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å ̾߱(6) - ׷̾

׷̾ Benjamin Graham in 1996
: The Memoirs of the Dean of Wall Street
: ׷̾ Benjamin Graham (1894-05-09~1976-09-21)
ű:
ǻ: ¸׺Ͻ / 2004 09 / 415 / 14800




ġ ƹ Ҹ ׷̾ ȸԴϴ. б ǰ ; ǻ翡 ۿ װ ̶ ָ ϴ.

ֽڿ õ 7~13忡, װ͵ ϻ κ ٷϴ. ׷̾ ڹ ߴ ڴ Ǹ 𸣰ڽϴ. ׷̾ ڿ Թؼ ް ũ ϴ Ȳ̶ ⸦ ¾ ᱹ ̰ܳ ׸ϴ. , ׿ 踦 ΰų Ǽҵ װ , ' ' ְ ڼ Ͱ ٸ ̻ ֽϴ.

å ̸ Ʈ 31 幮 ׷̾ Ϻ , ׷̾ ȸ 16 մϴ.

- 1~6, 
- 7~14, ؼ ֽ μ ϰ ϰ غϴ , 'Ǻм' ź
- 15, ū ɻ翴
- 16, ڷμ ǰغȭ ȹ âڡ




׷̾ 1956 ĶϾ Ŭ ۵Ǵ ̸ Ʈ ڽ ƴ ׷̾ , Ư Ǽ ϻ ߴ ڶ մϴ.

Ʈ̶ ñؼ ãƺҴµ, 1928(2015 ) Ŭ , ȭ а Ȱ߽ϴ. ׷̾ õ ã ߰, ׷̾ó ȥ ߴ.

ɰ ׷̾, ۰Ű ׷, ߴٰ մϴ.

ȥ ¿ Ǹ Ȥ ġ ʱ ϰ ־µ, ¼ 밡 DZ 𸥴ٴ մϴ^^

׷̾ Ŀ Ҵµ. ڿ , Ư ħü 忡 ϱ ãƿ ô ⻵ߴٰ մϴ. 1976⿡ ӽ ƿ Բ ߾ ݵ带 ڿ ϰ ־ϴ.

1. 忡 
׷̾ 1894 ¾ϴ. , ׷̾ ƹ ڱ ǸŻ Ȯϱ ż ̱ 縦 鼭 ϰ ̱ dzʰϴ.

2. ذ Ӵ
׷̾ 9 , 35̴ ƹ Ӵ з ߴ ó մϴ. ׷̾ 3 Ȱ ؾ ߰, ̷ ׷̾ ϴ 20 ӵ˴ϴ.

3.
׷̾ ڽ ƹ 纰 9 б ϴ 12 3 ȿ Ǿٰ մϴ. ڽ ˼ϰ ϸ  踦 ʴ´ٴ µ. ̷ ̶ ٴ .

ġ ǽϰ ⿡ λ ǥ ū  ִٰ ߴ ״, 帥 ܼϰ ߿ dz Ģ ޾Ҵٰ մϴ. ̿.

پ ̶ ϸ ̴. (p.99)
The most brilliant financial strategy consists of living well within one's means.

ŵϴ 뿡 ̰ ִ б ޻ ︮ ߴ ׷̾, å оµ. 2ֿ ״ټ å 뿩 о ģ ̿ å ġ оϴ. ߿ ſ Ǵٴ ˰ ٰ մϴ.

4. : Ŭ ս
԰ ȭ 𸣴 Ӵ ̼ ϼ  ,  ̿ Ȱ ϴ 13 ׷̾ ϴ. ƿ μ ü ߰, Կ Ÿ ΰ ˴ϴ.

ְ ε鿡 漺 ʴ´ٴ ؾ߰ڴ. 漺 ü ʿ䵵 Ŀٶ ̴̴. ׷ װ ÿ ִ. 漺 ո ޸鿡 ߰ Ұ, ׸ ִ. ܼ ׵ Ϻζ ̳ ڽ ĥ . (p.111)

5. ϲ۰ Ȱ
16쿡 ó 忡 ߰, ÷ б ϰ ׷̾ ϴ. Ȱϸ鼭 ÷ п б û߰, ̶ μ п ׷̾ б ̾ б ռ ̰ ȥ ˰ ˴ϴ. п ٸ б ָ鼭 㰡մϴ.

6. ÷ б
1911 9 17 ׷̾ âȸ л ÷ п ؼ 20 1914 3, 2 6 մϴ. Ȱ پ ƸƮ ߴµ, ߿ 鼭 Ⱓ ߴ USͽ Ⱑ ִµ. USͽ ϴ ߿ ι ι µ, ϳ Ÿߴ Դϴ.

