You Can Be a Stock Market Genius๐Ÿ“œYou Can Be a Stock Market Genius (์ฃผ์‹์‹œ์žฅ์˜ ๋ณด๋ฌผ์ฐพ๊ธฐ) #8ํŽธ (์™„๊ฒฐ) [4์›” 10์ผ]

You Can Be a Stock Market Genius (์ฃผ์‹์‹œ์žฅ์˜ ๋ณด๋ฌผ์ฐพ๊ธฐ)
Chapter 6. ํ›„๋ฐ˜๋ถ€ ~ Chapter 8. (์™„๊ฒฐ)


Joel Greenblatt, Gotham AM founder / CIO
์ฑ…์˜ ๊ตฌ์„ฑ
1. ์ด ์ฑ…์˜ ๋ชฉ์ 
2. ํˆฌ์ž์˜ ๊ธฐ์ดˆ
3. Spinoffs (
๊ธฐ์—…๋ถ„ํ• )
4. Risk Arbitrage, Merger (
์ฐจ์ต๊ฑฐ๋ž˜, ํ•ฉ๋ณ‘)
5. ํŒŒ์‚ฐ๊ณผ ๊ตฌ์กฐ์กฐ์ •
6. ์žฌ์ž๋ณธํ™”, LEAPS, ์‹ ์ฃผ์ธ์ˆ˜๊ถŒ ๋“ฑ
7. ์ˆฒ ์†์˜ ๋‚˜๋ฌด๋ฅผ ๋ณด๋ผ
8. ๋„๋‹ฌํ•˜๋Š” ์žฌ๋ฏธ
์ด๋ฒˆ ์ฑ•ํ„ฐ์˜ ํ•ต์‹ฌ๋‚ด์šฉ๐Ÿ“Œ

  1. ์˜ต์…˜๊ณผ ํŠน์ˆ˜์ƒํ™ฉ ํˆฌ์ž
  2. ์ˆฒ์„ ํ†ตํ•ด ๋‚˜๋ฌด๋ฅผ ๋ณด๋ผ
  3. ์ €์ž์˜ ๋งˆ๋ฌด๋ฆฌ

1. ์˜ต์…˜๊ณผ ํŠน์ˆ˜์ƒํ™ฉ ํˆฌ์ž (Chapter 6. ํ›„๋ฐ˜๋ถ€)โœ”๏ธ
์˜ต์…˜ ์‹œ์žฅ์—์„œ๋Š” ์ „๋ฌธ์ ์ธ ํˆฌ์ž์ž๋“ค์ด ์žˆ๋Š”๋ฐ ์ด๋“ค์€ ๋Œ€๋ถ€๋ถ„ ์ •๋Ÿ‰ํ™”๋œ ๊ณต์‹์„ ์‚ฌ์šฉํ•˜์—ฌ ๊ธˆ์œต์ž์‚ฐ์„ ํ‰๊ฐ€ํ•ด์š”. ์ด ๋•Œ๋ฌธ์— ํŠน์ˆ˜์ƒํ™ฉ๊ณผ ๊ด€๋ จ๋œ ๊ธฐ์—…์˜ ์˜ต์…˜๊ฐ€๊ฒฉ์ด ์ œ๋Œ€๋กœ ํ‰๊ฐ€๋˜์ง€ ๋ชปํ•˜๊ธฐ๋„ ํ•˜์ง€์š” (๊ธฐํšŒ ํฌ์ฐฉ!). ์ด๋Ÿฐ ๊ฒฝ์šฐ ์ผ๋ฐ˜ ํˆฌ์ž์ž๋“ค๋„ ๋…ธ๋ฆด ์ˆ˜ ์žˆ๋Š” ๊ธฐํšŒ๊ฐ€ ์žˆ์Šต๋‹ˆ๋‹ค.

