.
- 1970-02-25 Ʈʵ鿡
ڸ ϴ л θ ȴ.
ϴ ϴ ̴.
ڷμ ǥ κ 5, 10, 20 Ŀ ö Ȯǽõǰ, ִ Ϻ ո ݿ ϴ ̾ Ѵ. ð 귯 ̷ ϴ ˰ ǹǷ,
ã ǹ ֽ żؾ Ѵ.
ڽ ħ Ȥ ̰ܳ Ѵ. 10 ֽ ƴ϶ 10 ̶ װ ؼ
ȴ.
- 1996 ũ ʺ
ƹ͵ ڴ лڸ ϸ ǰ, ƴ ڴ
Ʈ ؾ Ѵ. ڽ ϰ ִ ȴٸ Ʈ ص . 濵 پ 3 ϴ 50 ϴ ͺ ϴ.
- 1996 ũ
-> ġ Ȯ . 100 ̻ Ʈ 14 ν ڹ ߽ϴ. ڽ
ϸ Ǵ ̰ ֽڿ յ ϴ.
Ģ
Ƕ̵
- ο ߵ ڴ ü ڹ ʾҰ 3 κ ؼ ڽ ö ٰ ߽ϴ.
Ƕ̵ ̸ 7 ʷ
Ѵٰ ߴµ. űϴ.
1. ں
2.
3. 췮
4. ó ֽ ϱ
5. ϱ
6. ŷ ȸ ߱
7. 뼺 ϱ
- ϸ鼭 ڰ ϱ 3 忡 ߴٰ ǹǷ Դ ̵
Ϸ մϴ.
3 ĿȦ(workaholic)Դϴ. ϰ ġ ε ȸ ð ϰ ϿϿ м ϸ鼭 1Ͽ 80ð ̻ ߴٰ մϴ. 繫 Ϸ б⸸ ϴ ϴ Ѵٰ . 46 ġ, ڰ , űϴ.
麸 40% ϸ ڵ麸 10%
ұ ̴.
- ġ, 1987.
8. 10 ͺ
å д ڵ 3 1Ͽ 80ð ̻ ϴ ʾ ϴ
ϴ.
̾ ϴ ð ڿ Ҿ ʾƵ 츮 ڰ ž ߴ ̾ ϰ ֽϴ. ̾ ν 9ú 4 30б 46(1956~2002) 16% ͷ øν Ⱓ 10% (S&P500) ũ ̰ϴ.
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