7 ٹϴ ǻ ι ٽ µ, ׷̾ ǰŸ ó (ɱ׶ ȸ ٲ) 濵ڸ 鼭 ׷̾ ̷ մϴ.

ƮƮ ϴ ȭ ѺҴ. ׸ ȸ縦 ϴ ̿ ū ̰ ִٴ ˰ ƴ. İ ¼ δ. ׷ ο Ǹ ޾ ٽ ִ ݸ, ѹ ľ 밳 װ . (p.166)

7. ƮƮ ϴ
÷ , ׷̾ ö, , , 3 а ޽ϴ. ڱ ū ̶ ϸ鼭 (ʺ ) ̷ Ǵµ. ᱹ θ ϴ, κ õ ȸ翡 ϰ ˴ϴ. ݵ带 9 ٹ ǻ硯 Ŵ ׷̾ äϱ մϴ.

, Ѱ ΰ ֳ. ڳװ ⸦ Ѵٸ ɼ. װ ׻ ϰ. (p.184)
One last warning, young man. If you speculate, you'll lose your money. Always remember that.

׷̾ 'ä Ģ' ä θ ߴµ. ̸ ʷ ָ ۽ Ϸε塯 ä м , ſ ϴٴ Ȯ ۼմϴ.

׷̾ ġ ٸ ǻκ Ǻмμ īƮ Ǹ ޽ϴ. ̿ ׷̾ ǻ縦 츮 Ǻм μ Ŷ鼭 ׷̾ ϴ.

8. ֽİġ ο ߰
1910 ֽ ڴ äǿ Ǿ ִ ̾ϴ. ֽ ݴŻٴ , ϴ ׵, Ǿ.

ڰ õǴ Ȳ 1914 1 Ͼ鼭 Ը ü 繫 Ǿ ֽ ( ƴ) 簡ġ ڵ þϴ. ⳻ ׷̾ ̷ ⸦ ̿ؼ 1915 ù ° Ͱŷ ߰.

׷̾ оߴ Ͱŷ, 1956 ڹ Ȱ߽ϴ. ͵ (1956~1969) ڹ 3 ֿ ڹ(*) ϳ Ȱߴٰ մϴ.
* 3 ڹ: 1)Ϲ ֽ, 2)ũƿ/Ͱŷ, 3)濵 ֽ

м ݿ ŷǴ ָ żϰ ʹ ݿ ŷǴ ٸ ָ ŵϴ ڷε ִٴ Ǿ. (p.217)

9. Ǻмμ ϴ
ŵϴ ׷̾ 1920, 26, ǻ硯 Ʈʰ ˴ϴ. ״ Ϻ ä ߰ ū , ֽ Ͱŷ , ǻ翡 Ʈʷ ޿ ȸ 2.5% ʽ ޾ҽϴ.

1919 ƮƮ (1960~70) ޸ Ʈ ־ٰ ִ 100 ݵ(2023) 츮 ޴ Դϴ.

׵ ֹ óϰų Źݰ ġ ڻ ϴµ ־ ſ ŷ ߴ. ׷ ׵ κ ־, Ը ü ۿ ϱ⵵ ߴ. ׵ κ Ը ս ̶ ˰ 鼭 ߴ. (p.257)

10. 1920 밭: 鸸ڰ Ǵ
׷̾ ƮƮ 42(1914~1956) ǻ翡  Ϲ ؼ ִϾ Ʈʷμ ϱ 9, ׸ ڻ μ 33Դϴ.

״ 1923, ظ ׷졯 ڱ ϴ 鼭 9Ⱓ ٳ, ǻ硯 ׷̾ ۷̼ǡ âؼ մϴ. ù ø 鼭 2 6 ûϰ Ǵµ. ׷̾ ִ û ˴ϴ.

ڱ ñ ظ µ, ״ Ź ֿ ׷̾ ٰ մϴ. ׷̾ Ȱ µ, ظ , ʴ ΰ ʸ Ӿ ȭ Ҵٰ մϴ. ߰^^ ׷̾ ʸ ΰ ϰ ֳ׿.

ڱⰡ å 鼭 Ͽ ִ Բ Ѵٴ ô . (p.264)

1926 1 1, ϴ ¿ ڽ ڱ ׷̾ յ¡ Ű ߽ϴ. 40 ޷ ڱ ͱ 3 , 1928⸻ 250 ޷ Ҿϴ.

11.
Ρ 1925 ȸڷḦ м ׷̾ ֽ ų ִ 6޷ ϰ ݼ ڻ ִ 95޷ ϰ ִµ ְ 65޷ Ұϴٴ ߰մϴ.

