<p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">모든 주가 움직임은 아래의 간단한 벨류 공식 하나로 설명이 가능하다고 생각합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <b style="margin:0px;padding:0px;max-width:100%;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">주가 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">= E/(re-g)</span></b> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <b style="margin:0px;padding:0px;max-width:100%;"><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">E: </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">이익 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, re : </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">할인율 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">(</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">기회비용</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">+</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">위험</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">) , g: </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">성장</span></b> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <br></p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <font face="함초롬바탕" style="margin:0px;padding:0px;max-width:100%;"><b style="margin:0px;padding:0px;max-width:100%;"></b></font> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">주가를 움직이는 모든 이슈들은 이 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">3</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">가지 요소 사정권 안에 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">상대적으로 어느 요소가 더 강한지에 따라 주목도가 다를 뿐 인것 같습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">이 항등식은 양 옆에 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">(E : </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">이익</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">)</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">을 곱하면 우리가 아는 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">가 됩니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <b style="margin:0px;padding:0px;max-width:100%;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">주가</span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">/ E = 1/(re-g) = PER</span></b> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">부동산이든</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">주식이든</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">채권이든 재태크를 공부한다면 시장의 역사가 가장 훌륭한 교사라고 생각합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">인류 역사는 앞으로도 반복될 것일고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">재테크에 있어 모든 것은 사이클이기 때문입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">를 통해 미국 지수 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">S&P500 </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">역사를 되돌아봤습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">결론적으로 이익이 상승하는 사이클에서 대략 예상 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">PER 20 </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">초반까지는 허용 가능해 보입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">20~25</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">배는 고평가이고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">사이클 후반에 </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;">低</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">는 경계해야할 요소로 보입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">이익사이클</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">경기변동</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">배수</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">매매기준 등을 조사해봤습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">참고하셔서 투자에 도움이 되셨으면 하는 바램입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"><br></p> <p style="margin:0px;padding:0px;max-width:100%;"> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">PS. S&P500</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">은 그 방향을 같이하는 나스닥 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">100, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">필라델피아 반도체지수 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">SOX </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">매매에도 도움이 되실겁니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p> <p style="padding:0px;max-width:100%;line-height:2.2;font-family:'-apple-system', BlinkMacSystemFont, '돋움', dotum, 'Apple SD Gothic Neo', 'Nanum Gothic', sans-serif;font-size:14px;background-color:#ffffff;"> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;"> 3</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">배 레버리지 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">ETF TQQQ, SOXL </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';">투자하시는 분들도 참고하시면 좋을 것 같습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;">.</span> </p>