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å ̾߱(9) - ġ

ġ The Little Book of Value Investing in 2006
: ũ Christopher Browne
ű: Ǽ
ǻ: 帧 / 223 / 12000




ũ ׷̾, ν, ġڵ ŷ ߰ڷ (ġ )Ʈ Դϴ. , ġ ݵڷμ Ƿ װ ġڿ ϴ åԴϴ.

å ġ 밡 öа å 36 ؼ ߽ϴ. ǿ ұϰ ġ ٽ ֽϴ. ϱ ؼ PER, PBR ⺻  ؾ ϰ ʿ Դϴ.

å 츮 ִ ħ, ֽ  ڼܺ ͷ Ȱشٴ Դϴ. , ֽ ġ ΰ ŷǴ αָ ϰ ΰ ϸ, Ÿ̹ ֽ ٵ ڰ ִٴ Ȯ ݴϴ.

ġڴ ſ ܼ ̱ ڹ õ Ʊ ġڴ ſ 年ϴ. ϰ ϴ ΰ ݴ ൿؾ ϱ ε. ڴ غϰ ϴ ü մϴ.

å ġ, ũ ڿ Թϰ ϴ ׿ ־ 밡鿡 ǥ ۡ ֽϴ. ׸ Ÿ õ ۡ å ü ġ ϴ 幮 å̶ õ մϴ. ֽڴ ݵ ؾ ϸ å پ ڵ ⺻ ö Ұϰ ϴ  ۡ ̾ϴ.

1 ġ ⺻ Ģ 2 Ȳ ġָ ãƶ󡯿 ġ ֽ Ģ ã մϴ. 3 ؿܷ 󡯿 ȸ ؿ ֽ ʿ伺 մϴ. 4 忡 ¸ϴ ؾ ϸ ڻ ߰ ϴ մϴ.


õ – Ÿ_ ù ° , ' Buffett'
ְ ̴ پ Ұ ⺻ ø Ϳ δٴ Դϴ. ġڴ ֽ 簡ġ ΰ , ֽĽ忡 Ͼ ǵ ġ ֽ մϴ.

ſ ո ڹ ġڰ ֽ ַ ڸ ϴ ټ ڵ ֽϴ. Ұ 忡 򰡵 ֽ ް γ ʿѵ κ γ ٴ .

ġڰ ٴ ϱ ٴ ܸϱ ȸ Ȱϸ ˴ϴ. ġڿ ź ߰ ü ġ ִ å Ǹ ̰ Դϴ.

ֽڴ ĻȰ ָ Ư ġڴ ո ڹ ʱ ֽϴ.

ڰ ǥ ִ, Ʈ  1920⿡ Ʈ ߽ϴ. ״ 1945 ƹ Ͽ ϸ շ 25 ȥ ߽ϴ. 1957 Ʈ ȸ ŷ ֽ ߰ϴ Ͽ մϴ.

1930 ʿ ׷̾ ¾Ұ 1956 ׷̾ ȸ縦 ν 繫 ʿ ڸҽϴ. -ν Ұ-1959 1969 ػ 踦 ̾ϴ.

1957 ν Ұ 3° Ʈʰ 'Ʈ, ' ߰ȸ翡 ڻ ٲٴ ֵ մϴ. 'Ʈ ' ̱ Ź , ׷̾, ν, ֽĸŸŸ ߰Ƿ ġ ۿ ϴ.

ڴ ڵ鿡 ϴ å ǹ̸ οմϴ.

򰡵 ֽ ã ǰ ΰ . å ϰ ŵֿ پ ڵ ⺻ ö Ұϰ ִ. å Ʈ ΰ ֽĵ äִ ֱ⸦ ٶ. (p.28)

1, ġ ⺻ Ģ
1. ֽڵ ϵ ϶
κ ڽ ϴ ݰ 밡 ġ ؼ Ÿ մϴ. Һ θ ϱ⵵ մϴ. ׷ ֽ ġ ʰ ٰ ϴ ֽ, Ƽ · ΰ ϴ.

