| [: Ʒ Ư ũ(valuewalk.com) 2022 9 9 Դϴ. ֽĿ ǰ Դϴ.]
* ó: ũ ƺŸ(Enrique Abeyta), ̾ Ʈ Ʈ̴(Empire Elite Trader) , "Julian Robertson—A Late Investing Legends Legacy, 2022 9 9, https://www.valuewalk.com/julian-robertson-a-late-investing-legends-legacy/
* ó: ũ ƺŸ(Enrique Abeyta), ̾ Ʈ Ʈ̴(Empire Elite Trader) , "Julian Robertson—A Late Investing Legends Legacy, 2022 9 9, https://www.valuewalk.com/julian-robertson-a-late-investing-legends-legacy/

(ó: pixabay)
8 23 ٸ ιƮ(Julian Robertson) 90 ϱ ϸ鼭 츮 ô ֽ 츮 .
ٸ ιƮ(1932 6 25 – 2022 8 23) ϰ ݵ ϳ Ÿ̰ ŴƮ(Tiger Management) ڿ.
2Ⱓ ر , ٸ ǻ Ű ǹٵ(Kidder, Peabody and Company) ֽ߰ ߴ— ߿ ȸ ڻ ι ǥ ߴ.
, 1980 ״ ģ 800 Ÿ̰ ŴƮ ߴ. Ŀ Ÿ̰ ŴƮ ڻ 220 þ, ְ ߴ.
Ÿ̰ ŴƮ ܿ, ٸ Ÿ̰ ŴƮ ߴ [̵ ̵ ݵ带 Ÿ̰ Ž(Tiger Cubs; ȣ ̶ ǹ̴) Ѵ], Ȥ Ÿ̰ Ž ݵ鿡 Ʒ [̵ ̵ ݵ带 Ÿ̰ Ž(Tiger Grand Cubs: ȣ ̶ֻ ǹ̴) Ѵ] ε ϴ. Ÿ̰ Ž ݵδ ŷ ۷ι(Viking Global), (Lone Pine), Ź(Maverick), Ÿ̰ ۷ι(Tiger Global) ִ.
Ÿ̰ Ž հ õ ϰ , 캸 ġ â ȴ.
Ÿ̰ ο
(ũ ƺŸ, ̾ Ʈ Ʈ̴ ) ٸȰ Ÿ̰ 翡 ִ.
ù ż (buyside) Ÿ̰ſ 42 Ʒ ִ ŻŸ ҽ ij(Atalanta Sosnoff Capital)̾. ŷ ۷ι , ƽ հ ߴ.
ٽ ذ 帥 , ģ Ž(Rick Gerson) ij(Falcon Edge Capital) շϸ鼭 ᱹ Ÿ̰ Ž ϰ Ǿ.
ϰ ߴ Ÿ̰ Ž ϳ (John Griffin) ij(Blue Ridge Capital) ߰, װ Ʈ̴ , Ÿ̰ Ž ij ߴ. Ÿ̰ м ü ȸ Ǿ.
Ÿ̰ ŴƮ м: ġΰ м(Value-Added Research)
Ÿ̰ м ġΰ м(value-added research: VAR) ߽ ȴ.
⺻ ڴ ƮƮ м̳ ش ؼ ǰ, ݴа ¿ Ȯ ؼ ܺ ҽ(outside sources: ƮƮ ش ڰ ƴ϶, ܺο ã ִ ڷ) ãƺ Ѵٴ ̴(忡 Ǵ м鿡 ܺ ҽ м ߰ ġ ΰѴٴ ǹ̿ ġΰ м̴--). , , , Ʈ ͺ䰡 ܺ ҽ Ե ִ. ٹ ֿ , 츮 ƮƮ ܺ ҽ ͺϴ Ư ƴϾ.
Ÿ̰ м ƮƮ 'Ϲ ؿʹ ٸ, ſ ٰ ִ ' Ϸ ݵǾ. ̸ ٸ ð Ȥ ٸ ν(variant perception)̶ , ̰ ٽ̴( Ϲ ط å ߸ , ٸ ð ֽĿ ϸ, ū ø ִٴ ǹ--).
츮 , ܺ ҽ Ȳ и , ٸ ϰ ִ Ͱ ٸ ڽ .
Ÿ̰ м ٸ ſ öϰ öߴٴ ̴. ̴ üũƮ üũϴ ƴ϶, ó Ʒϴ Ϳ . ó, ̵ 츮 ͺ並 ϱ ϰ, 츮 ϱ ߴ. ٸȰ ڵ 츮 ؾ ٸ 굵 , ̷ ö м ̰ ü ̴.
ٸ, ̷ Ϲ ڿ ǹ̸ ϱ?
