{"id":2900,"date":"2021-02-11T23:29:27","date_gmt":"2021-02-11T14:29:27","guid":{"rendered":"https:\/\/whatevers.io\/?p=2900"},"modified":"2021-02-12T11:57:11","modified_gmt":"2021-02-12T02:57:11","slug":"%ec%a0%84%eb%ac%b8-%ed%95%98%ec%9b%8c%eb%93%9c-%eb%a7%89%ec%8a%a4-2021%eb%85%84-%ea%b2%bd%ea%b3%84%ed%95%98%eb%90%98-%ea%b3%84%ec%86%8d-%ed%88%ac%ec%9e%90%ed%95%98%eb%9d%bc","status":"publish","type":"post","link":"https:\/\/whatevers.kr\/?p=2900","title":{"rendered":"[\uc804\ubb38] \uc65c \uac00\uce58\ud22c\uc790\uc790 \ud558\uc6cc\ub4dc \ub9c9\uc2a4\ub294 \uc131\uc7a5\ud22c\uc790\uc5d0 \ub208 \ub5b4\ub294\uac00"},"content":{"rendered":"\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4\ub294 \uac00\uce58\ud22c\uc790\uc790\uc758 \ub300\uac00 \uc911 \ud55c \uba85\uc73c\ub85c, 140\uc870 \uc6d0\uc744 \uc6b4\uc6a9\ud558\ub294 \uc624\ud06c\ud2b8\ub9ac \uce90\ud53c\ud138 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8(Oaktree Capital Managent)\uc758 \ud68c\uc7a5\uc785\ub2c8\ub2e4. \ud574\ub2f9 \ud3ec\uc2a4\ud2b8\ub294 2021\ub144 2\uc6d4 3\uc77c \ud558\uc6cc\ub4dc \ub9c9\uc2a4\uac00 \uacbd\uc81c\uc9c0 \uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4\uc640 \ud588\ub358 <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/expert-view\/fomo-has-taken-over-from-the-fear-of-losing-money-howard-marks\/articleshow\/80662594.cms?utm_source=linkedIn.com&amp;utm_medium=Social&amp;utm_campaign=ETLNMKTS\">\uc778\ud130\ubdf0 \ub0b4\uc6a9<\/a>\uc758 \uc804\ubb38\uc744 \ubc88\uc5ed\ud55c \uae00\uc785\ub2c8\ub2e4. [\ud3b8\uc9d1\uc790\uc8fc]<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\uac00\uce58\ud22c\uc790\uc790 \ub9c9\uc2a4, \uc131\uc7a5\ud22c\uc790\uc5d0 \uc8fc\ubaa9\ud558\uae30 \uc2dc\uc791\ud558\ub2e4<\/h2>\n\n\n\n<p><strong>\uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4:<\/strong> \uc77c\ub2e8 \ub2f9\uc2e0\uc758 \uac00\uc7a5 \ucd5c\uadfc \uba54\ubaa8\uc5d0 \uad00\ud574\uc11c \uc774\uc57c\uae30\ud574\ubd05\uc2dc\ub2e4. \ub2f9\uc2e0\uc740 \uc6d0\ub798 \uac00\uce58\ud22c\uc790\uc790\ub85c\uc11c \uba85\uc131\uc744 \ub5a8\uce58\uace0 \uc788\ub294 \ud22c\uc790\uc790\uc796\uc544\uc694? \uadfc\ub370 \ucd5c\uadfc \uba54\ubaa8\uc5d0\uc11c \ub2f9\uc2e0\uc740 \uc131\uc7a5\ud22c\uc790\uc5d0 \uad00\ud574 \uc774\uc57c\uae30\ud574\uc92c\uc5b4\uc694. \uc5b4\ub5bb\uac8c \ub41c \uc77c\uc774\uc8e0?<\/p>\n\n\n\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4: <\/strong>\ucd5c\uadfc\uc5d0 \ucf54\ub85c\ub098 \ud32c\ub370\ubbf9 \uae30\uac04 \ub3d9\uc548 \uc81c \uc544\ub4e4\uacfc \uc544\ub4e4 \uac00\uc871\ub4e4\uc774 \uc6b0\ub9ac \uc9d1\uc5d0\uc11c \ucb49 \uc9c0\ub0b4\uc654\uc5c8\ub294\ub370\uc694. \uc800\ud76c \uc544\ub4e4\uc774 \ub2e4\ub984 \uc544\ub2cc \uc131\uc7a5\ud22c\uc790\uc790\uc785\ub2c8\ub2e4. \uadf8\ub294 \uc815\ub9d0 \uc720\uc5f0\ud558\uac8c \uc0ac\uace0\ud574\uc694. \ub3c5\ub2e8\uc801\uc774\uc9c0\ub3c4 \uc54a\uc8e0. \uc544\ub4e4\uc740 \uc131\uc7a5\uc8fc\uc640 \uac00\uce58\uc8fc\ub97c \ub098\ub204\ub294 \uac83 \uc790\uccb4\uac00 \uc778\uc704\uc801\uc774\uace0 \uc5ed\ud6a8\uacfc\ub97c \ub0b3\ub294\ub2e4\uace0 \uc0dd\uac01\ud574\uc694.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"668\" height=\"548\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=668%2C548&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg\" alt=\"\" class=\"wp-image-3015\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg?w=941&amp;ssl=1 941w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg?resize=300%2C246&amp;ssl=1 300w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg?resize=768%2C630&amp;ssl=1 768w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg?resize=100%2C82&amp;ssl=1 100w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-and-his-son.jpg?resize=549%2C450&amp;ssl=1 549w\" data-sizes=\"auto, (max-width: 668px) 100vw, 668px\" data-recalc-dims=\"1\" \/><figcaption>\uc544\ubc84\uc9c0 \ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc640 \uc544\ub4e4 \uc564\ub4dc\ub958 \ub9c9\uc2a4\ub294 \uac19\uc740 \ud22c\uc790\uc790\ub85c\uc11c \uc11c\ub85c\uc5d0\uac8c \ub9ce\uc774 \ubc30\uc6b0\ub294 \ub4ef\ud569\ub2c8\ub2e4.