> Ÿ
|
|
|
 |
[Į] ο ͷ ȵȴ١
|
|
|
|
(e)
Է : 2018-09-17 17:53:37
|
|
|
|
|
|
2000 ϶, äDZݸ ްϰ
ο ü ڻ꿡 äǺ 50% ϰ ־
۸ (e) ڣ
Ź ڹ
ֽ, ä Ʈ ڰ ϸ ø ߿ Ұ ( ) Ⱑ ż ŵ Ÿ̹֡(Ÿ Ÿ̹)̴.
, ڿ ϸ ߸ Ÿ̹ ſ̶ . ڵ鿡 ϸ Ʈ, Ư ̳ ο ݵ κ ڻ(ڻ ֽİ ä ں) 91.5% ȴٰ Ѵ.
ǥ 2017 ο ݿ () , 5(2013~2017) ο ͷ 5.18% 97.7% 5.06% ڻ ȿ ǰ ִ.(1)
(1) ο ڻ꼱 ȿ 5.7%ε, ̰ Ϲڰ ȿ شѴ
|
 | ڷ: б⺸ |
2000 鼭, ް ϶ߴ. Ư äDZݸ 5% Ϸ 鼭 ݵ ڻп ־, äǺ ް ҽ״.
̷ ݵ äǺ 濡 ݰ ݸ Ͽ äڻ ̻ ͷ , ͷ ϴ ۿ ٴ ν ȯ ִ.
ٸ ݵ üڻ 20~40%̳ äǺ ұϰ 츮 ο ü ڻп äǺ 50%(ä 47%) ̸ ִ.
ο ͷ 2~3% äڻ꿡 ü ڻ 50% ִٴ ǹ̴. ̷ ο äǺ 15Ⱓ ij ݿ ͷ 97% ϳ ū ̸ Ϻݿ ؼ ͷ ̴.
|  | ڷ: б⺸ |

ֽڻ ڻ ƴ϶ ȸڻ̾
ο Ӹ ƴ϶ ϴ , ¾ 25Ŀ ο ϰ ο ɽñ 2080 ִ.
, ο ϴ Ⱑ Ѵ ݵ̴. ̷ ڻ 뵵 1~2 ܱ⼺ ڻ ƴ϶ ⼺ ڻ̾ Ѵ.
϶ϰ ִ ȹ ų ִ ȣ δ. , äڻ ̻ ݵ ͷ ų ִ ٴ ڸ ̴.
ٸ, ̸ ü ֽڻ .
|  | ڷ: б⺸ |
ù° ݰ ݵ忡 ־ ֽڻ ڻ ƴ϶ ȸ ڻ̶ ̴.
̱ ֽĽ äǽ 90 ͷ ܱ 1 ڼͷ Ÿ ִ. 1927⸻, 100(ȭ) S&P 500 ä 10 90Ⱓ ϸ 2017⸻ ֽĿ 100 4000(ȭ 40) ͷ, ä 10 73(ȭ 7300) ڼͷ ȴ.
1Ⱓ ܱ ڸ ϸ ֽ ؿ 52% ͷ ڸ ̳ʽ(-)44% ս ִ ݸ鿡, äǿ ϸ, 33% ͷ -11% ս ִ.
ֽڴ Դ 4 ս ä 2 ս 찡 ߴ. ̷ ֽڻ äڻ꿡 ܱ ũ, ͷ äǴ ̾(2) ڻ̴.
(2) 90Ⱓ ڱⰣ S&P 500 ä 10 4.8% 5.8% ͷ ̾ ڻ̴.
ֽڻ ݵ ؾ
, ֽڻ Ⱓ ؾ սȮ 0% ϴ°?
|  | ڷ: б⺸ |
̱ 90Ⱓ ֽİ ä ڱⰣ ͷ м ֽİ äǿ 1 ϸ, ȯ ͷ 9.6%, 4.9%̰, ս Ȯ 27%, 18%, ͷ (ǥ)(3) 19.5% 7.7%.
, ڱⰣ Ȯϸ ڻ ȯ ͷ ǰ ͷ Ѵ.
Ư ֽڴ ڱⰣ ȮԿ ͷ (ǥ) ް ҵǸ, ڱⰣ 15 Ѿ ս Ȯ 0%(4) ִ.
̴ ֽڻ ݰ ܱ⼺ ʴ ݵ ؾ ڻ̶ Ͻϴ ̴.
° ֽڴ ȿ ûٴ ̴.
츮 ϴ ڽ(KOSPI), S&P 500 ܼ ǥ .
οݰ ݵ ų κ ̸ Ѵ. , ο ֽ ͷ 뷫 KOSPI ڽ(KOSDAQ)ͷ ų [KOSPIͷ 2%(5)] ؼ Ѵ. ְ 2-4%(6) ͷ ۾ Ⱓ ϸ Ƿ ͷ û.
1927 17.8 S&P 500 츮 ϴ S&P 500 ܼ δ 2018 9 2886(161), δ 76890(4300) ȴ. ̷ ȿ ڱⰣ Ŀ ۿ .
(3)Ϲ, ڿ ڻ ͷ ̶ Īϰ ͷ ǥ Ѵ.
(4)̷ ڽ սȮ 0% ϴ , Emerging 忡 Ҽ Ⱓ ª(лȿ).
(5) KOSPI 200 2018 ͷ 2.39%, ä 3 ͷ 1.92%
(6)S&P500 90Ⱓ ͷ 3.71%
̿ Ϻݵ ڱ ä Ⱦ ֽڻ ÷
|  | ڷ: б⺸ |
ֽڻ ܱ ͷ ũ ϸ غ ְ, ȿ û.
̷ 븣, ij, CalPERs ܱ ͷ ʰ, ͷ ֽڻ äڻ ߺ ÷ ̴.
̿ ͷ Ϻ ڱä ȾƼ ֽڻ ÷ ̴.
Ϻδ ο äڻ ϴ ο ä ȸ, äǰ ū ϶ ̶ ã 쵵 ִ.
, Ϻݵ ڱ ߵ äڻ ٿ, ڻ ͷ ȹ ߴ. 1~2 ͷ ȴٰ ǴܵǸ ٷ ϴ ٶϴٰ Ѵ.
ο ݿ () 5ġ ϸ ؿ ٸ ݱ ͷ β ͷ ұϰ, ο ڻ ͷ 5Ⱓ ǥ(BM:Bench Mark)ͷ 0.75%(7)ʰ ȴ.
(7)0.75%ʰ κ üڻ̴. üڻ ġ(Fair Value) ڻ̴.
γĸ ǥ ڻ ؾ
ǥͷ ǥڻп ǰ ǥڻ ݿȸ ͼӵ ִ.
20 忡 ̸ ݿȸ , .
ù° п ̴ּ е ̴ٴ ̰ ι° ڻ ͷ 迡 ϴ оߡ ٹ ãƺⰡ ٴ ̾.
° ο ͷ ߿ ġ ε ο ͷ ̸ ʴ´ٴ ̴.
忡 ǥͷ ǥͷ ѵ ȸ åӰ ? ϰ ȴ.
ǥͷ ǥڻ ִٰ Ѵ. ο ͷ 츮 Ŀ 츮 ڼ İ ִ ߿ . , ο ݿȸ ̻ ǥ ͷ , 츮 ĸ ǥ ڻ ϱ .
(e) (editor@mdtoday.co.kr)
ũ 彺! ũ ڿܼ Ѵٰ?
<ǰ ̴ ѹα ǥ Ƿ, ǰ Ź , >
|
|
|
|
|
|
|
|