{"id":479,"date":"2008-09-21T21:30:00","date_gmt":"2008-09-21T21:30:00","guid":{"rendered":"http:\/\/withman.net\/2008\/09\/21\/%ed%88%ac%ec%9e%90%eb%9e%80-%eb%ac%b4%ec%97%87%ec%9d%b8%ea%b0%80\/"},"modified":"2008-09-21T21:30:00","modified_gmt":"2008-09-21T21:30:00","slug":"%ed%88%ac%ec%9e%90%eb%9e%80-%eb%ac%b4%ec%97%87%ec%9d%b8%ea%b0%80","status":"publish","type":"post","link":"https:\/\/withman.net\/?p=479","title":{"rendered":"\ud22c\uc790\ub780 \ubb34\uc5c7\uc778\uac00?"},"content":{"rendered":"


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<\/o:p><\/SPAN><\/SPAN><\/P>\ub0a8\uc774 \ud558\uba74 \ud22c\uae30\uace0, <\/SPAN>\ub0b4\uac00 \ud558\uba74 \ud22c\uc790<\/STRONG><\/FONT>…<\/STRONG><\/FONT>

<\/SPAN><\/SPAN>\ud22c\uc790\uc640 \ud22c\uae30\ub294 \uc560\ub9e4\ud55c \uacbd\uacc4\ub97c \ub098\ub204\uace0 \uc788\ub2e4. \ubb50 \uadf8\ub9ac \uc5b4\ub835\ub0d0\uace0 \uc0dd\uac01\ud560 \uc218 \ub3c4 \uc788\ub2e4. \uadf8\ub807\ub2e4\uba74 <\/SPAN><\/SPAN>\uc880\ub354 \uc26c\uc6b4 \uc774\uc57c\uae30\ub97c \ud574\ubcfc\uae4c\ub098?<\/o:p><\/SPAN><\/SPAN>
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‘<\/SPAN>\ubd80\uc790‘<\/SPAN>\ub780 \ub204\uad6c\uc778\uac00?<\/o:p><\/SPAN><\/SPAN><\/P>
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\uc774 \uc9c8\ubb38\uc5d0\ub294 \ub2f5\ud560 \uc218 \uc788\uaca0\ub294\uac00? <\/SPAN>\ub204\uac00 \ubd80\uc790\uc778\uac00? 10<\/SPAN>\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? 100<\/SPAN>\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? 1<\/SPAN>\ucc9c\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? <\/SPAN>\ub300\ud55c\ubbfc\uad6d \uc0c1\uc704 1%? <\/SPAN>\uc704 \uc0ac\ub840\uc640 \uc5f0\uacb0\uc744 \uc2dc\ud0a4\uc790\uba74, ‘<\/SPAN>\ubd80\uc790‘<\/SPAN>\ub294 \ub098\ubcf4\ub2e4 \ub3c8 \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc744 \uc77c\uceeb\ub294 \ub9d0 \uc77c\ub798\ub098? <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc0ac\uc2e4 \uc815\ub2f5\uc740 \uc5c6\ub2e4. <\/SPAN>\uadf8\ub7ec\ub098 \uc55e\uc73c\ub85c \ud22c\uc790\uc5d0 \ub300\ud55c \uc774\uc57c\uae30\ub97c \ud558\uae30 \uc704\ud574\uc11c\ub294 \ubd80\ub4dd\ubd88 \uc815\uc758\ub97c \ub0b4\ub824\uc57c\ub9cc \ud55c\ub2e4. PB<\/SPAN>\uc5d0\uc11c\ub294 \ubd80\uc790\ub97c \uc774\uac83 \uc800\uac83 \ub2e4 \ube7c\uace0 10<\/SPAN>\uc5b5 \uc790\uc0b0\uc744 \ubcf4\uc720\ud55c \uc0ac\ub78c\uc744 \ubd80\uc790\ub77c\uace0 \uc815\uc758 \ub0b4\ub9ac\ub4ef\uc774 \ub9d0\uc774\ub2e4. <\/SPAN>\uac1c\uc778\uc801\uc73c\ub85c \uc5ed\uc0ac\uc5d0 \uae38\uc774 \ub0a8\uc744\ub9cc\ud55c \uc815\uc758\ub97c \ub0a8\uae30\uace0 \uc2f6\uc5c8\uc73c\ub098, <\/SPAN>\ud544\ub9bd\ud53c\uc154\uc640 \ubca4\uc790\ubbfc \uadf8\ub808\uc774\uc5c4 \ub4f1 \uc55e\uc120 \uc120\ubc30 \ud22c\uc790\uc790\ub4e4\uc774 \ub108\ubb34 \uc798 \uc815\ub9ac\ud558\uc2dc\ub294 \ubc14\ub78c\uc5d0 \ub531\ud788 \ub07c\uc5b4\ub4e4 \ud2c8\uc774 \uc5c6\ub2e4;;  <\/SPAN><\/o:p><\/SPAN><\/SPAN><\/P>
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\ud22c\uc790\ub780 ..<\/o:p><\/SPAN><\/FONT><\/SPAN><\/STRONG><\/P>
