<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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">배당기반의 배당평가모형</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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">순이익 기반의 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">PER, PBR, ROE</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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">기업잉여헌금흐름 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">FCFF</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">의 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">DCF</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">모델</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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">워렌버핏의 오너어닝</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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">경제적 부가가치 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">EVA</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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;font-family:Gungsuh, '궁서', serif;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;font-family:Gungsuh, '궁서', serif;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:12pt;font-family:Gungsuh, '궁서', serif;"></span></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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-family:Gungsuh, '궁서', serif;font-size:12pt;">등등</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:12pt;font-family:Gungsuh, '궁서', serif;">....</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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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';font-size:11pt;">주식 가치평가에 대해 다양한 관점이 있고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">,</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';font-size:11pt;">내재가치를 구하는 수단도 여러 가지입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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';font-size:11pt;">그런데</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">어떤 모델을 쓰던 공통적으로 쓰이고 직면하는 한계들이 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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';font-size:11pt;">바로 계속기업을 가정한 영구연금의 할인 체계입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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;font-size:11pt;"><br style="margin:0px;padding:0px;max-width:100%;"></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;text-align:center;font-weight:bold;"> <span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></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;text-align:center;font-weight:bold;"> <br></p> <p style="text-align:center;"> <img src="http://thimg.todayhumor.co.kr/upfile/202403/17098927092bd6fc5c5c3e476980a4ea7049020b02__mn807320__w722__h164__f7006__Ym202403.png" alt="무성장,정률성장 영구연금.png" style="width:640px;height:145px;" filesize="7006"></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;text-align:center;font-weight:bold;"> <span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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';font-size:11pt;">우리가 간단하게 쓰는 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">PER, PBR, ROE </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">조차도 영구연금 할인체계를 쓰고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">,</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';font-size:11pt;">영구연금에서 가정하는 제한적인 가정하에 사용해야 적절하게 가치가 도출될 수 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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-size:11pt;letter-spacing:0pt;">영구연금의 제한적 가정은 무성장이나, 할인율 이내의</span> <span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;letter-spacing:0pt;"> 정률성장만 가정한다는 점입니다. </span><br 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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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';font-size:11pt;">제한적인 가정과 한계를 넘는 예는 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">“</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">극단적인</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">” </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">사례로 에코프로비엠을 들 수 있습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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';font-size:11pt;">분모가 </span><span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">-1%</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">만 하락해도 내재가치는 </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';letter-spacing:0pt;font-size:11pt;">–</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">63%</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">로 급락합니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </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;text-align:center;"> <br></p> <p> <img src="http://thimg.todayhumor.co.kr/upfile/202403/1709892738c57bb9d9ddd740799ab20ac4e2ba7bf0__mn807320__w743__h315__f23033__Ym202403.png" alt="에코프로비엠의 극단적인 경우.png" style="width:640px;height:271px;" filesize="23033"></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-size:11pt;"></span></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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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';font-size:11pt;">이렇듯 영구영금을 바로 적용하는건 이익이 안정되어있는 성숙기 기업이나</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">, </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';font-size:11pt;">의</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">*</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">식</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">*</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">주 같은 산업에 적정할 것입니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">. </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';font-size:11pt;">성장주의 경우 대체로 </span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">2</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">단계 성장모형을 사용하는 것 같습니다. </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-size:11pt;"><br style="margin:0px;padding:0px;max-width:100%;"></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-size:11pt;"><span style="margin:0px;padding:0px;max-width:100%;font-family:'Malgun Gothic', sans-serif;">그래서 아래의 식과 같이 본질 이익을 조정한 상태에서 영구연금으로 제한적으로 사용됩니다. </span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'Malgun Gothic', sans-serif;"> </span></span><br 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;"> </p><p style="margin:0px;padding:0px;max-width:100%;"></p> <p style="text-align:left;"> <img src="http://thimg.todayhumor.co.kr/upfile/202403/1709892762834ae3ca969a47b4b9059bf7e5ceffe9__mn807320__w532__h176__f5929__Ym202403.png" alt="본질이익조정 정률성장률.png" style="width:320px;height:106px;" filesize="5929"></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;text-align:center;"> <span style="margin:0px;padding:0px;max-width:100%;font-size:8pt;"></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-size:11pt;"></span></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';font-size:11pt;">가치투자는 할인모형처럼 어렵게 하면 어렵고</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">,</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;font-size:11pt;">PER</span> <span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">처럼 쉽게 한다면 쉽게 할수 있는 것 같습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">.</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-size:11pt;"></span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"> </span><span style="margin:0px;padding:0px;max-width:100%;font-size:11pt;"></span></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-size:11pt;"><br style="margin:0px;padding:0px;max-width:100%;"></span> </p> <p style="text-align:left;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';font-size:11pt;">다만</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">, </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">쉽게 하더라도 그 안에 녹아져있는 전제와 가정들을 간과하다보면 쉽게 오류에 빠질수도 있는 분야인 것 같습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">. </span><span style="margin:0px;padding:0px;max-width:100%;font-family:'함초롬바탕';font-size:11pt;">그렇기에 대중들에게 가치투자가 중요하다고 이야기하지 정작 제대로 알려주고 써먹을 수 있는 툴을 제시하는 곳은 많지 않은 이유가 아닐까 싶습니다</span> <span lang="en-us" style="margin:0px;padding:0px;max-width:100%;letter-spacing:0pt;font-size:11pt;">,</span> </p>