ํŠน์ˆ˜์ƒํ™ฉ 1: ๋ถ„์‚ฌ(
Spinoff)
๋ถ„์‚ฌ๊ฐ€ ๋งˆ๋ฌด๋ฆฌ๋˜๊ธฐ ๋ช‡ ์ฃผ ์ „ ํ˜น์€ ๋ช‡ ๋‹ฌ ํ›„์— ๋งค์ž…ํ•˜๋Š” ๊ฒƒ์ด ์ข‹์Šต๋‹ˆ๋‹ค. ๋ถ„์‚ฌ ์ดํ›„ ๊ฐ€๊ฒฉ์ด ์˜ค๋ฅด๋Š” ์ด์œ ๋Š”, ๋ชจ๊ธฐ์—…์ด ํˆฌ์ž์ž๊ฐ€ ์›ํ•˜์ง€ ์•Š๋˜ ์‚ฌ์—…๋ถ„์•ผ๋ฅผ ๋งค๊ฐํ•œ ํ›„ ์—์•ผ, ํˆฌ์ž์ž๋“ค์ด ๋ชจ๊ธฐ์—… ์ฃผ์‹์„ ๋งค์ž…ํ•˜๊ธฐ ๋•Œ๋ฌธ์ด์—์š”. (
์ฐธ๊ณ ๋กœ ๋ถ„์‚ฌ๋œ ๊ธฐ์—…์˜ ๊ฐ€๊ฒฉ๋„ ์˜ค๋ฅผ ์ˆ˜ ์žˆ์–ด์š”.)

ํŠน์ˆ˜์ƒํ™ฉ 2: 
๊ตฌ์กฐ์กฐ์ •(Restructuring)
๊ตฌ์กฐ์กฐ์ •์˜ ๊ฒฝ์šฐ, ์ง„ํ–‰์ค‘์ธ ๊ตฌ์กฐ์กฐ์ • ๊ณ„ํš์—์„œ ์ค‘์š”ํ•œ ์‚ฌ๊ฑด์ด ๋ฐœ์ƒํ•˜๋Š” ์‹œ์ ์„ ํŒŒ์•…ํ•˜๋ฉด, ์ฝœ์˜ต์…˜์ด๋‚˜ ํ’‹์˜ต์…˜์„ ๊ฑฐ๋ž˜ํ•  ๋•Œ ์–ด๋–ค ๋งŒ๊ธฐ์ผ์˜ ์ƒํ’ˆ์„ ์„ ํƒํ•˜๋Š” ๊ฒƒ์ด ์ข‹์€์ง€ ๊ฒฐ์ •ํ•˜๋Š” ๋ฐ ๋„์›€์ด ๋ผ์š”. ๋ณดํ†ต, ๋งŽ์€ ํ˜„๊ธˆ์ด๋‚˜ ์ฆ๊ถŒ์„ ๋ฐฐ์ •ํ•˜๋Š” ๋‚ ์งœ๋‚˜ ์ž์‚ฐ ๋งค๊ฐ ์˜ˆ์ • ์‹œ๊ธฐ์— ์ฃผ๊ฐ€๊ฐ€ ๋Œ€ํญ ๋ณ€๋™ํ•ฉ๋‹ˆ๋‹ค.