緮 ֽ ż 濵 ʿ ڻ Űؼ ֵ鿡 ûմϴ. ޸ 濵 ϰ ߰ 濵κ ȸ å ʴ´ٸ ֽ ó϶ Ƴɱ ˴ϴ.

׷̾ 1927 ѿ ؼ ڽ ǰ öŰ غ 忡 ߾ ȸ ϰ ƿɴϴ. ߱ ۿ , ׷̾ ɰ Կ.

1926 ϰԵ 濵 ȸ簡 ϰ ִ Ͱ ٸ  ϵ ַμ ó ̴ , ƮƮ Ŵ dz Ӹ ̹а ϴ Űȣ . (p.279)

( ) ׷̾ ֵ Ǽ Ȯϰ ȣ縦 뵿ϴ غ 2008 ѿ ؼ ڽ ̻ 2 ϴ մϴ.

׸ û ް , ׷̾ ߴ ҿ ڻ Ű ȹ ϴ. ׷̾ ׷ ݴϴ ñߴµ-װ ȣ簡 ˷ֱ⸦- 緯 ܿ ׷̾ ȿ ߴ Դϴ. ׷̾ Ż?

ȸ ؼ ַ ûϴ ߾ ϰ մϴ. 濵 ؼ ´ٸ ȸ ϵ ֵ鿡Ե ִ ʴĴ 翬 ϴ ε.


޾Ƶ鿩 쵵 ֽϴ. κ ߾ ϰ ȸ() ʿ信 ˴ϴ. ־ ְڱ ϰ, ϴ Ȳ ־µ. ̷ ϴ ַμ ǹ̸鼭 åԴϴ^^

å ϰ Ǿ , ൿǸ ٷ å, ׷ '! ֽϴ' ֽϴ.

12. Ƶ 'Ǻм' ź
1927 4 20, ù Ƶ 9 ̿ ϴ. Ǵ ׷̾-ٸ Ͽ ν-Ŀ  å ϴµ. ״ å ű ܰ 1927 б ÷ С Ǻм Ǹ մϴ.

ù б⿡ ÷ 濵п ̺ 尡 ߴµ, 'Ǻм' , ڻ ڰ ˴ϴ.

13. ÷ Ѿ
׷̾ 1929 Ȳ ù ش Ͱŷ ߴ п 20% սǷ ߽ϴ. 1 ÷θٿ ް ־ ٰ Ͼϴ. ̿ ״  ִ Ⱑ ־µ, ٷ ٷũ Դϴ.

1929 ׷̾ ׺ 22 ٷũ µ. ֽĽ ° ۵ ϴ , ûŸ Ȳ ۽ ¿ Բ ̶µ ǰ մϴ. ׷ ұϰ ̼ߴ 35 ׷̾ ó ߽ϴ.

ٷũ Ȳ 鼭 8% Ѻ ޾ ܿ 2% ϴ ֽ ¸ ߴ Ѵ. ̷ ߴ. ½ϴ. Ģ 츮 ݴǴ Ȳ, 2% Ѻ ޾ 8% ִ 췮ֿ ϴ ͵ ؾ մϴ. (p.335)

1930 1 ް ޾ ÷θٿ 93 񽺸 ϴ. ״ ׷̾ ϴ Ͽ ä ڽ ݴϴ.

׷̾ , ڽſ ߿ ϱ ٶϴ. Ÿ . ׸ 繫Ƿ Ⱦ ä ں Ʈʵ鿡 ּ. ̶ 㿡 Ѽ ̴ϴ. ź ̰ ξ , 赵 ϴ. ̴ϴ. (p.342)

! ׷̾ ڽ ϴ ϴ ޾Ƶ鿴, 50.5%, 1931 16%, 1932 3% սǷ 4 70% ̻ ս Ծϴ.

4 ״ ڱ ũ پ Ļ ƴϾ, 10 ξ ־ϴ. 4/5 Ҿ ǰ ǰ ϶ 𸥴ٴ ȮǼ ߽ϴ.

ο پ ƴ϶, Բ Ƽٰ ٽ ߶ Ǯ̵Ǵ Ǹ, Ȳ ս ΰ ϴ Ϳ ȮǼ ̾. (p.347)

1932 ׷̾ ڷ Ȯΰ ǥ ô 'Ǻм' ߽ϴ. ׸ 1 6 1934, Ⱓ˴ϴ.

14. ġ Ȱ
1933 99 ٿ 1937 3 197 ̾µ, 1933 50% ø鼭 ׷̾ Ƴϴ. 1933 37.5 ޷ ׷̾ 1935 12 ս θ ȸմϴ.

1936 1, ׵ ߴ ׷̾ յ ¡ ûϰ ׷̾ ۷̼ǡ ؼ 1956 û ϰ ˴ϴ.