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\ud22c\uc790\uc758 \uac70\uc7a5 \uc6cc\ub80c \ubc84\ud3ab\uc758 \ub450 \uc2a4\uc2b9 \uc911 \ud55c \uba85\uc778 \ud544\ub9bd\ud53c\uc154\ub294 \uc800\uc11c\uc778 ‘\uc704\ub300\ud55c \uae30\uc5c5\uc5d0 \ud22c\uc790\ud558\ub77c(2005.08. \uc704\ub300\ud55c \uae30\uc5c5\uc5d0 \ud22c\uc790\ud558\ub77c by \ud544\ub9bd \ud53c\uc154<\/A>)’<\/SPAN>\ub97c \ud1b5\ud574 \ud22c\uc790\ub97c ‘1<\/SPAN>\ub2ec\ub7ec\uc758 \uad6c\ub9e4\ub825‘<\/SPAN>\uc744 \uc9c0\ud0a4\ub294 \uac83\uc73c\ub85c \ubcf4\uc558\ub2e4. <\/SPAN>\uc2dc\uac04\uc774 \ud750\ub974\uba74 \uc778\ud50c\ub808\uc774\uc158\uc5d0 \uc758\ud574 \ud654\ud3d0\uc758 \uac00\uce58\ub294 \ud558\ub77d\ud558\uac8c \ub9c8\ub828\uc774\ub2e4. 10<\/SPAN>\ub144 \uc804\uc758 \ucc9c\uc6d0\uc774 \uc624\ub298\uc758 \ucc9c\uc6d0\uacfc \ub2e4\ub974\ub4ef, <\/SPAN>\uc9c0\uae08\uc758 \ucc9c\uc6d0 \ub610\ud55c 10<\/SPAN>\ub144\ub4a4\uc758 \ucc9c\uc6d0\uacfc\ub294 \uac00\uce58\uac00 \ub2e4\ub974\ub2e4. <\/SPAN>\ub530\ub77c\uc11c \ud544\ub9bd \ud53c\uc154\ub294 \uc778\ud50c\ub808\uc774\uc158\uc5d0 \ub530\ub978 \uad6c\ub9e4\ub825 \ud558\ub77d\uc744 \ub9c9\ub294 \uac83\uc774 \ud22c\uc790\uc758 \uac00\uc7a5 \uae30\ubcf8\uc774\ub77c\uace0 \ubcf4\uc558\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uac70\uae30\uc5d0 \uc6cc\ub80c \ubca0\ud3ab\uc758 \ub610 \ub2e4\ub978 \uc2a4\uc2b9\uc778 \ubca4\uc790\ubbfc \uadf8\ub808\uc774\uc5c4\uc740 \uc800\uc11c\uc778 ‘\ud604\uba85\ud55c \ud22c\uc790\uc790(2003.11 \ud604\uba85\ud55c \ud22c\uc790\uc790 by \ubca4\uc790\ubbfc \uadf8\ub808\uc774\uc5c4<\/A>)<\/SPAN>‘<\/SPAN>\ub97c \ud1b5\ud574 “<\/SPAN>\ud22c\uc790\ub294 \ucca0\uc800\ud55c \ubd84\uc11d \ud558\uc5d0\uc11c \uc6d0\uae08\uc758 \uc548\uc804\uacfc \uc801\uc808\ud55c \uc218\uc775\uc744 \ubcf4\uc7a5\ud558\ub294 \uac83\uc774\uace0, <\/SPAN>\uc774\ub7ec\ud55c \uc870\uac74\uc744 \ucda9\uc871\ud558\uc9c0 \ubabb\ud558\ub294 \ud589\uc704\ub294 \ud22c\uae30\uc774\ub2e4“<\/SPAN>\ub77c\uace0 \uc815\uc758\ud588\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc989, <\/SPAN>\uc808\ub300\uc801\uc73c\ub85c \uad6c\ub9e4\ub825\uc744 \uc9c0\ud0a4\ub294 \uac83\uc744 \uc6b0\uc120\uc73c\ub85c \ud558\ub418 \uadf8 \ud22c\uc790\ub294 ‘<\/SPAN>\ucca0\uc800\ud55c \ubd84\uc11d‘<\/SPAN>\uc5d0 \uae30\ubc18\uc744 \ub450\uace0 \ud574\uc57c\ub9cc ‘<\/SPAN>\ud22c\uc790‘<\/SPAN>\ub77c\uace0 \ubd88\ub7ec \uc904 \uc218 \uc788\ub2e4\ub294 \ub73b\uc774\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\ud22c\uc790 = <\/SPAN>\uc218\uc775 VS <\/SPAN>\uc704\ud5d8<\/o:p><\/SPAN><\/FONT><\/SPAN><\/STRONG><\/P>
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\uadf8\ub807\ub2e4\uba74 \ud22c\uc790\ub294 \ubb3c\uac00\uc0c1\uc2b9\ub960 \uc218\uc900\uc5d0\uc11c\ub9cc \uc218\uc775\ub960\uc744 \uc62c\ub824\uc57c \ud558\ub294\uac00? <\/SPAN>\uc544\ub2c8\ub2e4. <\/SPAN>\uadf8\ub807\uc9c0\ub294 \uc54a\ub2e4. <\/SPAN>\uc0ac\ub78c\ub4e4\uc774 \ucc29\uac01\ud558\ub294\ub370, <\/SPAN>\uc778\ud50c\ub808\uc774\uc158 \ubc29\uc5b4 \ubaa9\ud45c\ub294 \uc778\ud50c\ub808\uc774\uc158 \uc218\uc900\uc758 \uc218\uc775\uc744 \ub9d0\ud558\ub294 \uac8c \uc544\ub2c8\ub2e4. <\/SPAN>\ud22c\uc790\ub294 \uc218\uc775\uacfc \uc704\ud5d8\uc758 \ud568\uc218\ub2e4. <\/SPAN>\uace0\ub85c \uc218\uc775\uc744 \uc5b8\uae09\ud55c\ub2e4 \ud568\uc740 \uace7 \uadf8\uc5d0 \ub530\ub978 \uc704\ud5d8\uc744 \uac19\uc774 \uc774\uc57c\uae30\ud558\uace0 \uc788\ub2e4. <\/SPAN>\uc544\ub2c8, <\/SPAN>\uadf8\ubcf4\ub2e4\ub294 \ud22c\uc790\uc790\ub4e4\uc740 \uc778\ud50c\ub808\uc774\uc158 \ubc29\uc5b4\uac00 \uac00\ub2a5\ud55c \uc218\uc900\uc758 (\ud22c\uc790 \uc790\uc0b0) \uc704\ud5d8\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4\ub294 \uac8c \ub354 \uc815\ud655\ud55c \ud45c\ud604\uc77c \ud14c\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\ub530\ub77c\uc11c \uc704\ud5d8\ub9cc \ube44\uc2b7\ud55c \uc218\uc900\uc774\ub77c\uba74 \ub0b4\uc77c 1<\/SPAN>\ub9cc \ubc30\uac00 \ud130\uc9c0\ub294 \ud22c\uc790\uc790\uc0b0\uc5d0 \ud22c\uc790\ud558\ub294 \uac83\ub3c4 \u2018<\/SPAN>\ud22c\uae30\u2019<\/SPAN>\uac00 \uc544\ub2cc ‘<\/SPAN>\ud22c\uc790‘<\/SPAN>\uac00 \ub420 \uc218 \uc788\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\uc704\ud5d8…<\/SPAN><\/FONT><\/SPAN><\/STRONG><\/P>
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\uadf8\ub807\ub2f4 \uadf8\ub807\uac8c \uc911\uc694\ud55c \uc704\ud5d8\uc5d0 \ub300\ud574\uc11c\ub3c4 \uc774\uc57c\uae30\ub97c \uc880 \ud574\ubd10\uc57c \ud558\uc9c0 \uc54a\uaca0\ub294\uac00? <\/SPAN>\ub9cc\uc57d \uc704\ud5d8\uc744 \ub0ae\ucd9c \uc218 \ub9cc \uc788\ub2e4\uba74 \ubcf4\ub2e4 \ud070 \uc218\uc775\uc5d0 \ub300\ud55c \ud22c\uc790\ub3c4 \uac00\ub2a5\ud560 \ud14c\ub2c8 \ub9d0\uc774\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\uae30\ub300\uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud560 \ub54c \uc0ac\uc6a9\ub418\ub294 CAPM(<\/SPAN>\uc790\ubcf8\uc790\uc0b0 \ud3c9\uac00 \ubaa8\ub378)<\/SPAN>\uc744 \uc0b4\ud3b4\ubcf4\uba74, <\/SPAN>\ud22c\uc790\ub97c \ud1b5\ud55c \uae30\ub300 \uc218\uc775\ub960\uc740 \ubb34\uc704\ud5d8\uc790\uc0b0 \uc218\uc775\ub960\uc5d0 \uc704\ud5d8 \uc790\uc0b0\uc5d0 \ud22c\uc790\ud55c \uac83\uc5d0 \ub300\ud55c \ud504\ub9ac\ubbf8\uc5c4\uc73c\ub85c \uad6c\uc131\ub41c\ub2e4. <\/SPAN><\/SPAN><\/P>
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E(R<\/SPAN><\/STRONG>i<\/FONT><\/SPAN><\/STRONG>) = R<\/SPAN><\/STRONG>f<\/FONT><\/SPAN><\/STRONG> + [E(R<\/SPAN><\/STRONG>m<\/FONT><\/SPAN><\/STRONG>)-R<\/SPAN><\/STRONG>f<\/FONT><\/SPAN><\/STRONG>] * \u03b2
<\/EM><\/SPAN><\/STRONG><\/o:p><\/SPAN><\/P>
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\uae30\ub300 \uc218\uc775\ub960 = <\/SPAN>\ubb34\uc704\ud5d8 \ud22c\uc790\uc790\uc0b0 \uc218\uc775\ub960 + <\/SPAN>\uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4 * <\/SPAN>\uc790\uc0b0\uc758 \ubcc0\ub3d9\uc131(<\/SPAN>\ubbfc\uac10\ub3c4)<\/o:p><\/SPAN><\/SPAN><\/STRONG><\/P>
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\ud22c\uc790\ub860\uc5d0\uc11c \ub9d0\ud558\ub294 \ud559\ubb38\uc801\uc778 \uc704\ud5d8\uc774\ub780 \uace7 \ubcc0\ub3d9\uc131\uc744 \ub73b\ud55c\ub2e4. <\/SPAN>\uc989, <\/SPAN>\uc790\uc0b0\uc758 \ubcc0\ub3d9\uc131\uc774 \ub192\uc744\uc218\ub85d \uc704\ud5d8\uc774 \ub192\uc740 \uc790\uc0b0\uc73c\ub85c \ubd84\ub958\ub41c\ub2e4. <\/SPAN>\uc704 CAPM<\/SPAN>\uc5d0\uc11c\ub3c4 \uc704\ud5d8\uc758 \uc815\ub3c4\ub97c \uc790\uc0b0\uc758 \ubcc0\ub3d9\uc131\uc73c\ub85c \ud45c\ud604\ud588\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uadf8\ub7ec\ub098 \uc704\ud5d8\uc758 \uc0ac\uc804\uc801 \uc758\ubbf8\ub294 “<\/SPAN>\uc2e4\ud328\ud558\uac70\ub098 \ubaa9\uc228\uc774 \uc704\ud0dc\ub86d\uac8c \ud560\ub9cc\ud568. <\/SPAN>\uc548\uc804\ud558\uc9c0 \ubabb\ud568 (<\/SPAN>\ub124\uc774\ubc84 \uc0ac\uc804)”<\/SPAN>\uc774\uba70, <\/SPAN>\uc704\ud5d8\uc740 \uc5ec\ub7ec \ubd84\uc57c\uc5d0\uc11c ‘<\/SPAN>\ubd88\ud655\uc2e4\uc131‘<\/SPAN>\uc73c\ub85c \ud574\uc11d\ub418\uae30\ub3c4 \ud55c\ub2e4. <\/SPAN>\uc989, <\/SPAN>\ubbf8\ub798\ub294 \uc54c \uc218 \uac00 \uc5c6\uae30 \ub54c\ubb38\uc5d0 \uadf8 \uc54c\uc218\uc5c6\uc74c\uc5d0 \ub530\ub978 \ubd88\ud655\uc2e4\uc131\uc774 \uace7 \uc704\ud5d8\uc774\ub77c\ub294 \uc774\uc57c\uae30\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc608\ub97c\ub4e4\uc5b4, <\/SPAN>\ud55c \uc8fc\uc2dd\uc774 \uafb8\uc900\ud788 \uc62c\ub77c\uac08 \uc218 \ubc16\uc5d0 \uc5c6\ub294 \uc0ac\uc2e4\uc744 \uc54c\uc558\ub2e4\uace0 \ud560 \ub54c, <\/SPAN>\ubcc0\ub3d9\uc131 \uce21\uba74\uc5d0\uc11c \uc774 \uc8fc\uc2dd\uc758 \uc704\ud5d8\uc740 \ucc44\uad8c\uc774\ub098 \uc740\ud589 \uc608\uae08\ubcf4\ub2e4 \ub192\uac8c \ub098\ud0c0\ub0a0 \uac83\uc774\ub2e4. <\/SPAN>\uadf8\ub7ec\ub098 \uc704\ud5d8\uc744 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc778\uc2dd\ud560 \uacbd\uc6b0, <\/SPAN>\uafb8\uc900\ud55c \uc0c1\uc2b9\uc774 \ud655\uc2e4\ud558\ub2e4\uba74 \uc704 \uc8fc\uc2dd\uc758 \uc704\ud5d8\uc740 \uc9c0\uadf9\ud788 \ub0ae\uac8c \ub418\uba70 \uadf8\uc5d0 \ub530\ub978 \uc218\uc775\uc740 \ub2e4\ub978 \ubb34\uc704\ud5d8 \uc790\uc0b0\ub4e4\uc5d0 \ube44\ud574 \ub192\uc744 \uc218 \ubc16\uc5d0 \uc5c6\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc774 \uc704\ud5d8 \uc778\uc2dd \uae30\ubc18\uc5d0 \ub530\ub77c \uc6b0\ub9ac\uac00 \ub9d0\ud558\ub294 ‘<\/SPAN>\uac00\uce58\ud22c\uc790\uc790‘<\/SPAN>\uc640 ‘\ud559\uacc4\uc5d0\uc11c \ub9d0\ud558\ub294 <\/SPAN>\ud22c\uc790\uc790‘<\/SPAN>\uac00 \uad6c\ubd84\ub41c\ub2e4. <\/SPAN>\uc989, <\/SPAN>\uc704\ud5d8\uc744 \ubcc0\ub3d9\uc131\uc73c\ub85c \ud574\uc11d\ud55c \uc0ac\ub78c\ub4e4\uc740 ‘<\/SPAN>\ubcc0\ub3d9\uc131‘<\/SPAN>\uc744 \uc904\uc774\ub294 \ucd5c\uc801\uc758 \ubc29\ubc95\uc744 \ucc3e\uc544\ub098\uc130\uace0, ‘<\/SPAN>\uac00\uce58\ud22c\uc790\uc790‘<\/SPAN>\ub4e4\uc740 \uc704\ud5d8\uc744 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \ud574\uc11d\ud574\uc11c \ubd88\ud655\uc2e4\uc131 \uc81c\uac70\uc5d0 \ub098\uc130\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc704\ud5d8\uc744 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \ud574\uc11d\uc744 \ud588\ub2e4\uba74, <\/SPAN>\ud06c\uac8c 2<\/SPAN>\uac00\uc9c0 \ubc29\ubc95\uc73c\ub85c \uc704\ud5d8\uc744 \uc904\uc77c \uc218 \uc788\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\uccab\ubc88\uc9f8\ub294 \ud53c\ud574\uac00\ub294 \ubc29\ubc95\uc774\ub2e4<\/INS>. <\/SPAN>\uc544\ubb34\ub3c4 \uc54c \uc218 \uc5c6\ub2e4\ub294 \ubbf8\ub798\ub97c \uc801\uadf9\uc801\uc73c\ub85c \uc608\uce21\ud558\uae30\ubcf4\ub2e4 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uad6c\uc131\ud558\uac70\ub098 \uc804\uccb4 \uc2dc\uc7a5\uc5d0 \ud22c\uc790\ud574\uc11c \uc801\ub2f9\ud788 \ud53c\ud574\uac00\ub294 \ubc29\ubc95\uc774\ub2e4. <\/SPAN>\uc608\ub97c \ub4e4\uc5b4 ETF<\/SPAN>\ub97c \uc0b0\ub2e4\ub4e0\uc9c0, <\/SPAN>\uc778\ub371\uc2a4 \ud380\ub4dc\uc5d0 \ud22c\uc790\ud558\ub294 \uac83 \uc544\ub2c8\uba74, <\/SPAN>\uc8fc\uc2dd\uc744 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4\uba74, <\/SPAN>\uadf8 \uc8fc\uc2dd\uc5d0 \ub300\ud55c \ud48b\uc635\uc158\uc744 \ub9e4\uc218\ud568\uc73c\ub85c\uc368 \uc704\ud5d8\uc744 \ud55c\uc815\uc2dc\ud0a8\ub2e4\ub4e0\uc9c0, <\/SPAN>\uc5ed\uc0c1\uad00\uad00\uacc4\ub97c \uac00\uc9c0\ub294 \uc790\uc0b0\uc744 \ud1b5\ud574 \uc801\ub2f9\ud788 \uc704\ud5d8\uc744 \ub0ae\ucd9c \uc218 \uc788\ub2e4. \uc544\ub2c8\uba74 \uc815\ub9d0 \uc798\ud558\ub294 \uc0ac\ub78c\uc5d0\uac8c \ub9e1\uae30\ub358\uac00..<\/SPAN><\/SPAN><\/P>
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\ub450\ubc88\uc9f8 \ubc29\ubc95\uc740 \uc815\uba74 \ucda9\ub3cc\ud558\ub294 \ubc29\ubc95\uc774\ub2e4<\/INS>. <\/SPAN>\uc704\ud5d8\uc744 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uc815\uc758\ud588\ub358\uac00? <\/SPAN>\uadf8\ub807\ub2e4\uba74 \uadf8 \ubd88\ud655\uc2e4\ud55c \uac83\ub4e4\uc744 \uba85\ud655\ud558\uac8c \ub9cc\ub4e4\uba74 \uc704\ud5d8\uc740 \uc5c6\uc5b4\uc9c4\ub2e4\ub294 \uc758\ubbf8\uc774\uc9c0 \uc54a\uc740\uac00? <\/SPAN>\uc880\ub354 \uadf9\ub2e8\uc801\uc73c\ub85c \ud45c\ud604\ud558\uc790\uba74 \ubbf8\ub798\ub97c \uc54c\uac8c \ub41c\ub2e4\uba74 \uc704\ud5d8\uc740 \uc0ac\ub77c\uc9c0\uac8c \ub41c\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc6cc\ub80c \ubc84\ud3ab\uc740 ‘<\/SPAN>\ub0b4\uac00 \uc544\ub294 \uac83\uc5d0\ub9cc \ud22c\uc790\ud55c\ub2e4‘<\/SPAN>\uace0 \ub9d0\ud55c\ub2e4. <\/SPAN>\uc774 \uc774\uc57c\uae30\ub294 \ubd88\ud655\uc2e4\uc131\uc744 \ucd5c\ub300\ud55c \ub0ae\ucd98\ub2e4\ub294 \uc758\ubbf8\uc640 \uc77c\ub9e5\uc0c1\ud1b5\ud55c\ub2e4. <\/SPAN>\uc6cc\ub80c \ubc84\ud3ab\uc740 \ucf54\uce74\ucf5c\ub77c, <\/SPAN>\uc6d4\ud2b8 \ub514\uc988\ub2c8 \ub4f1\uc5d0\ub294 \ud22c\uc790\ud588\uc9c0\ub9cc Microsoft, Google <\/SPAN>\ub4f1 \uc790\uc2e0\uc774 \ubaa8\ub978\ub2e4\uace0 \ud310\ub2e8\ub418\ub294 \uae30\uc5c5\ub4e4\uc5d0 \ub300\ud574\uc11c\ub294 \uc808\ub300 \ud22c\uc790\ud558\uc9c0 \uc54a\ub294\ub2e4\ub294 \uc6d0\uce59\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\ub2e4. (<\/SPAN>\ud0c1\uc6d4\ud55c \uc704\ud5d8 \uad00\ub9ac \ub2a5\ub825\uc774\ub2e4.) <\/o:p><\/SPAN><\/SPAN><\/P>
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\uc989, \uc704\ud5d8\uc744 \ud53c\ud574\uac00\uc9c0 \uc54a\uace0 \uc904\uc774\ub294 \ubc29\ubc95\uc740 \ucca0\uc800\ud55c \uc815\ubcf4 \uc2b5\ub4dd \ubc0f \ubd84\uc11d\uc744 \ud558\ub294 \uac83\uc774\ub2e4. (<\/SPAN>\uc65c \uad73\uc774 \uc704\uc5d0\uc11c \ud22c\uc790\ub97c \uc815\uc758 \ub0b4\ub9ac\ub294\ub370 ‘<\/SPAN>\ucca0\uc800\ud55c \ubd84\uc11d‘<\/SPAN>\uc774 \ub4e4\uc5b4\uac14\ub294\uc9c0 \uc774 \ub300\ubaa9\uc5d0\uc11c \uc124\uba85\uc774 \ub418\uc9c0 \uc2f6\ub2e4.) <\/SPAN>\uc790\uc2e0\uc774 \ud22c\uc790\ud558\ub824\ub294 \uc790\uc0b0\uc5d0 \ub300\ud574 \uacf5\ubd80\ud558\ub77c\ub294 \uac83\uc774\ub2e4. <\/o:p><\/SPAN><\/SPAN><\/P>
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\ub9c8\ubb34\ub9ac<\/o:p><\/SPAN><\/FONT><\/SPAN><\/STRONG><\/P>
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“<\/SPAN>\ub09c \ud558\ub8e8 1% <\/SPAN>\uc218\uc775\ub960\ub9cc \ucd94\uad6c\ud558\ub294 \ud604\uc2e4\uac00\ub2a5\ud558\uace0 \uacb8\uc190\ud55c \ud22c\uc790\uc790\uc5d0\uc694“<\/o:p><\/SPAN><\/SPAN><\/P>