ํŠน์ˆ˜์ƒํ™ฉ 3: ํ•ฉ๋ณ‘(
Merger)
์ธ์ˆ˜ ๋Œ€๊ธˆ์ด ์ผ๋ถ€๋ถ„ ๋ณดํ†ต์ฃผ๋กœ ์ง€๋ถˆ๋œ๋‹ค๋ฉด ํ•ฉ๋ณ‘์ด ๋งˆ๋ฌด๋ฆฌ๋˜๋Š” ๊ทธ ๋‚  ์ฃผ๊ฐ€๊ฐ€ ํฐ ํญ์œผ๋กœ ์›€์ง์ผ ๊ฐ€๋Šฅ์„ฑ์ด ์ปค์š”. ์ธ์ˆ˜์ฃผ์ฒด(
Buyer) ๊ธฐ์—…์˜ ์ฃผ๊ฐ€๋Š” ํ•ฉ๋ณ‘์ด ์ตœ์ข… ๋งˆ๋ฌด๋ฆฌ๋˜๊ธฐ ์ „ ๊ทธ๋ฆฌ๊ณ  ๋ฐ”๋กœ ์ง ํ›„ ์‹œ์žฅ์œผ๋กœ๋ถ€ํ„ฐ ์—„์ฒญ๋‚œ ์••๋ ฅ์„ ์ง๋ฉดํ•ฉ๋‹ˆ๋‹ค. ๊ทธ ์ด์œ ๋Š”, 
  • ๋Œ€๋ถ€๋ถ„์˜ ๊ฒฝ์šฐ ๋ฆฌ์Šคํฌ ์•„๋น„ํŠธ๋ฆฌ์ €๊ฐ€ ํ•ฉ๋ณ‘ ๋ฐœํ‘œ๊ฐ€ ๋‚œ ๋ฐ”๋กœ ์งํ›„๋ถ€ํ„ฐ ์ธ์ˆ˜ ์ฃผ์ฒด(Buyer)์˜ ์ฃผ์‹์„ ๊ณต๋งค๋„ํ•˜๋Š” ๋™์‹œ์— ์ธ์ˆ˜ ๋Œ€์ƒ(Target) ๊ธฐ์—…์˜ ์ฃผ์‹์„ ์‚ฌ ๋ชจ์œผ๊ธฐ ์‹œ์ž‘ํ•ด์š”. ์ด ์ธ์ˆ˜์ฃผ์ฒด ๊ธฐ์—…์˜ ์ฃผ์‹์— ๋Œ€ํ•œ ๋งค๋„ ์••๋ ฅ์€ ํ•ฉ๋ณ‘์ด ๋งˆ๋ฌด๋ฆฌ๋œ ํ›„์—์•ผ ์‚ฌ๊ทธ๋Ÿฌ๋“ค์–ด์š”. 
  • ๋˜ํ•œ, ํ•ฉ๋ณ‘์ด ์ข…๊ฒฐ๋œ ํ›„ ๋ช‡ ์ฃผ ๋™์•ˆ, ํ•ฉ๋ณ‘ ๋ฐœํ‘œ ๋•Œ ์ฃผ์‹์„ ํŒ”์ง€ ์•Š์•˜๋˜ ์ฃผ์ฃผ๊ฐ€ ์ด ๋•Œ์„œ์•ผ ์ธ์ˆ˜ ์ฃผ์ฒด ๊ธฐ์—…์œผ๋กœ๋ถ€ํ„ฐ ๋ฐฐ์ •๋ฐ›์€ ์ฃผ์‹์„ ์‹œ์žฅ์— ๋‚ด๋‹คํŒ”๊ธฐ ์‹œ์ž‘ํ•ด์š”. ์ด์œ ๋Š” ํˆฌ์ž์ž๋“ค์ด ์• ์ดˆ ์ธ์ˆ˜ ๋Œ€์ƒ(Target) ๊ธฐ์—…์— ํˆฌ์žํ•˜๊ณ  ์‹ถ์–ด์„œ์˜€์ง€, ์ธ์ˆ˜ ์ฃผ์ฒด(Buyer) ๊ธฐ์—…์˜ ์ฃผ์‹์„ ์›ํ•œ ๊ฒƒ์ด ์•„๋‹ˆ๊ธฐ ๋•Œ๋ฌธ์ด์—์š”.
์ด๋Ÿฌํ•œ ๋งค๋„ ์••๋ ฅ์ด ์ž ์ž ํ•ด์ง„ ํ›„์—์•ผ ์ธ์ˆ˜ ์ฃผ์ฒด ๊ธฐ์—…์˜ ์ฃผ๊ฐ€๊ฐ€ (๋•Œ๋•Œ๋กœ) ์ฒœ์ •๋ถ€์ง€๋กœ ์†Ÿ๊ธฐ๋„ ํ•ด์š”. (์ด๋Ÿฐ ๊ฒฝ์šฐ๋Š” ๋ณดํ†ต ์ธ์ˆ˜ ์ฃผ์ฒด ๊ธฐ์—…์ด, ํ•ฉ๋ณ‘ ์ „ ๋ฐœํ–‰์ฃผ์‹ ์ˆ˜๋Ÿ‰์— ๋น„ํ•ด ํ•ฉ๋ณ‘ ํ›„ ๋Œ€๋Ÿ‰์˜ ์‹ ๊ทœ ์ฃผ์‹์„ ๋ฐœํ–‰ํ–ˆ์„ ๋•Œ ๋ฐœ์ƒํ•ฉ๋‹ˆ๋‹ค.)