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\uadf8\ub7f0\ub370 \ud22c\uc790\uc790\ub85c\uc11c \uac00\uc7a5 \uc911\uc694\ud55c \uac83\uc740 \uc774\ub7f0 \uac1c\ubc29\ub41c \uc0ac\uace0\uac70\ub4e0\uc694. \uc608\ub97c \ub4e4\uba74 \uc774\ub7f0 \uac83\uc785\ub2c8\ub2e4. \uc5b4\ub5a4 \ud55c \uc131\uacf5\uc801\uc73c\ub85c \uc6b4\uc601\ub418\uace0 \uc788\ub294 \ud68c\uc0ac\uac00 \uc788\ub2e4\uace0 \ud569\uc2dc\ub2e4. \uac70\uae30\uc5d0 \uc2dc\uc7a5\uc131\ub3c4 \uc788\uace0 \ub9e4\uc6b0 \ube60\ub974\uac8c \uc131\uc7a5\ud558\uace0 \uc788\ub294 \ud68c\uc0ac\uc8e0.<\/p>\n\n\n\n<p>\uc774 \uc0c1\ud669\uc5d0\uc11c \uc6b0\ub9ac \uc544\ub4e4\uc740 &#8220;\uc6b0\ub9ac\ub294 \ucc9c\ucc9c\ud788 \uc131\uc7a5\ud558\uace0 \uc788\ub294 \ud3c9\ubc94\ud55c(\uc800\ud3c9\uac00\ub41c) \ud68c\uc0ac\uc5d0\ub9cc \ud22c\uc790\ud560 \uac70\uc57c&#8221;\ub77c\uba74\uc11c \ube60\ub974\uac8c \uc131\uc7a5\ud558\uace0 \uc788\ub294 \ud68c\uc0ac\ub97c \uad73\uc774 \ud22c\uc790 \ub300\uc0c1\uc5d0\uc11c \uc81c\uc678\ud560 \ud544\uc694\uac00 \uc5c6\ub2e4\uace0 \ub9d0\ud558\ub294 \ud3b8\uc774\uc8e0. \ube44\uc2b7\ud558\uac8c \ub2e8\uc21c\ud788 \ud68c\uc0ac\uac00 \uace0\ud3c9\uac00\ubc1b\uace0 \uc788\ub2e4\uace0 \ud574\uc11c \ub610 \ud22c\uc790 \ub300\uc0c1\uc5d0\uc11c \ube7c\uba74 \uc548 \ub41c\ub2e4\uace0 \uc8fc\uc7a5\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub2c8\uae4c \uc6b0\ub9ac\ub294 \ud22c\uc790\uc790\ub85c\uc11c \ubaa8\ub4e0 \uc885\ub958\uc758 \ud68c\uc0ac\uc5d0 \ubaa8\ub450 \uac1c\ubc29\uc801\uc774\uc5b4\uc57c \ud55c\ub2e4\uace0 \uc8fc\uc7a5\ud558\ub294 \uac83\uc774\uc8e0. \ube60\ub974\uac8c \uc131\uc7a5\ud558\uace0 \uc788\ub294 \ud68c\uc0ac\uac00 \ub9e4\ub825\uc801\uc77c \uc218\ub3c4 \uc788\ub2e4\ub294 \ub9d0\uc785\ub2c8\ub2e4. \uc808\ub300\uc801\uc778 \uac00\uce58 \ud3c9\uac00 \uc9c0\ud45c\uac00 \ub192\ub2e4\uace0 \ud574\uc11c \uaf2d \uace0\ud3c9\uac00\ub41c \uac83\uc740 \uc544\ub2d0 \uc218 \uc788\uc8e0. \uadf8 \ud68c\uc0ac\uac00 \uac00\uc9c0\uace0 \uc788\ub294 \uc7a0\uc7ac\ub825\uacfc \ub2a5\ub825\uc774 \uc5b4\ub9c8\uc5b4\ub9c8\ud560 \uc218\ub3c4 \uc788\uc796\uc544\uc694.<\/p>\n\n\n\n<p>\uc544\ub4e4\uc774 \ud558\ub294 \uc774\uc57c\uae30\ub97c \ub4e4\uc5b4\ubcf4\ub2c8\uae4c \ub0a9\ub4dd\uc774 \ub410\uc5b4\uc694. \uadf8\ub798\uc11c \uc774\ubc88 \uba54\ubaa8 \ub54c\ub294 \uadf8\ub7f0 \uc810\uc744 \uc880 \ub354 \ubc18\uc601\ud574\ubd24\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;\uc808\ub300\uc801\uc778 \ud3c9\uac00 \uc9c0\ud45c\ub85c\ub9cc \ud22c\uc790 \uacb0\uc815\ud558\uba74 \uc548 \ub3fc&#8221;<\/h2>\n\n\n\n<p><strong>\uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4:<\/strong> \uc5ed\uc0ac\uc801\uc73c\ub85c \ub9ce\uc740 \ud22c\uc790\uc790\uac00 \uae30\uc5c5\uc758 PER(Price-Earning Ratio: \uc8fc\uac00\uc218\uc775\ub960)\uc744 \ud3c9\uac00 \uc9c0\ud45c\ub85c \uc0ac\uc6a9\ud574\uc654\uc2b5\ub2c8\ub2e4. \uadf8\ub7f0\ub370 \ub2f9\uc2e0\uc740 &#8220;\ub192\uc740 PER\uc774 \uaf2d \ub098\uc05c \ud22c\uc790\ub85c \uc774\uc5b4\uc9c0\ub294 \uac83\uc774 \uc544\ub2c8\ub2e4. \ub610 \ub0ae\uc740 PER\uc774 \uaf2d \uc88b\uc740 \ud22c\uc790\ub85c \uc774\uc5b4\uc9c0\ub294 \uac83 \ub610\ud55c \uc544\ub2c8\ub2e4&#8221;\ub77c\uace0 \uc8fc\uc7a5\ud574\uc654\uc8e0. \uc774 \uc810\uc744 \uc880 \ub354 \uc124\uba85\ud574\uc8fc\uc2e4 \uc218 \uc788\ub098\uc694?<\/p>\n\n\n\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4:<\/strong> \uc77c\ub2e8 \uc778\uc6a9\ud574\uc8fc\uc2e0 \ubd80\ubd84\uc744 \uc880 \ub354 \ub2e4\ub4ec\uc5b4 \ubcf4\uaca0\uc2b5\ub2c8\ub2e4. \ub0ae\uc740 PER\uc774 \uaf2d \ud574\ub2f9 \uae30\uc5c5\uc774 \uc2f8\ub2e4\ub294 \uac83\uc744 \uc758\ubbf8\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uadf8\ubcf4\ub2e4\ub294 \uc800\ub834\ud560 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4 \uc815\ub3c4\ub85c \ubcfc \uc218 \uc788\ub294 \uac83\uc774\uc8e0. \ube44\uc2b7\ud558\uac8c \ub192\uc740 PER\uc774 \uaf2d \ud574\ub2f9 \uae30\uc5c5\uc774 \ube44\uc2f8\ub2e4\ub294 \uac83\uc744 \ub73b\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ube44\uc300 \uac00\ub2a5\uc131\uc774 \uc788\ub294 \uc815\ub3c4\uc8e0.