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\ub2ec\ucf64\ud558\uc9c0 \uc54a\uc740\uac00? <\/SPAN>\uba39\uc74c\uc9c1\uc2a4\ub7fd\uc9c0 \uc54a\uc740\uac00? <\/SPAN>\uc544\ub2c8 \uc815\ub9d0 \uacb8\uc190\ud558\uace0 \ud604\uc2e4\uc801\uc778 \uac83\ucc98\ub7fc \ubcf4\uc774\uc9c0 \uc54a\uc740\uac00? <\/SPAN>\uadf8\ub7f0 \uc0dd\uac01\uc774 \ub4dc\ub294 \uc0ac\ub78c\ub4e4\uc740 \ub2f9\uc7a5 \uc5d1\uc140\uc744 \ucf1c\uace0 =1.01^250 <\/SPAN>\uc744 \ud574\ubcf4\uae30 \ubc14\ub780\ub2e4. (1<\/SPAN>\ub144 250<\/SPAN>\uc77c \uac00\uc815) <\/SPAN>\uc5bc\ub9c8\uac00 \ub098\uc624\ub098? <\/SPAN>\uc790\uadf8\ub9c8\uce58 12.xx<\/SPAN>\uac00 \ub72c\ub2e4. <\/SPAN>\uc989 \ud558\ub8e8 1% <\/SPAN>\uc218\uc775\ub960\uc774\uba74 1<\/SPAN>\ub144 1,200% <\/SPAN>\uc218\uc775\ub960\uc744 \uc62c\ub9b4 \uc218 \uc788\ub2e4\ub294 \ub9d0\uc774\ub2e4. <\/SPAN>\ub4e3\uae30\uc5d0\ub294 \uadf8\ub7f4\ub4ef\ud55c \ub9d0\uc774\ub098 \uc774\uac74 1<\/SPAN>\ub144\uc5d0 2<\/SPAN>\ubc30\ub294 \ub098\uc57c\uc9c0 \uc8fc\uc2dd\ud558\ub294 \ub9db\uc774\ub098\uc9c0.. <\/SPAN>\ub77c\uace0 \ub9d0\ud558\uc2dc\ub294 \uc544\uc800\uc528\ub4e4\ubcf4\ub2e4 \ub354 \ube44\ud604\uc2e4\uc801\uc778 \uc0dd\uac01\uc774\ub2e4. <\/SPAN>\ub2e8\uc21c\ud788 \uc218\uc775\uc5d0 \uc9d1\uc911\ud558\ub2e4\ubcf4\uba74 \uc774\ub7f0 \ud568\uc815\uc5d0 \uc5bc\ub9c8\ub4e0\uc9c0 \ube60\uc838\ub4e4 \uc218 \uc788\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\uc2e4\uc81c \uc0ac\ub840\ub3c4 \uc788\ub2e4. <\/SPAN>\ud55c\ub2ec 100% <\/SPAN>\uc218\uc775\uc774 \uac00\ub2a5\ud558\ub2e4\uace0 \ub9d0\ud558\uba74\uc11c \ud22c\uc790\uc790\ub4e4\uc744 \uc720\ud639\ud588\ub358 \uc0ac\ub78c\ub4e4\uc774 \uc788\uc5c8\ub2e4. <\/SPAN>\uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c \ub180\ub2e4\uc628 \uc778\ubb3c\ub4e4\uc774\ub77c\uace0 \ubc1d\ud614\uace0, <\/SPAN>\uc2e4\uc81c \ubc18\ub144 \ub118\uac8c \uadf8\ub4e4\uc758 \ub9d0\uc740 \uac70\uc9d3\ub9d0\ucc98\ub7fc \ub9de\uc544\ub5a8\uc5b4\uc84c\ub2e4. <\/SPAN>\uadf8\ub7ec\ub098 \uc9c0\uae08 \uadf8\ub4e4\uc740 \ucca0\uc7a5 \uc18d\uc5d0 \uac07\ud600\uc788\ub2e4. <\/SPAN>\uc5b8\uc820\uac00 \uae30\ud68c\uac00 \ub418\uba74 \ud55c\ubc88 \uc5b8\uae09\ud558\uaca0\ub2e4. (<\/SPAN>\uc774\uac83\ub3c4 \uc0c1\uc2dd \uc120\uc5d0\uc11c \uacc4\uc0b0\uae30 \uba87 \ubc88 \ud295\uae30\uba74 100<\/SPAN>\uc5b5 \uc790\uae08\uc73c\ub85c \uc2dc\uc791\ud588\ub2e4\ub294 \uc774 \uc0ac\ub78c\ub4e4\uc740 \uc790\uae30\ub4e4 \ub9d0\ub300\ub85c\ub77c\uba74 1<\/SPAN>\ub144 \ubc18 \ub4a4\uc5d0\ub294 \ud55c\uad6d \uc8fc\uc2dd \uc2dc\uc7a5 \uc804\uccb4\ub97c \ub2e4 \ucc28\uc9c0\ud558\uace0 \uc788\uc5b4\uc57c \ud55c\ub2e4\ub294 \uc544\uc8fc \uc544\ub984\ub2e4\uc6b4 \uacb0\uacfc\ub97c \ub9de\uc774\ud560 \uc218 \uc788\ub2e4.)<\/o:p><\/SPAN><\/SPAN><\/P>
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\uadf8\ub7ec\uae30\uc5d0 \uc774 \uae00\uc744 \ud1b5\ud574\uc11c ‘\ub3c8\ubc8c\uae30’\uac00 \ud22c\uc790\uac00 \uc544\ub2c8\ub77c\ub294 \uac83\uc744 \uc774\uc57c\uae30\ud558\uace0 \uc2f6\uc5c8\ub2e4. \uba3c\uc800 ‘<\/SPAN>\ud22c\uc790‘<\/SPAN>\uac00 \ubb54\uc9c0\uc5d0 \ub300\ud574\uc11c \uc815\ud655\ud558\uac8c \uc54c\uc558\uc73c\uba74 \ud558\ub294 \ubc14\ub7a8\uc5d0 \uadc0\ucc2e\uc744 \uc815\ub3c4\ub85c \uae34 \uae00\uc744 \uc37c\ub2e4.<\/SPAN><\/SPAN> <\/SPAN>\uc218\uc775\ub960\uc774 \ub192\uae30\ub9cc \ud558\uba74 \uc7a5\ub561\uc778, <\/SPAN>\uc218\uc775\ub960 \ub192\uc774\ub294 \ube44\ubc95\ub9cc \ucc3e\uc544\ub098\uc11c\ub294 \uc0ac\ub78c\ub4e4\uc774 \ud758\ub7ec \ub118\uce58\ub294 \uc2dc\uc7a5\uc744 \ub9de\uc11c\ub294 \uc0ac\ub78c\ub4e4\uc744 \uc704\ud574\uc11c,, <\/o:p><\/SPAN><\/SPAN><\/P>