ֽڴ ϵ ؾ մϴ.  ǰ αⰡ ʵ ֽĵ 忡 αⰡ ΰ ŷ˴ϴ. ΰ ؼ ָ ϴ ֽ, ҿܴϴ 뿡 ֽ ˴ϴ. ֽĽ ̱ ̰ͻ̸ Ǿϴ.

2. Ǹ ֽ  ?
簡ġ ؼ 󸶳 ΰ ŷǴ, ġ ࿡ ä ҵ 캾ϴ.

㺸 䱸մϴ. 㺸 ġ IJϰ ؼ 㺸 ó ذ ˴ϴ. ڰ ɷ ִ ؼ մϴ. ҵ ־߸ ϴϱ.

̸ ٸ 㺸 ġ ڻ갡ġ(BPS), ҵ Ͱġ(EPS) ü ֽϴ. 簡ġ ڻ մϴ. ڻ갡ġ PBR̸鼭 Ͱġ PER ֽ ϱ⿡ ̶ֽ ֽϴ.

3. غ
Ȯ ֽĵ лڸ ϸ ʴ ڸ ֽϴ. ְ 簡ġ θ ֺ ϵ ǰ, ְ 簡ġ ƹ ٰ ϴ Ⱦƾ մϴ.

4. ְ Ϳ ֽ
ְ ̴ ֿ Դϴ. ְ Ϳ , PER ֽĿ ϸ ֽϴ. ٸ ſ ̷ δĿ ǰ ϴ.

ϴ ڵ ̷ ϴ Ͱ ٸ鼭 ̷ ߽߽ϴ. ׷, ׷̾ ̷ ϱ Ʊ Ȯ ֽ ȴٰ ߽ϴ.

ÿ ̷ ٰŷ ֽ Ǵ Դϴ. ֽ ƹ ٴ ټ 밡 ְ ٴ .

1985 ֽڸ ݱ 繫ǥ ǥ ֽĵ Ʈ ϰ ֽϴ. ׷ (ũ)̱ ֱ ׷̾ ȿϴٴ дϴ. ̺ 巹 ġڵ ͸ ֽ żϴ ܼ ڹ ũ ̱ٴ ־ϴ. ư Ȯ ̷ Ŵ޸ ʿ Ȯϰ ִ ڸ ص ϴٰ մϴ.

5. ڻ꺸 ֽ
, ū Ⱑ ̸  ƿ ִ ̶ ڻ갡ġ ߿մϴ.

ڻ꺸 ֽ, PBR ֽ մϴ. ̱ ÿ ׷̾ ڻ갡ġ 2/3 ֽ Ŀ ڻ갡ġ ؼ ֽ ʴٰ ϴµ.

츮 ÿ PER PBR, ǥ ϴ ֽĵ η ִٴ ŷ Ůϴ. ֿ ҰϷ ϴ ƽ Į , ' (Deep Value, 2014)' (̱ ÿ ϴ ũ پ) PBR ڴ ͷ ִ ȿ ڹ ϰ ֽϴ.

2, Ȳ ġָ ãƶ
1忡 ġ Ģ 2 ġڸ ϴ ,  մϴ.

6. ֽ
ְ ϶ϸ ֽ ΰ ִ ȸԴϴ. κ ڵ-̿ - ֽ Ĵ Ŷ ϰ ޾ ֽ ˴ϴ.

ְ ϶ ƴ϶ ֽ 簡ġ ΰ ̴ϴ. 簡ġ ݿ ֽ ٸ ְ ٰ ؼ ̳ ϴ. ڴ ŷ ֽ صΰ ݿ ְ ϶ ٸ ־ մϴ.

7. ڰ
ڰ ŵϴ - ƴ- ʿؼ پ Ƿ ݵ ڴٴ ƴմϴ. ڰ ڱ ֽ ų ȸ ڱ ڻָ żѴٸ ȸ簡 ų ġ ſ δٰ Ǵص Դϴ.

ڸŭ ƴ Ƿ ż̶ ֽϴ. ܺ ڰ 5% ̻ żߴٸ ൿ ż ɼ Ƿ ϴ.

