Where are the Customers Yachts? In 1940, 1955, 1995, 2006
- : Fred Schwed Jr. (1902 1 1~1966 5 10)
- ű:
- ǻ: ũ / 2012 5 / 237 / 17000
ֵ å ڴ Ұ ֽİŷΰ ߰ڴ ֽĽ մϴ. ڴ ϰ ݵ Ȥ ڻ縦 ؾ ٰ ϰ ִµ.
ٸ ڸ ϱ å ? å κ ϰ ϴ-ڿ ֱ⺸ٴ ǿ ġ-پ Ǹ ָ鼭 ϰ ϴ ϸ鼭 ٽ Ϸݴϴ.
1995 õ縦 Ŭ ̽ å ϴ ħ ߽ϴ.
ͼ ִ ڻ ڰ ִٰ ϴ ñ ִ ƴϴ. и ϸ ִ ʴ´. (p.14)
̿ ̽ ũ 2006 õ翡 öٰ մϴ.
ͷ Ǿ ְ ġ . (p.8)
״ 尡 ϴ 1929 ƮƮ ٱ dz 鼭, ̷ó ڽ 2000 1 ƮƮ ȭ ٰ ϴµ. ݺǸ ʴ´ٴ ġ ʴ ΰ ϴ.
- 1929 ְ θ
1929, ħ ܿ ǺϾ ϴ ȭ Ư ־. Ա 5Ʈ(2006 ġ 60Ʈ)¥ ð ־. ó ̾ ö Ÿ ö 5Ʈ ʿ ȴ.
Ǿ, ֵ ʾҴ. 5Ʈ¥ Ĵ翡 ִ ̾ðó ϳ.
1929 10 ְ ο ؼ ִ. ϴ 쿬 ¥ 5Ʈ ø ϴ ڱ ¥ ø ֱ ̱ ý ߷ Ⱦȴٴ ̴. (p.192)
- ̽ ũ
2001 1 , ýø Ÿ ư ο ȣ ɷȴ. ̶ ̰ ͼ ý â εȴ. 簡 â ̴ ɾ ̸ ִ ָ 100 ְڴٰ ߴ. (p.6)
9 迡 ͵ ħ ְ Ǯݴϴ. 83 å̶ ô ̿ ұϰ ڵ带 д ϴ.
0.
4г д 1927 ʺ ƮƮ մϴ. 1929 Ȳ Ȱ 1937 Ϲݱ ұԸ Ȳ ãƿ ƮƮ . װ ְ ϱ , ֽĽ ο ƴϾ Դϴ.
ִ ֽ ? ȱ ؼ. Ⱦ ġ! (p.29)
ǻ翡 å ִ Ϸ 簡 ߾Ÿ ߴٴ ̿. ü µ ߴٰ մϴ. ܱ Ÿſ ġߴٰ ϴ, ۺ ߸ . ð 帥 ȸϰ Ǿ.
ÿ ƹ 뵿 ʰ ̶ ߴ. ð 帥 ׳ ֽ 缭 ġ ġ ó װ ɾ ־ ߴٴ ݰ Ǿ. ġ ʰ θ ̷ ־ ̴. (p.29)
1. ϴ ǽ
- ְ (ϸ)Ѱ?
ƮƮ ΰ Ӿ ڵ̶ մϴ. ڽ , , 뼺 ۴ٴ .
ᱹ ڽ ݴǴ ǰ ִٴ ˰ ϴ ִµ, װ ٷ ְ ִ ְ ġϰ øϸ ˾Ƴ ִٴ (Ȯϰ Ұϴٴ )Դϴ.
ű ߴ ʹ ֽϴ. õ ڸ Ҵµ, ĥ ˷ְڴٰ ϳ^^
2. ΰ
-
ƮƮ ⺻ Ģ ְ , Ǵ١ Դϴ. ǰ ϻ ȭ ִٰ ϴµ, Ȳ ? 丸 ֱ Դϴ. Դϴ١ Ȥ ϶ Դϴ١ Ǵµ, ߡ̶ ϸ ֽ , ϶ ߡ̶ ϸ ֽ Ȱ Ͱ ٴ .