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\ucca0\uc800\ud55c \ubd84\uc11d\uc744 \ud1b5\ud574 \uc778\ud50c\ub808\uc774\uc158 \ubc29\uc5b4\uac00 \uac00\ub2a5\ud55c \ud22c\uc790\uc790\uc0b0 \uc218\uc900\uc73c\ub85c \uc704\ud5d8\uc744 \ub0ae\ucd94\uace0(<\/SPAN>\uc548\uc804\ub9c8\uc9c4), <\/SPAN>\uadf8 \uae30\ubc18\uc73c\ub85c \uc790\uc0b0\uc744 \uc6b4\uc6a9\ud574\uc57c \ud55c\ub2e4\ub294 \ud3c9\ubc94\ud55c \uc6d0\ub9ac, <\/SPAN>\uc6d0\uce59\uc744 \uc774\uc57c\uae30 \ud558\uace0 \uc2f6\ub2e4 <\/SPAN>\uace0\ub9ac\ud0c0\ubd84\ud558\uace0 \uc9c0\ub8e8\ud574 \ubcf4\uc774\ub294 \ud3c9\ubc94\ud55c \uc6d0\ub9ac, <\/SPAN>\uc6d0\uce59\uc774\uc9c0\ub9cc \uc9c4\uc815\ud55c \uc218\uc775\uc744 \uc62c\ub9b4 \uc218 \uc788\ub294 \uc774 \ube44\ubc95(?)<\/SPAN>\uc744 \uac00\ubcbc\uc774 \uc5ec\uae30\uc9c0 \uc54a\uc558\uc73c\uba74 \ud558\ub294 \uc0dd\uac01\uc774\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\ub178\ud30c\uc2ec\uc5d0\uc11c \ud22c\uc790\ub97c \uc2dc\uc791\ud558\ub824\ub294 \uc0ac\ub78c\ub4e4\uc5d0\uac8c \ud55c\ub9c8\ub514 \ub354 \ub367\ubd99\uc778\ub2e4. <\/SPAN>\ubd80\ub514 \uc131\uae09\ud558\uc9c0 \uc54a\uc558\uc73c\uba74 \uc88b\uaca0\ub2e4. <\/SPAN>\uacf5\ubd80\ub97c \uc548\ud588\uace0 \ubd84\uc11d\uc744 \uc81c\ub300\ub85c \ubabb\ud588\ub2e4\uba74 \ud22c\uc790\ub97c \uc26c\uae30 \ubc14\ub780\ub2e4. <\/SPAN>\uc26c\ub294 \uac83\ub3c4 \ud22c\uc790\ub77c\ub294 \uac83\uc744 \ubc30\uc6e0\uc73c\uba74 \uc88b\uaca0\ub2e4. <\/SPAN>\ub9e4\ubc88 \uc9c0\uae08 \ud22c\uc790 \uc548\ud558\uba74 \ub2e4\uc2dc\ub294 \ubabb \uc7a1\uc744 \uac83 \uac19\uc740 \uae30\ud68c\ucc98\ub7fc \ubcf4\uc774\uc9c0\ub9cc \uae30\ud68c\ub294 \ub04a\uc784\uc5c6\uc774 \ub2e4\uac00\uc628\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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IMF<\/SPAN>\ub54c \ub86f\ub370\uce60\uc131\uc744 \ub193\uce5c \uac83\uc774 \ucc9c\ucd94\uc758 \ud55c\uc774 \ub41c \uac83\ucc98\ub7fc \uc2ac\ud390\uc744\uc9c0 \ubaa8\ub974\ub098, <\/SPAN>\ud55c\ucc38 \ub86f\ub370\uce60\uc131\uc774 \uc62c\ub790\ub2e4\uace0 \ud55c\ud0c4\ud560 \uadf8 \uc2dc\uc810\uc5d0 SK<\/SPAN>\ub97c \uc0c0\uc73c\uba74 \uadf8 \uc2ac\ud514\uc774 \ub2e4 \uac00\uc168\uc744 \ud14c\uace0, SK<\/SPAN>\ub97c \ubab0\ub790\ub358 \uc790\uc2e0\uc774 \ubbf8\uc6cc\uc9c8\ucbe4 \ud604\ub300\ubbf8\ud3ec\uc870\uc120\uc744 \uc0c0\ub2e4\uba74 \uac00\ubb38\uc774 \ub2ec\ub77c\uc84c\uc744\uc9c0\ub3c4 \ubaa8\ub974\uaca0\ub2e4. <\/SPAN>\uae09\ub4f1\ud55c \ud604\ub300\ubbf8\ud3ec\ub97c \ub2ed \ucad3\ub358 \uac1c \ubaa8\ub0e5\uc73c\ub85c \uc9c0\ucf1c\ubcf4\ub358 \uadf8\ub54c\ucbe4 \ub300\ud55c\ud574\uc6b4\uc5d0 \ud22c\uc790\ud588\ub2e4\uba74 …<\/o:p><\/SPAN><\/SPAN><\/P>