ؾ ڴ ̶ ̴.
Ÿ̰ Ž Ϲ ڵ ں м ɷ ſ ⸦ ̴. Ϲ ڷμ ū ڿ ߴ ո̴. ū ū , ڽ ϱ Ÿ̰ſ (due diligence) ʿ . ߸ Ϻδ ĵ ȴ.
ٰ Ÿ̰ Ž ū ⸦ ʴ´ٰ ϴ ƴϴ. Ÿ̰ Ž ܱε Ȱ ִ ſ پ ɷ ִٴ ̴. ڰ شȭ ϱ ؼ Ѵ.
ٽ ڻ꿡
ϰ ϴ ٽ, ڻ ϴ û ƴ϶, ſ ñ ڸ ִ Ȯ ʼ̶ ̴. ۿ, ڻ꿡 ظ ̴ Ǵ Ÿ̰ мƲ ٽ Ұϰ Ѵ.
, ó Ÿ̰ мƲ . 1990 ̴µ, 2000 Ÿ̰ Ž ӿ мƲ ˷, Ұϴ ̴.
20 м , ݵ ȿϴ. м 캸, ϰ Ȱϱ ٶ(⼭ VAR̶ ǥõ κ ġΰ м Ư ʿ κ ǹ—).
ȸ ٸ .
Ÿ̰ ŴƮ мƲ
м
• м ( " ") ΰ?
• ش ( " ") ø ʿ ٽ ΰ? (VAR)
• ȸ Ȯ϶. ǰ ȸ Ȱϰ ִ°?
• 庮() ִ°? ִٸ, ͵ ִ°? (VAR)
• 鿡 ϰ ִ ΰ? (VAR)
-
- (ǰü)
-
-
• ݰ ڴ ΰ? ݰ ִ°?
• ȭ ִ ΰ? ȭ ִ°? (VAR)
• ϴ Ȯ , ̸ 10¥ ְ .
м (VAR)
• ǸŸ ΰ: 鵵-鵵 ΰ? ΰ? ȸ ΰ?
• ⺻ ? ڵ ?
• ϴ(Ȥ ϴ) ΰ? ִ°?
• μ ϰ ִ°? Ѱ?
• Ǹ ü--ֹ ֹ -- ־ Ѵ.
濵 м (VAR)
• ӿ ? , , б ģ ? ̵ ſ ִ°(ſ ߿)?
• 濵 Ѱ? ֵ Ͱ ġϴ°?
• 濵 ں ϴ°?
• 濵 ȸ ֽ żϰ ִ°, ŵϰ ִ°? ż(Ȥ ŵ) ϴ ? ?
̽ ȭ м (VAR)
• Ǹ ΰ? Ǹ ӵ ΰ? ̷ ٲ ִ ?
• ֽ 20 ְڴ°?
• ڱ شٸ, 縦 ̱ ְڴ°?
• ϳ . ̴ ̰, ΰ?
繫 м
• ù ܰ: Ͽ å <ȸ Ӽ(Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports)> а, ȸ ̳ Ӽ ִ ȮѴ.
• ں? ڿ Ѱ?
• ڻȸ, äȸ, äȸ, ں ?
• ں?
帧 м
• ڱݼ 帧 Ư¡?
• ϰ ִ°? ں ϰ ִ°, ڻ Կ ϰ ִ°? μ ϰ ִ°?
• ں忡 ڱ ʿ䰡 ִ°? ִٸ, Ѱ?
ͼ м
• ǸŸ , б ΰ( Ѱ)?
• ΰ, ΰ? ΰ?
• ϰų, λϰų, ͷ Ǹ, ϴ°? Ѱ?
̼ м
• ̼ ΰ?
- ðѾ/
- ġ(EV)/EBITDA
- 帧ͷ(free cash flow yield): 帧/ðѾ
- ðѾ/
• , EBITDA , 帧 ?
• ġ?
• ƮƮ ٽ Ʈ(, Ϳ ġ )?
• ݵ Ǿ߸ ϴ κ? ġ ɼ κ?
• ȸ ΰ? ڵ Ѱ?
ũ м
• ˷ ߿ ũ ΰ? ̷ ũ , ִ°?
• ڸ ִ ΰ? ɰ ΰ?
Ÿ м
• ̼ ̼ ȸͽų ˸(Ƽ) ΰ?
• ĥ ȣ ?
• ֽ ֿ ڴ? ݵΰ, ߾ݵΰ, ݵΰ?
• ϴ (ŷݰ ŷ )?
• ̺Ʈ ðǥ ϶. ߸ ִ ̰, ?
̱ , ̷ мƲ , ظ ϴµ ̳ DZ ٶ.