ݵ Ȱ ʳ? Ģӿ Ʋϴ^^
ֽ ϴ ְ ϶ ̴. Ȳ ڴ ֽ . Ȳ ְ ̴. Ȳ .
ᱹ ְ ϶ϰ ڴ űݰκ ƮƮ ϴ ϰ ̳ ΰ谡 Ȯ ¿ ű ϴ ֽ ŵ ű ä ÿ ȴ. (p.68)
忡 ̿ϴ ְ ż ϰų ϰ ִ ֽ ŵϰ ְ Ⱦƾ żϰų ŵ ̷ϴ. ϴ 뿡 ְ ϶ Ƽ ð ϴ.
3. ֽİ
- ͵
ֽ߰ε ŸŸ ֽϴ. ϴ ٴ̰ 켱 ڽ Ű ŸŸ Ѿϸ, ִٸ ߰ ִ ϴ. ̵ ߰ε ڱ Ҹ θϴ.
ĸ ֽ ߴµ, ְ ¾Ҵ. ֽ ϵ Ļ ľ ̴. (p.96)
4. ϱ
ذ, ҷ ִ ٴ Դϴ. ڽŻ̹Ƿ Ǵؼ ֵ ڽ ɷ Ű ۿ ϴ.
ְ Ǵ ֽ, αִ ϳ Ұϴٴ ϸ鼭 α ִ żڸ ٸ ư Ƿ ϶ մϴ.
5. Ǹ ʿΰ?
ŵ 忡 ġ ϴ ڵ Ϲ ϰ ŵ ʿǡμ δ ɡ Ƿ ġ ؾ Ѵٰ մϴ.
ŵ Ͼ ֽ ŷ ֿ ǹǷ ְ ϶ϰ ŵ ᱹ ٽ żؾ Ѵٴ ȴٴ .
༼忡 ŵ ְ ְ ϸ ſ ֽ ̵鿡 ǰ ,Ϲ ڴ ߿ ְ ƿ ϸ ٸ ˴ϴ. ŵ ߸ Ƿ ڰ ظ ϴ.
̳ 忡 ƹ 鼭 ༼忡 ŵ ż , ݺǰ ʱ ̰^^
6. ,
ɼǿ մϴ. ڴ ս شٴ ſż ŵٴ ɼ ٴ Ĩϴ.
ɼ (Hedge) ɺٴ ܱ ū ַ Ѵٴ ǰ δٸ, ! ǰڳ.
7. ūհ
ϰ ֽĽ δٰ Ͼ Ǵ ϰ , , Ҹ ()ū ۿ ϴ. ̵ 忡 ǰ Ű ħüŰ ϴ ֽĽ ʴ ա̶ ǥѴٸ, ʹ ũ ɱ?
- ̷
(booms) , 츮 δ ƴ϶ ̾ ݰ ȴ. ٽ ο Ѵ. ٸ ̹ ص žߡ Ѵ. ̷ ϴ 繵 ΰε, װ տ ٺ ൿ߱ ̴. (p.172)
ڽ ִٰ? ó ֽ żϱ ñ ϸ ϰ 鼭, Ͼ ΰ öŸ ְ Ŷ ΰ? !
8.
ڰ ִ ڿ ڹ ٷ , ϱ, å Դϴ.
ڿ ٸ ̰ ڸ ؾ ⸦ ؼ ȴٰ ڵ ش ϴ ̸ Ŷ ϴµ. ڿ Ǵ 밡 ڸ մϴ.
ū , Ȯ Ѵ. ڴ ū Ǵ , Ȯ Ѵ. , ڿ ̴ ̰ ƴ϶ ̰ ȴ. (p.195)
"Speculation is an effort, probably unsuccessful, to turn a little money into a lot.
Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.
Thus the difference becomes one of degree, rather than of kind."
- Ǹ – ȯ ̿
ֽĽ忡 â ֽ 緯 ֽ Ⱦƶ. ä . ܾ ŵ ֽ ̴. Ű . Ŀ ֽĽ ħü⸦ ٷ. ħü(Ȥ д) ؿ ̸ , ( ظ ) ִ ä Ȱ ٽ ֽ .
