<p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 주식 투자로 성공하기보다는 망하는 사람이 절대적으로 더 많다.</span><span lang="ko"> 통계적으로 </span><span lang="en-us">95%</span><span lang="ko"> 이상의</span><span lang="en-us"> 투자자들이 장기적으로 손실을 본다.</span></p> <p lang="en-us" style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"> 절대 다수의 투자자들이 망하는 근본 원인은 투자자들이 투자에 있어서 가장 중요한 단 한가지 원칙을 모르기 때문이다.</p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"> 그것은 ‘주식 투자에서 가장 중요한 것은 큰 수익을 내는 것이 아니라 손실을 최소화해야 한다는 점’인데,</p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;">큰 수익보다 손실 최소화에 집중해야 하는 이유(공격보다 수비)는 손익 비대칭의 원리 때문이다.</p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="ko">손익 비대칭의 원리는 수익과 ‘손실은 동일하지 않고, 손실이 수익보다 더 큰 영향을 미친다’ 는 것이다.</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:Verdana, Arial, Gulim;color:#4e4e4e;"><span lang="ko" style="font-family:dotum;font-size:10pt;"> 어떤 주식을 샀는데 다음달 </span><span lang="en-us" style="font-family:dotum;font-size:10pt;">50%</span><span lang="ko" style="font-family:dotum;font-size:10pt;">가 상승했다고 치자.</span><span lang="ko" style="font-family:'돋움';font-size:9pt;"> </span><span lang="ko" style="font-family:dotum;font-size:10pt;">다음달 </span><span lang="en-us" style="font-family:dotum;font-size:10pt;">50%</span><span lang="ko" style="font-family:dotum;font-size:10pt;">가 하락하면 수익률은 몇%일까?</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="ko">+50-50 = 0%, 본전이라고?  정답은 </span><span lang="en-us">25%</span><span lang="ko"> 손실이다.</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 10000원짜리 주식이</span><span lang="ko"> </span><span lang="en-us">50%</span><span lang="ko"> 오르면 </span><span lang="en-us">15000원이고,</span><span lang="ko"> 이</span><span lang="en-us"> 상태에서</span><span lang="ko"> </span><span lang="en-us">50%</span><span lang="ko"> 하락하면</span><span lang="en-us"> 반토막이 나니 7500원이고, 25% 손실이다.</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 니가 어떤 주식을 샀는데 운이 나빠 반토막(50%</span><span lang="ko"> 손실)이</span><span lang="en-us"> 났다고 치자. 원금 복구할려면 몇 % 수익이 나야할까? </span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="ko"> </span><span lang="en-us">50%</span><span lang="ko"> 손실이니까 당연히 </span><span lang="en-us">50%</span><span lang="ko"> 수익? 틀렸다. 손실이 발생한 </span><span lang="en-us">5000</span><span lang="ko">원의 상태에서는 </span><span lang="en-us">100%</span><span lang="ko">가 올라줘야 </span><span lang="en-us">10000</span><span lang="ko">원으로 원금복구가 된다</span><span lang="en-us">.</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 이처럼,</span><span lang="ko"> 수익과</span><span lang="en-us"> 손실은 똑같이 작용하는 것이 아니라 비대칭적이다.</span><span lang="ko"> 동일한</span><span lang="en-us"> 폭의 수익과 손실이라도 손실폭이 수익보다 훨씬 더 큰 영향을 끼친다.</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 이렇게 신기한 현상이 발생하는 이유는 주가는 복리로 움직이기 때문인데,</span><span lang="ko"> 주식</span><span lang="en-us"> 뿐만 아니라 모든 투자 자산의 수익률은 복리로 움직이기 때문에 수익률의 합이 아닌 곱으로 계산해라. </span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us">  손실을 충당하기 위한 수익의 수준은 손실의 수준보다 훨씬 더 커야함을 의미하는데,</span><span lang="ko"> 이러한</span><span lang="en-us"> 효과는 손실의 규모가 커지면 커질수록 훨씬 더 심해진다는 것이고 이것이 손익 비대칭성의 원리의 핵심이다.</span></p> <p lang="en-us" style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"> 이는 손실 따위에는 아무런 관심도 없고 오로지 큰 수익만 내면 투자에 성공할 수 있다는 근거없는 막연한 자신감을 가진 투자자들이 얼마나 큰 착각을 하고 왜 반드시 망할 수 밖에 없는지를 수학적으로 증명해준다. </p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span lang="en-us"> 다음 번에는 손익 비대칭의 원리에 의해 나타나는 신기한 현상을 하나 더 확인해보고,</span><span lang="ko"> 이를</span><span lang="en-us"> 이용하여 주식 투자의 손실을 드라마틱하게 줄일 수 있는 아주 간단한 방법을 알아보자</span></p> <p style="margin:0pt 0px 10pt;padding:0px;font-family:dotum;font-size:10pt;color:#4e4e4e;"><span style="font-family:'돋움';font-size:9pt;"> </span></p> <p></p>