Giphy
์ผ€์ด์Šค ์Šคํ„ฐ๋””๐Ÿ“
๋ฉ”๋ฆฌ์–ดํŠธ ์ฃผ์‹ํšŒ์‚ฌ ์˜ต์…˜

์ €์ž๋Š” (์•ž์„œ 3์žฅ์—์„œ ๋‹ค๋ฃฌ) ๋งค๋ฆฌ์–ดํŠธ ๋ถ„์‚ฌ ์ผ€์ด์Šค์— ์˜ต์…˜์„ ํ™œ์šฉํ•˜์—ฌ ํˆฌ์žํ–ˆ์–ด์š”. ๋ถ„์‚ฌ ์ „ 1993๋…„ 8์›” ์ค‘ ๋งค๋ฆฌ์–ดํŠธ ์ฃผ๊ฐ€๊ฐ€ 27.75๋‹ฌ๋Ÿฌ์ผ ๋•Œ, ํ–‰์‚ฌ๊ฐ€๊ฒฉ 25๋‹ฌ๋Ÿฌ ๋ฐ 1993๋…„ 10์›” ๋งŒ๊ธฐ์˜ ๋งค๋ฆฌ์–ดํŠธ ์ฝœ์˜ต์…˜์„ 3.125๋‹ฌ๋Ÿฌ์— ๋งค์ž…ํ–ˆ์–ด์š”. ์ด๋Š” ์˜ต์…˜ ์ „๋ฌธ๊ฐ€๋“ค์ด ์ •๋Ÿ‰ํ™” ์‹œํ‚จ ๊ณต์‹์— ํŠน์ˆ˜์ƒํ™ฉ์ด๋ผ๋Š” ์ •์„ฑ์ ์ธ ์š”์†Œ๊ฐ€ ํฌํ•จ๋˜์ง€ ์•Š์•˜๊ธฐ ๋•Œ๋ฌธ์—, ์ƒ๋Œ€์ ์œผ๋กœ ์ €๋ ดํ•œ ๊ฐ€๊ฒฉ์— ๋งค์ž…ํ•  ์ˆ˜ ์žˆ์—ˆ๋˜ ๊ฒƒ์ด์—์š”.

์ด ๋•Œ๋ฌธ์— ์ฝœ์˜ต์…˜(
Call option)์ด ์ƒ๋Œ€์ ์œผ๋กœ ์ €ํ‰๊ฐ€ ๋˜์–ด ํˆฌ์žํ•œ ๊ฒƒ๋„ ์žˆ์—ˆ์ง€๋งŒ, ์•ž์„œ 3์žฅ์—์„œ ์„ค๋ช…ํ–ˆ๋“ฏ์ด ๋ชจ๋“  ์‚ฌ๋žŒ์ด ๋ถ„์‚ฌ๋œ ๊ธฐ์—…์„ ์›ํ•  ๋•Œ ์ €์ž๋Š” ๋ชจ๊ธฐ์—…์˜ ์ฃผ๊ฐ€ ๋˜ํ•œ ์˜ค๋ฅผ ๊ฒƒ์ด๋ผ๊ณ  ํŒ๋‹จํ–ˆ๊ธฐ ๋•Œ๋ฌธ์— ํˆฌ์žํ•œ ๊ฒƒ์ด์—ˆ์–ด์š”. ์ €์ž์˜ ์ฝœ ์˜ต์…˜์€ 9์›” 30์ผ ๋ถ„์‚ฌ ๋‚ ์งœ์˜ ๋ฉฐ์น  ์ „ 3.625๊นŒ์ง€ ์ƒ์Šนํ–ˆ์–ด์š”. ๋งŒ๊ธฐ์ผ์—๋Š” ์˜ต์…˜๊ฐ€๊ฒฉ์ด 7.75 ๋‹ฌ๋Ÿฌ๊นŒ์ง€ ๊ป‘์ถฉ ์ƒ์Šนํ•ด์„œ, ์ €์ž๋Š” 2๋‹ฌ ๋™์•ˆ ์•ฝ ~150%์˜ ์ˆ˜์ต๋ฅ ์„ ๋‹ฌ์„ฑํ–ˆ์Šต๋‹ˆ๋‹ค.