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4 \uc5b4\ub5a4 \uae30\uc5c5\uc758 \uc8fc\uac00\uac00 \uc815\ub9d0 \ub0ae\uc740 PER \uc218\uce58\ub098 PBR \uc218\uce58\ub97c \uac00\uc9c0\uace0 \uc788\ub2e4\uace0 \ud569\uc2dc\ub2e4. \uc774\ub7ec\ud55c \uc218\uce58\uac00 \ub0ae\uc740 \uc774\uc720\uac00 \uc788\uc744 \uac00\ub2a5\uc131\uc774 \uc788\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uac00\ub839 \uc815\ub9d0 \uc88b\uc9c0 \uc54a\uc740 \ud68c\uc0ac\uc778 \uacbd\uc6b0\ucc98\ub7fc \ub9d0\uc774\uc8e0.<\/p>\n\n\n\n<p>\uadf8\ub807\uae30\uc5d0 \uc800\ud76c\ub294 \ub2e8\uc21c\ud788 \uc808\ub300\uc801\uc778 \ud3c9\uac00 \uc9c0\ud45c\uac00 \ub0ae\ub2e4\ub294 \uc0ac\uc2e4\ub9cc\uc73c\ub85c \ud22c\uc790\ud574\uc11c\ub294 \uc548 \ub41c\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \ub3d9\uc77c\ud558\uac8c \ud3c9\uac00 \uc9c0\ud45c\uac00 \ub192\ub2e4\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \ud22c\uc790\ub97c \uaebc\ub824\uc11c\ub3c4 \uc548 \ub41c\ub2e4\uace0 \ubd05\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-\uc640\ub808\ubc84\uc2a4 wp-block-embed-\uc640\ub808\ubc84\uc2a4\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"mSREV6lCIl\"><a href=\"https:\/\/whatevers.io\/?p=1931\">\ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc758 \uc870\uc5b8, \ub3c8\uc744 \ubc8c\uace0 \uc2f6\ub2e4\uba74 &#8220;\ub208 \ubc16\uc5d0 \ub09c&#8221; \uc790\uc0b0\uc5d0 \ud22c\uc790\ud558\ub77c<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc758 \uc870\uc5b8, \ub3c8\uc744 \ubc8c\uace0 \uc2f6\ub2e4\uba74 &#8220;\ub208 \ubc16\uc5d0 \ub09c&#8221; \uc790\uc0b0\uc5d0 \ud22c\uc790\ud558\ub77c&#8221; &#8212; \uc640\ub808\ubc84\uc2a4\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/?p=1931&#038;embed=true#?secret=mSREV6lCIl\" data-secret=\"mSREV6lCIl\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><figcaption>\ucf54\ub85c\ub098\uac00 \ud55c\ucc3d\uc774\ub358 9\uc6d4\uc5d0\ub3c4 \uc800\ud3c9\uac00\ub41c \uc5ec\ud589\uc774\ub098 \uad00\uad11 \uae30\uc5c5\uc5d0 \ud22c\uc790\ud558\ub294 \uac83\uc744 \ucd94\ucc9c\ud560 \ub9cc\ud07c \uac00\uce58\ud22c\uc790\ub97c \uc88b\uc544\ud558\ub294 \ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc785\ub2c8\ub2e4.<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;\uc704\ud5d8\ud55c \uc2dc\uc7a5 \uc6c0\uc9c1\uc784\uc774 \ubcf4\uc774\ub294 \uac83\uc740 \uc0ac\uc2e4&#8221;<\/h2>\n\n\n\n<p><strong>\uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4:<\/strong> \ub2f9\uc2e0\uc758 \ucc45\uc774\ub098 \uba54\ubaa8\ub97c \ud75d\uc5b4\ubcfc \ub54c\ub9c8\ub2e4 \ub2f9\uc2e0\uc740 \uc5b8\uc81c\ub098 \uc2dc\uc7a5 \uc6c0\uc9c1\uc784\uc758 \uc911\uc694\uc131\uc744 \ub354\uc6b1 \ud2b9\ubcc4\ud788 \uac15\uc870\ud574\uc654\ub294\ub370\uc694. \uadf8\ub807\ub2e4\uba74 \ud604\uc7ac \uc2dc\uc7a5\uc774 \uc5b4\ub5bb\uac8c \uc6c0\uc9c1\uc774\uace0 \uc788\ub2e4\uace0 \ubcf4\uc2dc\ub098\uc694? FOMO(Fear of Missing Out: \ud22c\uc790\ub97c \ud558\uc9c0 \uc54a\uc544 \uc218\uc775\uc744 \ub193\uce60 \uac83\uc774\ub77c\ub294 \ub450\ub824\uc6c0)\ub77c\uace0 \uc0dd\uac01\ud558\uc2dc\ub098\uc694? \ubc84\ube14\uc778\uac00\uc694? \uacfc\ub3c4\ud55c \ud76c\uc5f4\uc5d0 \ucc28 \uc788\ub098\uc694?<\/p>\n\n\n\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4:<\/strong> \ud655\uc2e4\ud788 \ud2b9\uc815 \ubd80\ubd84\uc5d0\uc11c \uc81c\uac00 \ud3c9\uc18c\ub77c\uba74 \uc704\ud5d8\ud55c \uc6c0\uc9c1\uc784\uc774\ub77c\uace0 \ubd80\ub97c \ub9cc\ud55c \ud589\ub3d9\ub4e4\uc774 \ubc8c\uc5b4\uc9c0\uace0 \uc788\ub294 \uac83 \uac19\uc544\uc694.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uba74 \uc774\ub7f0 \uac70\uc8e0. \uc694\uc998 \uc0ac\ub78c\ub4e4\uc774 \ub9e4\uc6b0 \ub192\uc740 \ub9ac\uc2a4\ud06c\ub97c \uc548\ub294 \ud22c\uc790 \ub300\uc0c1\uc5d0 \ub354\uc6b1 \uc27d\uac8c \ud22c\uc790\ud558\uace0 \uc788\uc5b4\uc694. IPO(Initial Public Offering: \uae30\uc5c5\uacf5\uac1c) \ub610\ud55c \uc26c\uc6cc\uc84c\uc8e0. \uc2ec\uc9c0\uc5b4 IPO \uccab\ub0a0 \uac00\uce58\uac00 \ub450 \ubc30 \uc774\uc0c1\uc73c\ub85c \ub6f0\uc5b4\uc624\ub974\uae30\uae4c\uc9c0 \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"668\" height=\"293\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=668%2C293&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1-1024x449.png\" alt=\"\" class=\"wp-image-3029\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=1024%2C449&amp;ssl=1 1024w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=300%2C131&amp;ssl=1 