8. ã, ׷ ̿
ð ̸ Ǵ ֽ ߱س ֽϴ. ߴ ͳ п ſ ξ ϴ.

9. ֽ ִ
Ǵ ֽ , 繫, 뵿, , мؼ ڴ󿡼 ߷ϴ.

10. ǰ I
ü̶ ִ ¸ Ÿ 繫ǥ(å ǥ) մϴ. м 繫ǥ 캾ϴ.

ܺ ׸, ܱⰣ Ȯ ִ ǹϴ, Դϴ. Ⱑ ߵ ִ ˴ϴ.

ڻ ϱ Ʊ ڻ ϸ δ Ϳ ݿؾ Ѵٰ ߴµ. ͵ ڻ ġ Ѵٰ ϴ ô̹Ƿ å 2006̶ Ѱ ֽϴ.

׷ ұϰ, ڻ Ư ڻ , ־ ڻ ȸ ڻ꿡 ϴ ո̶ մϴ.

11. ǰ II
繫ǥ 繫 źźϴٴ Ȯ Ը мϱ Ͱ꼭 캾ϴ.

ι Ǵ ǰ мմϴ. ͷ ߿ϸ ߿ ߿մϴ. 5~10Ⱓ ϰ þ ߼ ִ 캾ϴ.

12. ǰ III
繫ǥ Ͱ꼭 м ߷´ٸ ° Ȯմϴ. ̸ 16 ϴ. ̷ 忡 ߾ Ǵϴ ε. ׷̾ м ʸ Ǽ м Ȳ ġָ ãƳ ܰԴϴ.

3, ؿܷ
13. ؿܷ ȸ þ.
л ȸ ؿ ڸ ø մϴ. 1980 ðѾ ڻ갡ġ 1/3 Ұ Ϻ ȸ翡 ؼ ū ø ʴ ż 6 Ŀ ڻ 򰡹 ԰ ð ٲٴ å 鼭 ְ ޵ϴ Ĩϴ. ŷ ʴֵ , ̵ ̱ ִ ƴϰ Ϻ ֽϴ. ߱ ε ׷ ְ.

14. θ θ
ؿ ֽĿ ϱ ؼ ̱ ȸ ó ؾ մϴ. ̱ ̷ ϴ ݸ鿡 ȸ踦 ϴ 鿡 ãϴ ó ŷ ֽĵ ߰ ֽϴ.

15. ؿ ٸ , ȯ
ؿ ڿ ־ ȯ ؾ ϴ ߿ ɸµ, ڴ ؿ ֽĿ м ϱ ȯ ʴ´ٰ մϴ. ϸ, δ ȯ(foreign exchange hedge) ϵ ͷ ̴ ȯ ؼ ȯͱ ȴ ڵ ͷ ߽ϴ.

16. ϶
̸¡ ū ݴ ū ս Դ 찡 ҽϴ. ظ ʴ Ģ Ű ؼ ϱ⿡ ̸¡ ø ϰ ÿ ؾ մϴ.

4, 忡 ¸ϴ
17. ڴ ܰŸ ޸Ⱑ ƴ϶ ̴
밡 Ѱᰰ ϴ Ÿ̹ ١ ̴ϴ. ֽڿ κ ü ڱⰣ 2~7% ̳ ª Ⱓ ߻ϹǷ () ׻ 忡 ӹ ϴ. ֳϸ, Ѵٴ ֱ Դϴ.

ֽĽ . ׷ Ƹ ε ׷ ̴.
Long term, the market is going up. Always has, and mostly likely always will. (p.177)

̶ ⵵ ϰ ⵵ Ѵ. ߿ ö ֽ ϰ ־ Ѵٴ ̴. ġ Ģ ϴ ϸ ̱ Ȯ . Ư ֽĽ ȿ ӹ ִ ֽĽ ۿ ٶ󺸰 ִ ͺ ξ ̴. (p.181)

18. ż ? ?
Ʈ ϴ ñ ó Ȳ Ǵؼ ؾ մϴ. Ϲ ص ϴ ϱ ͷ ս Ŭ ۿ · Ŀ ġ ԰ ϴ.