์—ฌ๊ธฐ์—์„œ ๋ณด๋“ฏ์ด ์˜ต์…˜ ์‹œ์žฅ์— ์ „๋ฌธ ํˆฌ์ž์ž๋“ค์ด ์กด์žฌํ•˜์ง€๋งŒ ์ด๋“ค์€ ์ฃผ์–ด์ง„ ๋ณ€์ˆ˜๋ฅผ ๊ณต์‹์— ์ž…๋ ฅํ•˜์—ฌ ๊ฐ€๊ฒฉ์„ ์‚ฐ์ •ํ•˜๋Š” ๊ฒฝํ–ฅ์ด ์žˆ์–ด ํŠน์ˆ˜์ƒํ™ฉ์˜ ์š”์†Œ๋ฅผ ๊ฐ€๊ฒฉ์— ์ž˜ ๋ฐ˜์˜ํ•˜์ง€ ๋ชปํ•ฉ๋‹ˆ๋‹ค. ๊ทธ๋Ÿฌ๋‹ˆ ์ผ๋ฐ˜ ํˆฌ์ž์ž๋“ค์—๊ฒŒ๋Š” ์ด๋Ÿฐ ์‹œ์Šคํ…œ์˜ ๋งน์ (
?)์„ ํ™œ์šฉํ•˜์—ฌ ํˆฌ์ž๊ธฐํšŒ๋ฅผ ํฌ์ฐฉํ•  ์ˆ˜ ์žˆ์–ด์š”.