300w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=768%2C336&amp;ssl=1 768w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=1536%2C673&amp;ssl=1 1536w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=100%2C44&amp;ssl=1 100w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=700%2C307&amp;ssl=1 700w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?resize=1600%2C701&amp;ssl=1 1600w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?w=1794&amp;ssl=1 1794w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.11.51-1.png?w=1336&amp;ssl=1 1336w\" data-sizes=\"auto, (max-width: 668px) 100vw, 668px\" data-recalc-dims=\"1\" \/><figcaption>\uc2e4\uc81c\ub85c S&amp;P 500\uc740 \ud604\uc7ac \uaf64\ub098 \ub192\uc740 PER \uc218\uce58\ub97c \uae30\ub85d\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\uadf8\ub807\uae30\uc5d0 \uc800\ub294 \uc800\ud76c\uac00 \ud604\uc7ac FOMO \uc0c1\ud0dc\uc5d0 \uc788\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \ubaa8\ub4e0 \uac83\ub4e4\uc758 \uac00\uaca9\uc774 \uc624\ub974\uace0 \uc788\ub294 \uc0c1\ud669\uc5d0\uc11c \ubaa8\ub4e0 \uc0ac\ub78c\ub4e4\uc774 \ud22c\uc790\ub97c \ud560 \uac83\uc73c\ub85c \uc0dd\uac01\ud558\ub294 \uac83\uc774\uc8e0. \uc774\ub54c \ud22c\uc790\ub97c \uc548 \ud568\uc73c\ub85c\uc368 \uc218\uc775\uc744 \ucc59\uae30\uc9c0 \ubabb\ud560 \ub450\ub824\uc6c0\uc774 \ud604\uc7ac \uc0c1\ud0dc\ub97c \ub9cc\ub4e4\uc5b4\ub0c8\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub7ec\ud55c \uc6c0\uc9c1\uc784\uc774 \ub2e4\uc18c \uc6b0\ub824\uc2a4\ub7fd\uae30\ub294 \ud569\ub2c8\ub2e4. \uac70\uae30\uc5d0 S&amp;P\uc758 PER \ub610\ud55c \uc0c1\ub300\uc801\uc73c\ub85c \ub192\uc740 \ud3b8\uc774\uae30\ub3c4 \ud558\ub2c8\uae4c\uc694.<\/p>\n\n\n\n<p>\uadfc\ub370 \ub610 S&amp;P\ub97c \uad6c\uc131\ud558\ub294 \uae30\uc5c5\uc774 \ub2ec\ub77c\uc84c\ub2e4\ub294 \uc810\ub3c4 \uc8fc\ubaa9\ud574\uc57c \ud574\uc694. \uc774\uc81c S&amp;P 500 \uae30\uc5c5\uc758 30%\uac00\ub7c9\uc740 \ucca8\ub2e8\uae30\uc220 \uae30\uc5c5\uc774\ub098 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \ud68c\uc0ac\uc5d0\uc694. \uacfc\uac70\uc5d0 \uc788\ub358 \uae30\uc5c5\ub4e4\uacfc \ube44\uad50\ud558\uba74 \ud655\uc2e4\ud788 \ub354 \ud070 \uc7a0\uc7ac\ub825\uc744 \uc9c0\ub2cc \ud68c\uc0ac\ub4e4\uc774\uc8e0.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=611%2C628&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1-995x1024.png\" alt=\"\" class=\"wp-image-3026\" width=\"611\" height=\"628\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=995%2C1024&amp;ssl=1 995w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=291%2C300&amp;ssl=1 291w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=768%2C790&amp;ssl=1 768w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=97%2C100&amp;ssl=1 97w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=437%2C450&amp;ssl=1 437w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?resize=1166%2C1200&amp;ssl=1 1166w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/\u1109\u1173\u110f\u1173\u1105\u1175\u11ab\u1109\u1163\u11ba-2021-02-11-\u110b\u1169\u1112\u116e-11.18.31-1.png?w=1302&amp;ssl=1 1302w\" data-sizes=\"auto, (max-width: 611px) 100vw, 611px\" data-recalc-dims=\"1\" \/><figcaption>S&amp;P 500 \uc0c1\uc704 10\uac1c \uae30\uc5c5 \uc911 \ubb34\ub824 7\uac1c\uac00 \ubaa8\ub450 \uae30\uc220 \uad00\ub828 \uae30\uc5c5\uc774\uc5c8\uc2b5\ub2c8\ub2e4.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\ubcf4\ud1b5 \uc774\ub7f0 \uae30\uc5c5\ub4e4\uc774 \ub192\uc740 PER \uc218\uce58\ub97c \uac00\uc9c0\uace0 \uc788\ub2e4\ub294 \uc810\uc5d0\uc11c \ub2e4\uc18c \ub192\uc544 \ubcf4\uc774\ub294 S&amp;P\uc758 \ud3c9\uade0 PER\uc774 \uc815\ub2f9\ud654\ub420 \uc218\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uc989, \ub192\uc740 PER \uc218\uce58\ub97c \ubcf4\uc778\ub2e4\ub294 \uac83 \uc790\uccb4\ub97c \ub450\uace0 \uc704\ud5d8\ud558\ub2e4\uace0 \ud3c9\uac00\ud574\uc11c\ub294 \uc548 \ub41c\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \ub2e4\ub9cc, \uadf8 \uc810\uc744 \uaf2d \uacbd\uacc4\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 \uc5f0\uc900\uc774 \uae08\ub9ac\ub97c 0%\ub85c \ub0b4\ub838\ub294\ub370\uc694. \uae08\ub9ac\uac00 \ub0ae\uc744\uc218\ub85d \ubc38\ub958\uc5d0\uc774\uc158\uc774 \ub192\uc544\uc9d1\ub2c8\ub2e4. \ubc38\ub958\uc5d0\uc774\uc158\uc774 \ub192\uc744 \ub54c \uae30\ub300\uc218\uc775\uc774 \ub0ae\uc544\uc9c0\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \uadf8\ub807\ub2e4\uba74 \uc800\ud76c\ub294 \uc774\ub7f4 \uac81\ub2c8\ub2e4. &#8220;\uadf8\ub807\ub2e4\uba74 \uae08\ub9ac\uac00 \ub0ae\uc744 \ub54c\ub77c\uba74 \ub0ae\uc740 \uae30\ub300\uc218\uc775\ub3c4 \uadf8\ub807\uac8c \ubb34\uc11c\uc6b4 \uac83\uc740 \uc544\ub2c8\uaca0\uad6c\ub098.