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 Preface
i

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ii

21

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8%

50 100








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2017.5.4

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v

106 4 30

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vi

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72






3%










78 9
24 19

76

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vii

86 97






35








10%






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iii
v
vi

Chapter

002 1-1

005 1-2

006 1-3

007 1-4

008 1-5

009 1-6

011 1-7

013 1-8

014 1-9

015 1-10 1,700

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 Chapter

022 2-1

023 2-2

024 2-3

026 2-4

028 2-5

037 2-6

047 2-7

065 2-8

068 2-9

Chapter

070 3-1

074 3-2

076 3-3

080 3-4

081 3-5

082 3-6

092 3-7

093 3-8

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 107 3-9

108 3-10

116 3-11

125 3-12

Chapter

128 4-1
131 4-2

133 4-3

137 4-4 MA
141 4-5 K K K

149 4-6

155 4-7

158 4-8 MA Granville

160 4-9

161 4-10 MA

163 4-11 200 MA 120 MA

165 4-12
183 4-13 SOP

184 4-14 PEG

188 4-15

191 4-16 ROE

196 4-17 P ROE

198 4-18

200 4-19

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 204 4-20

205 4-21 KD

206 4-22 KD

212 4-23 MACD

214 4-24

217 4-25

222 4-26

243 4-27

248 4-28

Chapter

252 5-1 GAP

266 5-2

273 5-3

276 5-4

278 5-5

281 5-6

284 5-7

288 5-8
288 5-9 SOP

291 5-10

292 5-11

295 5-12

296

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1-1

1-2

1-3

1-4

1-5

1-6

1-7

1-8

1-9

1-10 1,700

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002

1-1

25
st
1 4.0 48
nd
2 4.5 54
rd
3 5.0 60
th
4 6.0 72
th
5 7.0 84
th
6 8.0 96
th
7 10.0 120
th
8 12.0 144
th
9 14.0 168
th
10 16.0 192
th
11 18.0 216
th
12 20.0 240
th th
13 ~ 15 25.0 900

2,394

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 Chapter 1
003

1,000 3,394 40
25~40 10 120 15 1,800
2,000 80%2,000 0.2=400
40 400
25


40
5,000
50
1,000 6,000
50~80 10 1,000 6,000










25~30~40 60 ~120
~200 40~50 200
~300 50~60 300
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004

35



100
20 20 65 15
25 5
40 14,600

















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 Chapter 1
005

65

1 30 100

2 15%

3

4 1-10
1,700
5

1-2

1 a. b. c. d.
2
3
4 +
5 + OK
6 +
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006

7





8
9



(CPI)

1-3

1
2
3
4
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007

1-4

1
2
3
4
5
6
7

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008

1-5

1
2 entertainment
3

4
5


6


7

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009

1-6

1
2
3

1
2
3

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010

1
(1)
(2)
2
(1)
(2)
(3)
(4)
(5)
(6)
3
(1)
(2)
(3)
4
(1)
(2)
(3)
5

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 Chapter 1
011

1-7

(Buffett) 1. 2.

1. 10
10 2.
3.

Buffett
1
2
3
(1)
(2)

(3)

(4) CEO

4
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012

Buffett 1. ROE
2. (cash flow)

Buffett
1
2
(CEO) ( )

3



Buffett

Buffett


Buffett

percent


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 Chapter 1
013

Buffett GDP > 160% 6
180

GDP > 160%
OK
Buffett Buffett

1-8

1
2
3
4
5
6
7
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014

8
9
0
q
w
e
r
t

1-9

1
2
3
4
5
6
7
8
9

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 Chapter 1
015

1,700
1-10

65 1,700
40 25
3.5 65







65

1,700


1,700
1,700 1,700
2,000 1,500 1,300
CP

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016

1,700







1,700
65


1 30 100

2
5%


20 50 2,653,297
22 52 2,925,260
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 Chapter 1
017

26 56 3,555,672
30 60 4,321,942
35 65 5,516,015
1700
11,483,985 65
>17,000,000


3
100
10%
10%

1.11.1=1.21%

20 50 6,115,909
22 52 7,400,249
26 56 10,834,705
30 60 15,863,092
31 61 17,449,402
65 >1,700
35 65 25,547,669
1,700
4
15%
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018

22 52 18,821,518
26 56 32,918,952
30 60 57,575,453
35 65 115,804,803
1 1,700 6

15%
106 9,500~9,800
70%
2 105
8,000~9,000 1,000

65
100

1 15%
15%70%1
(4-21)

1
2
3
4
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 Chapter 1
019

5
6
7
8
9
0

60 1
15%
20 3,224
25 6,813
30 14,444
35 30,831
40 66,770
1,700

310 5%35 65
17,099,646>17,000,000
400 30 60
17,287,768>17,000,000
480 26 56
17,067,725>17,000,000
590 22 52
17,259,034>17,000,000
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020

650 20 50
17,246,430>17,000,000
50
(Buffett)

100 10%
10% 31 61
17,449,402>17,000,000
280 20 50
17,124,545>17,000,000

5% 650 20
50 17,246,430
280
15% 280
100~200


50
100

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 Chapter 2

2-1

2-2

2-3

2-4

2-5

2-6

2-7

2-8

2-9

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022

2-1

1 2-2
2

3

EPSROE
P/E

4

5


6


K
K

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 Chapter 2
023

2-2

1
2
3

1
2
3
4
5
6
7
CEO

1
2
3
4
5
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024

6
7
8
9
(TPMS) (ADAS)
0 Nike
AdidasNorth Face Columbia DecathlonUnder
AmourLuLuLemon
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2-3

1
2
3
4
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1,700

/ .

-- . -- : , 2017.07

ISBN 978-986-451-092-4()

1. 2. 3.

563.53 106004899
3GA6

1,700





12


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