2. ์ˆฒ์„ ํ†ตํ•ด ๋‚˜๋ฌด๋ฅผ ๋ณด๋ผ (Chapter 7)๐ŸŒฒ
์ €์ž๋Š” You Can Be a Stock Market Genius (์ฃผ์‹์‹œ์žฅ์˜ ๋ณด๋ฌผ์ฐพ๊ธฐ) ์ฑ…์˜ (์‹ค์งˆ์ ์ธ) ๋งˆ์ง€๋ง‰ ์žฅ์—์„œ ์ง€๊ธˆ๊นŒ์ง€ ์„คํŒŒํ•œ ๋‚ด์šฉ์— ๋Œ€ํ•œ ์ข…ํ•ฉ์ ์ธ ์ƒ๊ฐ์„ ์ „๋‹ฌํ•ด์š”.
  • ๋ฆฌ์Šคํฌ๋ฅผ ์ตœ์†Œํ™”ํ•  ์ˆ˜ ์žˆ๋Š” ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ๊ตฌ์„ฑํ•˜๋ผ. ์—ฌ๊ธฐ์—์„œ 5~6๊ฐœ์˜ ์„œ๋กœ ๋‹ค๋ฅธ ๋ถ„์‚ฌ ๊ธฐ์—… ์ฃผ์‹์œผ๋กœ ํฌ์ง€์…˜์„ ์งœ๋Š” ๊ฒƒ์€ ๊ดœ์ฐฎ์ง€๋งŒ, ์„œ๋กœ ๋‹ค๋ฅธ LEAPS ์ฃผ์‹ 5~6๊ฐœ๋กœ ๊ตฌ์„ฑ๋œ ํฌํŠธํด๋ฆฌ์˜ค๋Š” ์ข‹์ง€ ์•Š๋‹ค. (์–ด๋Š ํ•œ ์‚ฐ์—…๊ตฐ ๋˜๋Š” ์ƒํ’ˆ์— ํˆฌ์ž๋Œ€์ƒ์„ ์ง‘์ค‘์‹œํ‚ค๋Š” ๊ฒƒ์ด ์ข‹์ง€ ์•Š์Œ
  • ๋ถ„์‚ฌ ๊ธฐ์—…์€ ์–ธ์ œ๋‚˜ ๊พธ์ค€ํžˆ ์‹œ์žฅ์„ ์ด๊ธฐ๋Š” ์ˆ˜์ต๋ฅ ์„ ๊ฐ€์ ธ๋‹ค์ค„ ํ™•๋ฅ ์ด ๋†’๋‹ค. ์ด ์ฑ…์—์„œ ๋‹ค๋ฃฌ ๋‹ค์–‘ํ•œ ํŠน์ˆ˜์ƒํ™ฉ ํˆฌ์ž ๋Œ€์ƒ ๋ณด๋‹ค, ๋ถ„์‚ฌ๊ธฐ์—…์„ ํฌํŠธํด๋ฆฌ์˜ค ๊ตฌ์„ฑ์— ๋งŽ์€ ๋ถ€๋ถ„์„ ์ฐจ์ง€ํ•˜๊ฒŒ ๋‘๋Š” ๊ฒƒ์ด ์ข‹๋‹ค.
  • LEAPS๋Š” ์ˆ˜์ต๋ฅ ์ด ๋†’์ง€๋งŒ ๋ฆฌ์Šคํฌ๋„ ๋†’๋‹ค๋Š” ๊ฒƒ์„ ๊ธฐ์–ตํ•˜๋ผ. 
  • ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ํ•˜๋ฃจ ์•„์นจ์— ์งค ์ˆ˜๋Š” ์—†์œผ๋ฉฐ, 2~3๊ฐœ์›” ๋งˆ๋‹ค ๋งค๋ ฅ์ ์ธ ํˆฌ์ž์ฒ˜๋ฅผ 1๊ฐœ์”ฉ ์ฐพ์•„๋„ ๊ฝค ๊ทธ๋Ÿด๋“ฏํ•œ ํฌํŠธํด๋ฆฌ์˜ค๊ฐ€ ๋‚˜์˜จ๋‹ค. (๊ทธ๋Ÿฌ๋‹ˆ ์‹œ๊ฐ„์ด ๊ฑธ๋ฆฌ๋”๋ผ๋„ ๋งŽ์ด ์ฝ๊ณ , ๋งŽ์ด ์ฐพ์•„๋‹ค๋…€๋ผ)
  • ํŠน์ˆ˜์ƒํ™ฉ ๊ธฐ์—…์œผ๋กœ๋งŒ ํฌํŠธํด๋ฆฌ์˜ค๋ฅผ ์งœ๋Š” ๊ฒƒ์ด ๋Šฅ์‚ฌ๋Š” ์•„๋‹ ์ˆ˜๋„ ์žˆ๋‹ค. ํฌํŠธํด๋ฆฌ์˜ค์˜ 70%๋ฅผ PBR์ด ๋‚ฎ๊ฑฐ๋‚˜ ํ˜„๊ธˆํ๋ฆ„ ๋Œ€๋น„ ๋‚ฎ๊ฒŒ ํ‰๊ฐ€๋˜๋Š” ๊ธฐ์—…(=๊ฐ€์น˜์ฃผ)์— ํˆฌ์ž๋ฅผ ํ•˜๊ณ , ๋‚˜๋จธ์ง€ 30%๋ฅผ ํŠน์ˆ˜์ƒํ™ฉ ๊ธฐ์—…์œผ๋กœ ๊ตฌ์„ฑํ•˜๋Š” ๊ฒƒ๋„ ๋ฐฉ๋ฒ•์ด๋‹ค.