&#8221;<\/p>\n\n\n\n<p>\uc800\ud76c\ub294 \ud56d\uc0c1 \uc870\uc2ec\ud574\uc57c \ud558\ub294 \uac83\uc740 \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uadf8\ub807\ub2e4\uace0 \ubb34\uc11c\uc6cc\ud574\uc11c\ub3c4 \uc548 \ub418\uace0\uc694. \uc800\ud76c\ub294 \ub2e8\uc21c\ud788 \uc704\ud5d8\uc73c\ub85c \ubcfc \uc694\uc18c\uac00 \uc788\ub2e4\uace0 \ud588\ub2e4\ub294 \uc0ac\uc2e4\ub9cc\uc73c\ub85c \ud22c\uc790\ud558\uc9c0 \uc54a\uc544\uc11c\ub294 \uc548 \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\uc624\ud06c\ud2b8\ub9ac\uc758 \ud22c\uc790\ucca0\ud559 &#8220;\uc55e\uc73c\ub85c \uac00\ub418 \uc870\uc2ec\uc2a4\ub7fd\uac8c&#8221;<\/h2>\n\n\n\n<p><strong>\uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4:<\/strong> \ub2f9\uc2e0\uc774 \ud55c\ubc88 \uc774\ub7f0 \ub9d0\uc744 \ud55c \uc801\uc774 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. &#8220;\ub611\ub611\ud55c \uc0ac\ub78c\ub4e4\uc740 \ucd08\ubc18\uc5d0 \ud589\ub3d9\ud558\uace0 \uba4d\uccad\ud55c \uc0ac\ub78c\ub4e4\uc740 \ub05d\ubb3c\uc5d0 \ud589\ub3d9\ud55c\ub2e4.&#8221; \uc9c0\uae08\uacfc \uac19\uc740 \uc0c1\ud669\uc5d0\uc11c \ub611\ub611\ud55c \uc0ac\ub78c\ub4e4\uc740 \ubb34\uc5c7\uc744 \ud558\uace0 \uc788\ub098\uc694? \ub610 \uba4d\uccad\ud55c \uc0ac\ub78c\ub4e4\uc740 \uc5b4\ub5bb\uac8c \ud558\uace0 \uc788\ub294\uc9c0 \uc0dd\uac01\ud574\ubcf4\uc168\ub098\uc694?<\/p>\n\n\n\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4:<\/strong> \uc81c\uac00 \ubc1b\uc558\ub358 \uc5ec\ub7ec \uc870\uc5b8 \uc911\uc5d0 \uac00\uc7a5 \ud68d\uae30\uc801\uc774\uc5c8\ub358 \uc870\uc5b8\uc740 \uc81c\uac00 1970\ub144\ub300 \ucd08 \ubc1b\uc558\ub358 \uc870\uc5b8\uc774\uc5c8\uc5b4\uc694. \uc815\ub9d0 \ud604\uba85\ud55c \ud22c\uc790\uc790\uac00 \ud574\uc92c\ub358 \uc774\uc57c\uae30\uc8e0.<\/p>\n\n\n\n<p>\uadf8\ub294 \uac15\uc138\uc7a5\uc5d0\ub294 \ud06c\uac8c \uc138 \ub2e8\uacc4\uac00 \uc788\ub2e4\uace0 \ud569\ub2c8\ub2e4. \uccab \ubc88\uc9f8 \ub2e8\uacc4\ub294 \uadf9\uc18c\uc218\uc758 \ud61c\uc548\uc774 \uc788\ub294 \uc0ac\ub78c\ub4e4\ub9cc\uc774 \uc2dc\uc7a5\uc758 \uac1c\uc120\uc744 \ubbff\ub294 \uc2dc\uae30\uc785\ub2c8\ub2e4. \ub450 \ubc88\uc9f8 \ub2e8\uacc4\ub294 \uc774\uc81c \ubaa8\ub450\uac00 \uc2dc\uc7a5\uc774 \ub098\uc544\uc9c0\uace0 \uc788\ub2e4\uace0 \ubbff\ub294 \ub2e8\uacc4\uc8e0. \ub9c8\uc9c0\ub9c9 \uc138 \ubc88\uc9f8 \ub2e8\uacc4\ub294 \uc0ac\ub78c\ub4e4\uc774 \uc2dc\uc7a5\uc774 \ud3c9\uc0dd \uc88b\uc544\uc9c0\ub294 \uac83 \uc678\uc5d0\ub294 \ubd88\uac00\ub2a5\ud558\ub2e4\uace0 \ubbff\ub294 \uc2dc\uae30\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"668\" height=\"446\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=668%2C446&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/howard-marks-2-1024x684.jpeg\" alt=\"\" class=\"wp-image-3018\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=1024%2C684&amp;ssl=1 1024w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=768%2C513&amp;ssl=1 768w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=1536%2C1025&amp;ssl=1 1536w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=2048%2C1367&amp;ssl=1 2048w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=100%2C67&amp;ssl=1 100w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=674%2C450&amp;ssl=1 674w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?resize=1600%2C1068&amp;ssl=1 1600w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/howard-marks-2-scaled.jpeg?w=1336&amp;ssl=1 1336w\" data-sizes=\"auto, (max-width: 668px) 100vw, 668px\" data-recalc-dims=\"1\" \/><figcaption>\uc790\uc2e0\uc758 \ud22c\uc790\ucca0\ud559\uc774 \ub9e4\uc6b0 \ud655\uace0\ud588\ub358 \uac83\uc774 \ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc758 \uc131\uacf5 \ube44\uacb0\uc778 \ub4ef\uc2f6\uc2b5\ub2c8\ub2e4.