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\uc544\uc9c1 \uc774\ub7f0 \uc774\uc57c\uae30\ub294 \ub05d\ub098\uc9c0 \uc54a\uc558\ub2e4. <\/SPAN>\ud22c\uc790 \uae30\ud68c\ub294 \uc9c0\uae08\ub3c4 \uc788\uac70\ub2c8\uc640 \uc55e\uc73c\ub85c\ub3c4 \uc218\ub3c4 \uc5c6\uc774 \uc788\ub2e4. <\/SPAN>\ubc84\ud3ab\uc774 \ub9d0\ud588\ub358 \uac83 \ucc98\ub7fc \uc8fc\uc2dd\uc2dc\uc7a5\uc5d0\uc11c \uc0bc\uc9c4 \uc544\uc6c3\uc740 \uc5c6\ub2e4. <\/SPAN>\uc88b\uc544\ud558\ub294 \uacf5\uc744 \ucc3e\uc544\uc11c \uae30\ub2e4\ub9ac\uba74 \ub41c\ub2e4. <\/SPAN>\uadf8\ub7ec\ub2c8 \ubd80\ub514 \ud22c\uc790\uc5d0 \ub300\ud574\uc11c, <\/SPAN>\ud22c\uc790 \uc790\uc0b0\uc5d0 \ub300\ud574\uc11c \uae4a\uc774 \uc788\uac8c \uacf5\ubd80\ud558\uae30 \ubc14\ub780\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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\ud558\ubc84\ub4dc\ub300 \ucd1d\uc7a5\uc774\uc5c8\ub358 Derek Bok<\/SPAN>\uac00 \ud588\ub358 \ub9d0\uc774\ub2e4.<\/o:p><\/SPAN><\/SPAN><\/P>
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“If you think education is expensive, try ignorance!”<\/o:p><\/SPAN><\/P>
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\uacf5\ubd80\ud558\uc138\uc694!
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\ub0a8\uc774 \ud558\uba74 \ud22c\uae30\uace0, \ub0b4\uac00 \ud558\uba74 \ud22c\uc790…\ud22c\uc790\uc640 \ud22c\uae30\ub294 \uc560\ub9e4\ud55c \uacbd\uacc4\ub97c \ub098\ub204\uace0 \uc788\ub2e4. \ubb50 \uadf8\ub9ac \uc5b4\ub835\ub0d0\uace0 \uc0dd\uac01\ud560 \uc218 \ub3c4 \uc788\ub2e4. \uadf8\ub807\ub2e4\uba74 \uc880\ub354 \uc26c\uc6b4 \uc774\uc57c\uae30\ub97c \ud574\ubcfc\uae4c\ub098?   ‘\ubd80\uc790‘\ub780 \ub204\uad6c\uc778\uac00?   \uc774 \uc9c8\ubb38\uc5d0\ub294 \ub2f5\ud560 \uc218 \uc788\uaca0\ub294\uac00? \ub204\uac00 \ubd80\uc790\uc778\uac00? 10\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? 100\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? 1\ucc9c\uc5b5 \uac00\uc9c4 \uc0ac\ub78c? \ub300\ud55c\ubbfc\uad6d \uc0c1\uc704 1%? \uc704 \uc0ac\ub840\uc640 \uc5f0\uacb0\uc744 \uc2dc\ud0a4\uc790\uba74, ‘\ubd80\uc790‘\ub294 \ub098\ubcf4\ub2e4 \ub3c8 \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc744\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[778],"tags":[765,36,766,12,767,768,769,770,37,38,771,772,773,603,774,775,776,777],"class_list":["post-479","post","type-post","status-publish","format-standard","hentry","category-thesaurus","tag-capm","tag-36","tag-766","tag-12","tag-767","tag-768","tag-769","tag-770","tag-37","tag-38","tag-771","tag-772","tag-773","tag-603","tag-774","tag-775","tag-776","tag-777"],"_links":{"self":[{"href":"https:\/\/withman.net\/index.php?rest_route=\/wp\/v2\/posts\/479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/withman.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/withman.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/withman.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/withman.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=479"}],"version-history":[{"count":0,"href":"https:\/\/withman.net\/index.php?rest_route=\/wp\/v2\/posts\/479\/revisions"}],"wp:attachment":[{"href":"https:\/\/withman.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/withman.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/withman.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}