ํŠน์ˆ˜์ƒํ™ฉ ๊ธฐ์—…์— ํˆฌ์žํ•˜๋Š” ๊ธฐํšŒ๋ฅผ ์ฐพ๊ธฐ ์œ„ํ•ด์„œ๋Š” ๋ฐ˜๋“œ์‹œ ์ฝ๊ณ  ๋˜ ์ฝ์–ด์•ผ ํ•ด์š”. ๊ทธ๋ ‡๋‹ค๋ฉด ๋ฌด์—‡์„ ์ฝ๊ณ , ์ •๋ณด๋ฅผ ์–ด๋””์„œ ์ฐพ์•„์•ผ ํ• ๊นŒ์š”? ์ €์ž๋Š” ์•„๋ž˜ ๋ฐฉ๋ฒ•์„ ์ถ”์ฒœํ•ฉ๋‹ˆ๋‹ค. 
  • ์›”์ŠคํŠธ๋ฆฌํŠธ ์ €๋„”์€ ๊ธฐ์—… ๋ถ„์‚ฌ ์†Œ์‹์„ ์ž์„ธํžˆ ์•Œ๋ ค์ฃผ๊ธฐ์— ๊ผญ ์ฝ์–ด ๋ณด๊ธธ ์ถ”์ฒœํ•ด์š”. ์›”์ŠคํŠธ๋ฆฌํŠธ ์ €๋„์—์„œ ๋‹ค๋ฃจ๋Š” ๋”œ์˜ ๋‚ด์šฉ ๋ฟ๋งŒ ์•„๋‹ˆ๋ผ, ์›”์ŠคํŠธ๋ฆฌํŠธ์ €๋„์ด ํ•ด๋‹น ๋”œ์—์„œ (ํ˜น์‹œ๋ผ๋„) ๋†“์น˜๊ณ  ์žˆ๋Š” ๋ถ€๋ถ„์—๋„ ์ง‘์ค‘ํ•  ์ค„ ์•Œ์•„์•ผ ํ•ฉ๋‹ˆ๋‹ค. (์ด๋Ÿฐ ์„ธ์„ธํ•œ ๋””ํ…Œ์ผ์€ sec edgar๋“ฑ ์—์„œ ๊ธฐ์—…์˜ ๊ณต์‹œ ์›๋ฌธ์„ ์ฝ๋Š” ๊ฒƒ์œผ๋กœ ์ง์ ‘ ํ™•์ธํ•˜๋Š” ๊ฒƒ์ด ์ข‹์Šต๋‹ˆ๋‹ค.)
  • ํŠน์ˆ˜์ƒํ™ฉ ์ „๋ฌธ ํŽ€๋“œ ๋˜๋Š” ํŽ€๋“œ ๋งค๋‹ˆ์ €์˜ ํฌํŠธํด๋ฆฌ์˜ค ๊ตฌ์„ฑ์„ ๋ณด๋Š” ๊ฒƒ์ด ์•„์ด๋””์–ด์™€ ์‹œ์•ผ๋ฅผ ์ œ๊ณตํ•  ์ˆ˜ ์žˆ์–ด์š”. ์ €์ž๊ฐ€ ์ถ”์ฒœํ•˜๋Š” ์ •๋ณด ์ถœ์ฒ˜:
    1. ํ”„๋žญํด๋ฆฐ ๋ฎค์ถ”์–ผ ์‹œ๋ฆฌ์ฆˆ ํŽ€๋“œ(Franklin Mutual Series Fund) ํˆฌ์ž์„ค๋ช…์„œ
    2. Marty Whitman์ด ์šด์˜ํ•˜๋Š” Third Avenue Value Fund
     3. Richard Pzena๊ฐ€ ์šด์šฉํ•˜๋Š” Pzena Focused Value Fund 
  • ํˆฌ์ž ์•„์ด๋””์–ด๊ฐ€ ์ƒ๊ธด ํ›„์—๋Š” ์˜จ๋ผ์ธ ๊ธฐ์—… ๊ณต์‹œ(๋ฏธ๊ตญ์˜ ๊ฒฝ์šฐ์—๋Š” EDGAR, ํ•œ๊ตญ์˜ ๊ฒฝ์šฐ์—๋Š” DART)์—์„œ ํ•ด๋‹น ๊ธฐ์—…์˜ ํŽ€๋”๋ฉ˜ํƒˆ๊ณผ ๋ถ„์‚ฌ์˜ ๋‚ด์šฉ์„ ์ž์„ธํžˆ ์ฝ์–ด์•ผ ํ•ฉ๋‹ˆ๋‹ค.
  • ์žฌ๋ฌด์ œํ‘œ์— ๋Œ€ํ•œ ๊ธฐ๋ณธ์ง€์‹์„ ์ตํžˆ๊ธฐ ์œ„ํ•ด ์ข‹์€ ์ฐธ๊ณ ์„œ(๊ต์žฌ)
    “How to read a financial report” by John A. Tracy
    “How to use financial statements” by James Bandler
    “How to read financial statements” by Donald Weiss
์ €์ž๊ฐ€ ์ œ์ผ ์ถ”์ฒœํ•˜๋Š” ์ฑ… : “Interpretation of Financial Statements” by Benjamin Graham (์•Œ์งœ ์ •๋ณด๋งŒ์„ ๋‹ด์€ ์–‡์€ ์ฑ…)