ڴ ڻ ų ڱ ؼ ó ϴ (*) ٶ մϴ.
* 2021 7 22, ̾߱ 28, Ȱ ذ ϼ^^

19. ִٸ?
ݵŴ ϴ մϴ.

20. ¥ ѷڽ Ȥ Ѹģ
ݱ ġ Ģ õ ߴ ٽ Ģ ߷ ٽ ߴµ, ϴ. űϴ.

ڵ ġ Ģ ʴ , IQ ƴ϶ ɸ ̴. ֽĽ忡 ߽ɸ ִ. 󰡸 ߰ ٴ ɸ. ڻ 踦 ϴ ͵ ̷ ̴ܺ. (p.206)

ġڸ Ϸ ڵ κ ġ ʴ ֽ ִ Ⱑ ־ Ѵ. ټ ġ ʴ ֽ ִ. ߵ ۿ ̴ֽ. ׷ ְ ΰڴ°? (p.207)

Ȳ ϴ ƴϴ. ֽĽ ʾƵ Ǹ, ֽĽ ʱ Ǹ ← Ѵ. ¸ Ѱᰰ ϴ ϴ ڰ Ǵ ̴. (p.212)

Ϲ ߰ ٸ ǰ ´ٴ , ġڰ ȴٴ ƴϴ. ٸٴ Ŀٶ й ߵ ϱ ̴. ֽĽ 帧 ϴ ڿ ֵֿ ϴ ڴ ġں ξ а , ׸ ñδ ū Ȱش. ġڴ ѷڽ͸ Ÿ ƴ϶ Ӱ ϴ Ͱ . (p.214)

21. 帣 Ѵ
ڰ 1969 ڿ Թ ߴ ſ ߰Ǵ 鼭 ְ ڻ ġ ãƳ ̾ϴ. 帣鼭 ڻ갡ġٴ ߽ϰ Ǿ þ ϰ ˴ϴ. ׸ M&A Ȱ鼭 μ ϴ ݺ ݿ ŷǴ ֽ ã ϳ ڼ մϴ.

ġָ ãƳ ؿ ġ ʴ ġ Ģ ֽ 簡ġ ΰ 缭 ġ ̰ Ĵ ֽϴ. , ġڰ ԰ ̶ Ģ ʽϴ. ̸ ߿ õϱ ġ ְ , γԴϴ.

۱ʹ ƾ Ͱ Դϴ.

ƴ ġ ؿ Ȯ ֽ 缭 л ϴ ̶ ̴. ̷ ƴ. δ ׷ ̶ Ǵ ٰ Ѵ. (p.220)


״ ġڿ å 嵵 ѱ ٽ, ׸ ( ó) ̱ ִ ġ ֽϴ.

ġڸ ϰ ϱ ڶ ϵ, ̵, ﵶ, ݺؼ ν, Ȯ å̶ մϴ.


Ư Ҵ ۱
ں ս
ֽ 簡ġ ΰ ְ ص Ҿ . ְ 簡ġ ȸ ̶ ϸ ϰ ٸ ִ. ׷ ְ ϰ 򰡵 ¿ ϸ, ݱ 簡 ݺؼ ߵ ǰ  ȸ ɼ . (p.44)

ְ ϶ ִ ֽĿ ϴ ֽڿ ϴ
ȾƼ ְ ϶ϰ ٸ ݴ ֽ ٴ , Ϲڴ ̰ ݵŴԵ ſ ̴. ׷ ֽ ġڵ ְ ְġ ġ α ƴ϶ ġ ҿ ܿ ż ȸ ִٴ ˰ ִ. (p.83)

* ڿ ǥõ ڴ å Դϴ.

۱ڨ ġ ã ħ, (itooza.com)



ƮƮ ũα (0) ֱֱ(0)
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 Ѹ ( 1)

  1. | 23.03/06 09:29
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    оϴ. մϴ.
    ۾
    • | 23.03/09 13:45
      ϴ^^ 926

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