и ֽ ż Ŀ ְ ̴. ٽ Ű ٷ. ִ ̷ Ǯ϶. ڷ ״ ſ ̴. (p.203)
ڿ ִٸ ̷ ϴ Ŷ ̴ϴ. ̷ ڸ ٰ ϰ ִµ. ɸ , ä α ä ֽ Ⱦ ֽ Դϴ.
, ҵ Yes! No!
' ̷' å ̾߱⸦ ϸ鼭 ӵ巹 ڽ ߵ ҵ ߿մϴ. ̰ ̱ΰ wealth ̷ մϴ.
̱ " װ 100 ִٰ ص ž" Ѵ. ݸ " װ 1 5õ Ŀ带 ٰ " Ѵ. ο ϰ ϴ ξ ٽɿ .
δ װ װ ִ ܰ ƴϴ. (p.211)
- ڿ ־ ߿ : öа
ֽڸ ϴ Ǵ ֹ ʴ ο ؼ ̴ϴ. Ȯϸ ̰ Ȯϰ ڰ Ǵ ˴ϴ.
ڿ ־ Ϲδ ϴ ߽Ѵ. ڰ ΰ? ϴ ߿ϴٰ Ѵ. ϴ ͺ ռ ؾ öа ̴. Ǽ öа ߸ Ѵ. ߸ ϴ ͵ ٷ öа ó ߸ Ѵ. (p.212)
9. Ʈ ?
ϴ ƮƮ ѽ̽ Ÿ ö 鿡 ̶ մϴ. Ϻ .
ū , Ϸ ֽϴ. ڹ ڽ ҸĿ Դ ߰ 踸 ҷ־ٴ . ڱ Ű Ҹ ؼ ڰ Ǿ߸ մϴ.
1940 Ⱓ å 1995 'ӴϺ' Ŭ ̽ õ縦 ٿ, 2006 ' , 1973 ' ٿ ص ־ ̽ ũ õ縦 ϴ. ߸ .
Ǵ ġ ʽϴ. 83 ̳ ̳ ΰ ϴ ϱִµ, ع ɰ ñ δ ڸ ֽϴ. ֽĽ ̷ ΰ ɸ ش 巯 ̰ ̵ ̵ κ ٶ з ϴ.
ڵκ ִ ΰ Ӽ ƴ϶ ̵鿡 ̿ ʰ ̿ϰ ̱ ݴϴ. 2012 ټ оµ, ִ å̶ մϴ.
Ư Ҵ ۱
̵̶ ڶ鼭 ᱹ ڽ ݴǴ ǰ ִٴ ˰ ̴. ƮƮ 鿡 ̷ 븦 ϴ ʹ 䱸ϴ ̴. ƮƮ Ǵ̰ ھ̰ ڵ̴. ڰ ƴ϶ ٴ ̶ۿ ʾ ̴. ڽ Ȥ , 뼺 Ƿ ۴.
ð 帥 Ŀ ƮƮ Ϻΰ ̷ ȴ. 鵵 ϴ ִ. װ ٷ и ִ ִٴ , ö ϸ ˾Ƴ ִٴ , ˸ ִٴ , Ѹ ũ ì ִ ڻ ãƳ ִٴ ̴. ˾Ƴ ǻ Ұϴٴ Ǿ. ̴ ڽ̳ Ÿ Ȥ ƮƮ ϴ å ϰ ִ ǵ鸸 Ⱦ Ȯ ִ. (p.47)
ڿ ٸ ̶ Ѵ. ڸ ؾ ⸦ ؼ ȴٰ Ѵ. ̴ ̿ ٸ ̶ ġ Ͱ . ϸ ̴ ٸ ̶ ش ϰ, ڱⰡ ϰ ִ ۽ ̸ и ̴. (p.195)
* ڿ ǥõ ڴ å Դϴ.
۱ڨ ġ ã ħ, (www.itooza.com)
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