3. ์ €์ž์˜ ๋งˆ๋ฌด๋ฆฌ (Chapter 8)โ›ต
ํˆฌ์ž๋Š” ์š”ํŠธ์—ฌํ–‰๊ณผ ๊ฐ™์•„์š”. ํˆฌ์ž์—๋Š” ๊ฒฐ๊ตญ ‘๋ชฉ์ ์ง€’๊ฐ€ ์—†์Šต๋‹ˆ๋‹ค. ํˆฌ์ž์˜ ‘๊ณผ์ •’์—์„œ ์ฆ๊ฑฐ์›€์„ ์ฐพ์•„์•ผ ์žฅ๊ธฐ์ ์œผ๋กœ ์„ฑ๊ณต์„ ๊ฑฐ๋‘๋Š” ํˆฌ์ž์ž๊ฐ€ ๋  ์ˆ˜ ์žˆ์Šต๋‹ˆ๋‹ค.

You Can Be a Stock Market Genius (์ฃผ์‹์‹œ์žฅ์˜ ๋ณด๋ฌผ์ฐพ๊ธฐ)
์ง€๋‚œ ์š”์•ฝ ๋ณด๋Ÿฌ๊ฐ€๊ธฐ (Chapter 1. ~ 7.)



๊ธฐ๋…๊ต์—๋Š” ์„ฑ๊ฒฝ์ด ์žˆ๊ณ , ์ˆ˜ํ•™์—๋Š” ์ •์„์ด ์žˆ๋“ฏ์ด, ๊ธˆ์œต·ํˆฌ์ž์—๋„ ๊ผญ ์ฝ์–ด์•ผํ•˜๋Š” “๊ณ ์ „(Classics)์ด ์žˆ์Šต๋‹ˆ๋‹ค.


์˜ˆ๋ฅผ๋“ค์–ด ๊ฐ€์น˜ํˆฌ์ž์˜ ์ฐฝ์‹œ์ž ๋ฒค๊ทธ๋ ˆ์ด์—„์ด ์“ด “์ฆ๊ถŒ๋ถ„์„”์ด ์žˆ๊ณ , ๋Œ€์ฒดํˆฌ์ž/M&Aํˆฌ์ž์—๋Š” ์„ธ๊ณ„ ์ตœ๋Œ€์‚ฌ๋ชจํŽ€๋“œ Blackstone ์ฐฝ์—…์ฃผ๊ฐ€ ์“ด “What It Takes”๊ฐ€ ์žˆ์Šต๋‹ˆ๋‹ค. ์ด ์™ธ์—๋„  ๊ธ€๋กœ๋ฒŒ๋งคํฌ๋กœ , ํŠน์ˆ˜์ƒํ™ฉํˆฌ์ž ๋ถ„์•ผ์˜ ์„ ๊ตฌ์ž์ธ ๋ ˆ์ด ๋‹ฌ๋ฆฌ์˜ค์™€ Joel Greenblatt๊ฐ€ ์ง์ ‘ ์“ด ์ฑ…๋“ค์ด ์žˆ์ฃ .


ํŒŒ์ด๋‚ธ์ŠคPRESSO๊ฐ€ ํ•ด์™ธ ๊ธˆ์œต·ํˆฌ์ž ์„œ์ ๋“ค์„ ํ•˜๋‚˜์”ฉ ์š”์•ฝํ•˜์—ฌ ์—ฌ๋Ÿฌ๋ถ„์˜ ์ž๊ธฐ๊ณ„๋ฐœ์„ ๋•๋„๋ก ํ•˜๊ฒ ์Šต๋‹ˆ๋‹ค.



์ด์šฉ์•ฝ๊ด€

๊ฐœ์ธ์ •๋ณด์ฒ˜๋ฆฌ๋ฐฉ์นจ

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