ġ 򰡿 ڹ, Ȱ ø 1939 'Ǻм' 2 ǿ ̾ Ⱓ, 1949⿡ Ϲ ڸ , ' ' Ⱓմϴ.

1962 Ⱓ ' м' 4ǿ ذ Ҵ м 콺 ܼ 2 ذå µ ߴٸ鼭, մϴ.

1. ֽİ ä 25% Ͽ ȴ. 50% ֽ 尡ġ , , ȮŰ Ǵܿ Ҵؾ Ѵ. ڰ ǰ ʴٸ, ֽİ ä 50:50 ϴ ͵ ̴.


2. ؼ ä ݵ 췮 ؾ Ѵ. ֳθƮ ڵ ̻ ִ ָ ɷ ŷ ʴ´. ǥ Ʈ ٿ ʿ䰡 ִٰ Ѵ. (p.358)

15. ۰
׷̾ ڿ ڽ ɷ 10% ʾҴ١ ߴµ. ׷̾ аμ ֽϴ. оߴ װ ϴ ƴ ϵ, ϰ δ ⸦ ϱ⵵ ϴ Դϴ.

16. ǰغȭ ȹ â
̷ 밡 ڽ ̸ ǰغȭ ȹ âڡ ־ ϴ ٶ ȹ å ݿ ֵ ϴ ֽϴ. ƽԵ, ׷̾ ߱ߴ å ݵ ߽ϴ. OTL

ʷα1: 63 ȭ
3 ġ 63 ƿ ׷̾ ڽ մϴ.

ʷα2: 80
1974 80 װ ;, Ŭ ϸ, λ Ŭ 񱳵 ־ ϴ Ҹ ϴ. ڽ ߱ߴ ſ ϸ ̵ մϴ.

ϻ ȴ ſ ּ , ̿ ȭ, Ư а κ Խϴ. ̷ ͵ ǻ ̿ ֽϴ. 츮 ʿ ϴ ϱ ɰ 츮 տ dz並 ִ ּ Դϴ. ճ , ϸ ϱ . ׸ ϼ. ϴ װ-ȭ - ã Ǹ, ġ ʽÿ. (p.405)



۰Ŵ ϻ ٷ ( biography) д ȣ ˷ ִµ. 'Poor Charlies Almanack in 2008, Jay Kim ' ۰Ŵ Ĩϴ.

ſ ϴ.  ̷ ʹٸ, ģ 弼. ġ ִ ̽ ģ θ ڻ簡 ִ Ͱ ġ. а ׵ ģ Ǽ. 'ư ' ģ ȴٴ 鸱 , ε ĥ ִٰ մϴ.

å 60~70 ׷̾ ƿ ȸϸ ȸ, ڽ ϰ 巯 ֽٴ ڼ ݴϴ.

׷̾  ֽڶ ߰ 簡 Ǿ ȯ ׿  ־ 캼 ְ ǰ ϴ ϱ⵵ ϴ, Ǽϴ ׷̾ 鼭 ⸦ Ǽ ̰ܳ ׷̾ 鼭 ħ ֽϴ.

׷̾ ̿ 򰡸 鼭, ׷̾ Ѿ λ ٰ ˴ϴ.


Ư Ҵ ۱
1916 ֽ ŷϴ ڽ (speculators)̶ ҷ. ׵ ŷ 渶 Ǵ ٸ ѷ ߴ. (p.216)

ó ΰ (investor) θµ, ׷?^^

* ڿ ǥõ ڴ å Դϴ.




ƮƮ ũα (0) ֱֱ(1)
:
|

 Ѹ ( 2)

  1. ݰ
    ݰ | 23.02/09 08:58
    |
    ´̶ ϰ ֽϴ ^^
    ۾
    • | 23.02/09 10:48
      ٸ ǹ̰ ¦ ϱ⵵ , װ ϰ.. ݰ Բ ϰ ִ ´ Ѿ ͳ?^^ 191
  2. ö
    ö | 23.02/09 20:18
    |
    ̷а λ ٸ ű ϴ.

    밡 ߿ ںе鿡 αⰡ մϴ.

    ڹ ׷̾, ӵ巹ڽ, Ƽ ׷ غҽϴ.
    ۾
    • | 23.02/10 08:39
      ӵ巹 ڽϴ Ȯ ׷ . ׷̾ ؼ ŷ ܸ ƴϾٰ ߴµ, õ縦 Ʈ 鿡 αⰡ ־ٰ ߴ ϴ. ׷̾ ٹ鿡 ɰ پ Ӹ ׸ Ƿ ؾ Ѵٸ, αⰡ ־ ո̰^^ 496

* HTML ± Ͻ ϴ.

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