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\uadf8\ub9ac\uace0 \uc774 \uc138 \ub2e8\uacc4 \uc911\uc5d0\uc11c \uc6b0\ub9ac\uac00 \uc5b4\ub5a4 \ub2e8\uacc4\uc5d0 \uc788\ub294\uc9c0 \uc544\ub294 \uac83\uc774 \uc815\ub9d0 \uc911\uc694\ud569\ub2c8\ub2e4. \ud604\uba85\ud55c \ud22c\uc790\uc790\ub4e4\uc740 \ubcf4\ud1b5 \uccab \ubc88\uc9f8 \ub2e8\uacc4\uc5d0\uc11c \ud589\ub3d9\ud558\uba74\uc11c \ud6cc\ub96d\ud55c \ud765\uc815\uc744 \ud574\ub0b4\ub294\ub370\uc694. \uac00\uaca9\uc5d0 \ub300\ud55c \ub9c9\uc5f0\ud55c \ub099\uad00\uc8fc\uc758\uac00 \uc5c6\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubc18\uba74 \uba4d\uccad\ud55c \ud22c\uc790\uc790\ub4e4\uc740 \uc138 \ubc88\uc9f8 \ub2e8\uacc4\uc5d0\uc11c \ubc14\uac00\uc9c0\ub97c \uc4f0\uac8c \ub429\ub2c8\ub2e4. \ube44\uad00\uc8fc\uc758\ub77c\uace0\ub294 \ucc3e\uc544\ubcfc \uc218 \uc5c6\uace0 \uacfc\ub3c4\ud55c \ub099\uad00\uc8fc\uc758\ub9cc\uc774 \uc774\ub4e4\uc758 \uc0ac\uace0\ub97c \uc9c0\ubc30\ud558\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub807\ub2e4\uba74 \uc6b0\ub9ac\ub294 \uc9c0\uae08 \uba87 \ub2e8\uacc4\uc5d0 \uc788\uc744\uae4c\uc694? \uccab \ub2e8\uacc4\uc5d0 \uc788\ub294 \uac83\uc740 \ud655\uc2e4\ud558\uac8c \uc544\ub2d9\ub2c8\ub2e4. \ub450 \ubc88\uc9f8 \ub2e8\uacc4\uc5d0 \uc788\uc744 \uac00\ub2a5\uc131\ub3c4 \ub2e4\uc18c \ub5a8\uc5b4\uc9c0\uc8e0. \uc800\ud76c\ub294 \uc774\uc81c \uc2ac\uc2ac \uc138 \ubc88\uc9f8 \ub2e8\uacc4\uc5d0 \uc9c4\uc785\ud558\uace0 \uc788\ub294 \uac83\uc740 \uc544\ub2cc\uac00 \uac71\uc815\ud574\uc57c \ud560 \ud0c0\uc774\ubc0d\uc785\ub2c8\ub2e4. \uadf8\ub807\uae30 \ub54c\ubb38\uc5d0 \uc8fc\uc758\ub97c \ud558\ub294 \uac83\uc774 \uc815\ub9d0 \uc911\uc694\ud558\uc8e0.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \ud68c\ubcf5\ud558\uace0 \uc788\ub294 \uc2dc\uc7a5\uc5d0 \uc788\ub294 \uac83 \ub610\ud55c \uc0ac\uc2e4\uc785\ub2c8\ub2e4. \uacfc\uac70 2020\ub144 2\ubd84\uae30\uc5d0\ub294 \uc5ed\uc0ac\uc0c1 \ucd5c\uc545\uc758 \ud3ed\ub77d\uc73c\ub85c \uc190\uaf3d\ud790 \ub9cc\ud07c \uacbd\uc81c\uc801 \ud0c0\uaca9\uc744 \uc785\uc5c8\uc2b5\ub2c8\ub2e4. \uadf8 \ub355\uc5d0 \uc2dc\uc7a5\uc5d0 \ubc84\ube14 \uac19\uc740 \uac83\uc774 \ud55c\ubc88 \ube60\uc9c8 \uc218 \uc788\uc5c8\ub358 \uac83\uc774\uc8e0.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-\uc640\ub808\ubc84\uc2a4 wp-block-embed-\uc640\ub808\ubc84\uc2a4\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"KEzcvKrltM\"><a href=\"https:\/\/whatevers.io\/?p=2189\">\ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc758 \uacbd\uace0, &#8220;\ud22c\uc790\uc790\ub4e4 \uc5ed\uc0ac\uc0c1 \ucd5c\uc800 \uc218\uc775\ub960\uc744 \ubcfc \uc218\ub3c4&#8230;&#8221;<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\ud558\uc6cc\ub4dc \ub9c9\uc2a4\uc758 \uacbd\uace0, &#8220;\ud22c\uc790\uc790\ub4e4 \uc5ed\uc0ac\uc0c1 \ucd5c\uc800 \uc218\uc775\ub960\uc744 \ubcfc \uc218\ub3c4&#8230;&#8221;&#8221; &#8212; \uc640\ub808\ubc84\uc2a4\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/?p=2189&#038;embed=true#?secret=KEzcvKrltM\" data-secret=\"KEzcvKrltM\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><figcaption>\ucf54\ub85c\ub098 19\uc758 \uc5ec\ud30c\ub85c \ud22c\uc790\uc790\ub4e4\uc774 \ucd5c\uc800 \uc218\uc775\ub960\uc744 \uac70\ub458 \uc218 \uc788\ub2e4\uace0 \uc5fc\ub824\ub97c \ud45c\ud558\uae30\ub3c4 \ud588\uc5c8\uc8e0.<\/figcaption><\/figure>\n\n\n\n<p>\ucd5c\uc18c\ud55c \ud55c\ub3d9\uc548\uc740 \ub610 \ub2e4\ub978 \uacbd\uc81c \ubd88\ud669\uc774 \uc62c \uac83\uc73c\ub85c \uc0dd\uac01\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \ucc9c\ucc9c\ud788 \uc2dc\uac04\uc744 \uac00\uc9c0\uba74\uc11c \ucf54\ub85c\ub098 19 \uc7ac\ud655\uc0b0\ubd80\ud130 \uc798 \ub300\ucc98\ud574\uc57c\uaca0\uc8e0. \uadf8\ub807\uc9c0\ub9cc \uc644\uc804\ud55c \uacbd\uae30 \ud6c4\ud1f4\uac00 \uc624\uc9c0\ub294 \uc54a\uc73c\ub9ac\ub77c\uace0 \ubd05\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uacbd\uc81c \uc804\ub9dd\uc774 \uc88b\uc744 \ubfd0\ub9cc \uc544\ub2c8\ub77c \uae30\uc220 \ud68c\uc0ac\ub97c \uc911\uc2ec\uc73c\ub85c \ub192\uc740 PER \uc218\uce58\ub97c \uac00\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc815\ub2f9\ud654\ud560 \uc218 \uc788\ub294 \uc218\uce58\ubcf4\ub2e4 \uc870\uae08 \ub354 \ub192\uc740 \uc218\uce58\uc77c \uac00\ub2a5\uc131\uc740 \uc788\uc9c0\ub9cc, \uadf8\ub807\ub2e4\uace0 \ud574\uc11c \uc644\uc804\ud788 \uadfc\uac70 \uc5c6\uc774 \ub192\uc740 \uc218\uce58\ub294 \uc544\ub2c8\ub77c\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc800\ub294 \uc800\ud76c\uac00 \uc2dc\uc7a5\uc744 \ub5a0\ub0a0 \ud544\uc694\ub294 \uc5c6\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \uc800\ud76c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc5d0 \uc788\ub294 \ubaa8\ub4e0 \ub9ac\uc2a4\ud06c\ub97c \uc81c\uac70\ud560 \ud0c0\uc774\ubc0d\uc740 \uc544\ub2c8\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uadf8\ub807\uc9c0\ub9cc \uc81c\uac00 \ud588\ub358 \uc774\uc57c\uae30\ub97c \uc885\ud569\ud574\ubd24\uc744 \ub54c, \uc815\ub9d0 \uc798 \ud22c\uc790\ub41c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uac00\uc838\uc57c \ud560 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 \ud22c\uc790 \ube44\uc911\uc774 \ud655\ub300\ub41c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uac00\uc838\uac00\ub294 \uac83\uc774 \uc801\uc808\ud558\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \uc6b0\ub9ac \uc624\ud06c\ud2b8\ub9ac\uc758 \ud22c\uc790\ucca0\ud559\uc740 &#8220;\uc55e\uc73c\ub85c \uac00\ub418 \uc870\uc2ec\uc2a4\ub7fd\uac8c(move forward but with caution)&#8221;\uc785\ub2c8\ub2e4. \uc800\ub294 \uc218\ub144\uac04 \ucca0\ud559\uc744 \uc720\uc9c0\ud574\uc654\uace0, \uc55e\uc73c\ub85c\ub3c4 \ub192\uc740 \uacbd\uacc4\ub97c \uc720\uc9c0\ud558\uba70 \ud22c\uc790\ud560 \uacc4\ud68d\uc785\ub2c8\ub2e4. \ud2b9\ud788 \uc624\ub298\ub0a0 \uac19\uc740 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc774\ub7f0 \uc870\uc2ec\uc2a4\ub7ec\uc6b4 \ud0dc\ub3c4\ub97c \ubcf4\uc774\uba70 \uc804\ub825\uc73c\ub85c \ud22c\uc790\ud558\ub294 \uac83\uc774 \uc88b\uc744 \ub4ef\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;\uc778\ud50c\ub808\uc774\uc158 \uace0\ub824\ud588\uc744 \ub54c \uc7a5\uae30\ucc44\uad8c \ud22c\uc790\ub294 \ubd80\ub2f4&#8221;<\/h2>\n\n\n\n<p><strong>\uc774\ucf54\ub178\ubbf9 \ud0c0\uc784\uc2a4:<\/strong> \uc5b8\uc820\uac00\ub294 \ub2e4\uc2dc \uc778\ud50c\ub808\uc774\uc158\uc774 \uc0dd\uae38 \uac83\uc774\uace0 \uc774\uc5d0 \ub530\ub77c \uae08\ub9ac\ub3c4 \uc99d\uac00\ud560 \ud150\ub370\uc694. \uc774\ub97c \uac10\uc548\ud55c\ub2e4\uba74 \ucc44\uad8c \uc2dc\uc7a5\uc5d0 \ud22c\uc790\ud558\ub294 \uac83\uc774 \ud55c\ub3d9\uc548\uc740 \uc880 \uc5b4\ub824\uc6b8\uae4c\uc694?<\/p>\n\n\n\n<p><strong>\ud558\uc6cc\ub4dc \ub9c9\uc2a4:<\/strong> \uae08\ub9ac\uc640 \ucc44\uad8c\uc740 \uc9c1\uc811\uc801\uc778 \uad00\uacc4\uc5d0 \ub193\uc5ec\uc788\uc2b5\ub2c8\ub2e4. \uae08\ub9ac\uac00 \uc624\ub974\uba74 \ucc44\uad8c\uc758 \uac00\uaca9\uc774 \ub0b4\ub824\uac00\uc8e0. \uc774\uac74 \uc778\uc0dd\uc758 \uc9c4\ub9ac\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uba74 \uc774\ub807\uc2b5\ub2c8\ub2e4. \uae08\ub9ac\uac00 0%\uc77c \ub54c\ub294 \uc5f0 3%\uc9dc\ub9ac \ucc44\uad8c\uc774 \ub9e4\ub825\uc801\uc785\ub2c8\ub2e4. \ubc18\uba74, \uae08\ub9ac\uac00 6%\uc77c \ub54c\ub294 \uc804\ud600 \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\uaca0\uc8e0. \uae08\ub9ac\uac00 \uc624\ub978\ub2e4\uba74 \uc801\uc808\ud55c \uc218\uc775\uc744 \uc81c\uacf5\ud558\uae30 \uc704\ud574 \ucc44\uad8c\uc758 \uac00\uaca9\uc774 \ub0b4\ub824\uac00\uc57c \ud560 \uac83\uc785\ub2c8\ub2e4. \uc774\uac74 \ubd88\ubcc0\uc758 \uad00\uacc4\uc5d0\uc694.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098 \uc5b4\ub5a4 \uc790\uc0b0\uc774\ub4e0 \uae08\ub9ac\uac00 \uc624\ub97c \ub54c\ub294 \uac00\uce58\uac00 \ud558\ub77d\ud569\ub2c8\ub2e4. \uc790\uc0b0\uc758 \uac00\uce58\ub294 \ubbf8\ub798 \ud604\uae08\ud750\ub984\uc758 \ud604\uc7ac\uac00\uce58\ub97c \ud560\uc778\ud55c \uac83\uc785\ub2c8\ub2e4. \ud560\uc778\uc728\uc774 \ub192\uc744\uc218\ub85d \ud560\uc778\ub41c \uac00\uce58\ub294 \ub354\uc6b1 \ub5a8\uc5b4\uc9c0\uac8c \ub418\ub294\ub370\uc694. \uc774\uac83 \ub610\ud55c \ubd88\ubcc0\uc758 \uad00\uacc4\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=570%2C427&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/ben-bernanke-1-1.jpeg\" alt=\"\" class=\"wp-image-3020\" width=\"570\" height=\"427\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/ben-bernanke-1-1.jpeg?w=451&amp;ssl=1 451w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/ben-bernanke-1-1.jpeg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/ben-bernanke-1-1.jpeg?resize=100%2C75&amp;ssl=1 100w\" data-sizes=\"auto, (max-width: 570px) 100vw, 570px\" data-recalc-dims=\"1\" \/><figcaption>\uc774\ub54c\ubcf4\ub2e4\ub3c4 \ub3c8\uc744 \ub354 \ubfcc\ub9ac\uace0 \uc788\ub294 \uc0c1\ud669\uc774\uc8e0.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\uadf8\ub807\uae30 \ub54c\ubb38\uc5d0 \uc6b0\ub9ac\ub294 \uc774 \uc810\uc5d0 \ub300\ud574\uc11c \uc6b0\ub824\uc2a4\ub7fd\uae30\ub294 \ud569\ub2c8\ub2e4. \uc5f0\uc900\uc740 \uc778\ud50c\ub808\uc774\uc158\uc5d0 \ub300\ud574 \uc804\ud600 \uac71\uc815\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uac70\uae30\uc5d0 \uc138\uacc4\ub97c \ub458\ub7ec\ubcf4\uba74 \uc77c\ubcf8\uacfc \uc720\ub7fd \ub610\ud55c \uc9c0\ub09c 10\ub144\uac04 2% \ub300\uc758 \uc778\ud50c\ub808\uc774\uc158\uc744 \ub2ec\uc131\ud558\ub824 \ud588\uc9c0\ub9cc \uc2e4\ud328\ud588\uc5c8\uc8e0.<\/p>\n\n\n\n<p>\uc2ec\uc9c0\uc5b4 \ubbf8\uad6d\uc758 \uacbd\uc6b0\ub294 \ub354 \ud2b9\uc774\ud569\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc744 \uc815\uc758\ud558\ub294 \uac1c\ub150 \uc911 \ud544\ub9bd\uc2a4 \ucee4\ube0c(Phillips curve)\ub77c\ub294 \uac1c\ub150\uc774 \uc788\ub294\ub370\uc694. \uc2e4\uc5c5\ub960\uc774 \ub0ae\uc544\uc9c8\uc218\ub85d \uc778\ud50c\ub808\uc774\uc158\uc774 \ubc1c\uc0dd\ud560 \uac83\uc774\ub77c\ub294 \uacbd\uc81c\uc801 \uac1c\ub150\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub9ac\uace0 \uc800\ud76c\ub294 \uae00\ub85c\ubc8c \uae08\uc735\uc704\uae30 \uc774\ud6c4 \uc9c0\ub09c 12\ub144 \ub3d9\uc548 \uacc4\uc18d\ud574\uc11c \uac10\uc18c\ud574\uc628 \uc2e4\uc5c5\ub960\uc744 \ubaa9\uaca9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2ec\uc9c0\uc5b4 \uc9c0\ub09c 3\ub144(2018~2020\ub144) \ub3d9\uc548\uc5d0\ub294 \uc9c0\ub09c 50\ub144 \ub3d9\uc548 \uac00\uc7a5 \ub0ae\uc740 \uc2e4\uc5c5\ub960\uc744 \ubcf4\uc778 \uc2dc\uae30\uc600\uc8e0. \uc778\ud50c\ub808\uc774\uc158 \ub610\ud55c \uacbd\ud5d8\ud558\uace0 \uc788\uc5c8\uace0\uc694.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"668\" height=\"446\" src=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/themes\/veen\/assets\/images\/transparent.gif?resize=668%2C446&#038;ssl=1\" data-lazy=\"true\" data-src=\"https:\/\/whatevers.io\/wp-content\/uploads\/2021\/02\/phillips-curve.png\" alt=\"\" class=\"wp-image-3021\" data-srcset=\"https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/phillips-curve.png?w=748&amp;ssl=1 748w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/phillips-curve.png?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/phillips-curve.png?resize=100%2C67&amp;ssl=1 100w, https:\/\/i0.wp.com\/whatevers.kr\/wp-content\/uploads\/2021\/02\/phillips-curve.png?resize=675%2C450&amp;ssl=1 675w\" data-sizes=\"auto, (max-width: 668px) 100vw, 668px\" data-recalc-dims=\"1\" \/><figcaption>\uc2e4\uc5c5\ub960\uacfc \uc778\ud50c\ub808\uc774\uc158 \uac04\uc758 \ubc18\ube44\ub840 \uad00\uacc4\ub97c \ubcf4\uc5ec\uc8fc\ub294 \ud544\ub9bd\uc2a4 \ucee4\ube0c\uc785\ub2c8\ub2e4.<\/figcaption><\/figure><\/div>\n\n\n\n<p>\uc800\ub294 \uc218\uc775\uc744 \uc62c\ub9b4 \ub9cc\ud55c \ud22c\uc790\ub97c \ud574\uc57c \ud55c\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc758 \uac00\ub2a5\uc131\uc5d0 \ub300\ud574\uc11c \uc800\ud76c\uac00 \ud560 \uc218 \uc788\ub294 \uac83\uc740 \uc544\ubb34\uac83\ub3c4 \uc5c6\uc8e0. \uc815\ud655\ud788 \uc5b4\ub5a4 \uc77c\uc774 \ubc8c\uc5b4\uc9c8\uc9c0\ub294 \ub354\uc6b1\uc774 \ubaa8\ub985\ub2c8\ub2e4. \uc800\ud76c \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubcf4\uc720 \uc790\uc0b0\uc744 \uc81c\uac70\ud560 \uc218\ub3c4 \uc5c6\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uc800\ud76c\ub294 \ub9e4\uc6b0 \uc870\uc2ec\uc2a4\ub7ec\uc6b4 \uc811\uadfc\uc744 \ud558\uba74\uc11c \ud22c\uc790\ub97c \uacc4\uc18d\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc790, \uadf8\ub7fc \uc778\ud50c\ub808\uc774\uc158\uc774 \uc758\ubbf8\ud558\ub294 \ubc14\ub294 \ubb34\uc5c7\uc77c\uae4c\uc694? \uc774\ub294 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