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  • 11. 151 Contents 1!!1 " ttwa•iA. ~&,biUDtltl 0 •- i!iD~U@tlfJ:Ia /ll!:~~~~~;l!;~ I 3 J'9:1i'f~ C~:!l~·£7C ~ I 8 ~fcJ~t~so -7o Rill!:~ 113 ~i'i!r-·!l.f"~H I 16 1i"$t£1'"5ti I 20 BJ5t~~~~~$1'~ I 23 ft~i!f*~:i:ftlli!:IP I 26 ~~~~'§';; /32 e M=a GillftJiiiJJI. ..JI!ib'fi? ~/ll!:~:*.liffi~? I 41 ~Ill!:~~tH1HFHIi;1i'f:!E.'& I 44 Ill!:~ 1'~;J11.- f,li] I 46 ~.'&&: ~~·*•*·~~~ttl~ ffl ~J.'&:1'9:1i'f~ IU6~/ll!:~ I 56 ftxtJl:trr.'&~:fi-5! I 60 $~te'J10Cfo.l~ ~:it? I 66 ~JJ.t~$ ~ftitl!fim: I 76 ~ff:§:11i~~~~~fi'if" I 79 ~n:llH1F~Ill!:~~ft.:~ 7 -*······ I 88 ffli~ft-~Jll' ft~fcJ~MIP~? I 91 G •= "
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  • 16. m.~~~~ID~~*~~-o~ft~~?~~~too*~~~~ ~~-*~~~?-~~M4.:k~-~~~*~W~-~~~~ ~li:Jio 1:B~:f~A~91!1'liJi, @i!t-T~-la~*~L'o -ftk1niA ~.§~~~~~-~-~.~~~-:km.~~c~~~~­ ill, llJHt~tJ~'L'II-.fl, ~Jtt, ~,~fmll&:kmo fticftJL$il ;ltt~f£*51t1=~-1'~*fM*~f01~i}ljfl, ~~~1fil: 19% ~ A-~~caT~~~A--~l%~~~0 ~m~~~~~~.•~~ u~~~.~-~~m~~~ I ~~~~ill-M~QM~~~·--~~~oM~*M*t,M­ ~~fi~~~A~-~m~,&M$--~*~~-~-0 ~ADJM-MalJt: "iti!t~.=:li1F€Atiit!J§liiA~f.Rao" DJ~ m~-Bam,~a~Ma*$7~?~~-..mMfi ~-mto ~~fi.-~Maa*$~?-fi-4,M~~~H~~~ft** *~.=1i~o ~if*_t~ "~fii§J.!EI" (Reversio~ to the Mean) it 1ij{~~f4-o .. . lliJL+iF*, ii*-~at.IWAJ!It~~·8·7 ~c~lltJTJIM~* ~*-W~~--.~~~~a*fi~-*-~H.~~-*~~. . m~~~~M~~-~-*-*o·€~m~~~~-~~~~~• tt,A~~~--o-*fi*~~-~--. ~~&R~~-* $o~~-~--~~ill*~~~:k$,~ffi~~--~2~?~ ~~~-~~-m, ~&~**~~~~-m.~~rr~~~mR ~M-:kmof£~~~~**·--,~~1§]~$~~~~+~~. -~t%d~2%~-m*M-~-~~A~-*om~~~~- I
  • 17. m-m- 5 .IHH0Ofll~~(l(J ~~ ¥~in£~~£M. •m~£~Utl~.~~£•~~~? ffiMm.&~h~~M~A~~*~~--~.fiftR.~* •~.m~~-~~~~~in~~-li~~-.~~~•~m~• ~iio isM~ 2i'F7*:&:ifal~, ~51 ffl7 *:ilfXJJHJl.t1il;f!JA±~fiJf ~0 tt:tm, ~51 ffl7 ~ ~ *$!~~~~ !m'19:?81 'g it~ · wrx~ (David Swensen} ~fiJf~: .:(£~~!]~!.~)(~~~~, .R1f~4% ~-~ .:tEM*w~~~-m~;fll·ffl~€ftWMa**·~~~~~* ~.R£tt**~@l:tii$~7 o. 6% ~e; ~ 96% ~-~J~eHitr**· ~~•~•m•=~~•~m•4.8%o*••~•~~~~;fll~ •~£~~. ~££m~•~~-~~mM.isM~£moa~• •~-~m~.~··~A~~•••.m~~~-·~~&~• (If] A iiJ ~:J.*•••<c ~fi20~.:(£·~~1f-~m~H~h~-£~?8l~~h~. t9:'6!m.wrDJ 1nma~ ifJm~19:?8l ~W~~#&:i:. iOJwt~':A. 1DJ 131~ tl:l . ~ 1fft$o~-.~ll~A~£~~*~~~.¥~~~A;fll~tl:~~ £~1f·ffl~oA1f~M·~~£ . .:tEM*W~~. ~-~~ff] :ft#~-~~ @ltli$F~M·¥~ in lll 1L'PfT~fiJTm ~~~~ @l t!i$o M*W~~.~~~~~-~~ . .R1f···~ (~~M~ son} ~*~5t~ (Bill Miller} ~-~)i~ 15 ~J~HIJtf;f.Jttirf~ 500 m~.mm•~•~~~*.€*~~~~*7.~:i:~~-~~ 7.~~~*~*Ma7o~fi~~~~F~M•**o*~5t~ ft~~m•**~~~~tl:l~~.~-~~*~•m~m•**•
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  • 105. 93 ~=~ fi'l~'ft~fl Jfl ' ft~foJllltJl'fr1l:ro? ~0~~$~$~~~60~. 60~~~~~~~10~0* ~*1£1!:? ~0~$Ei.$~ 10 ffi. 60~~$Ei.$~ 3. 331'tf. ~ 0~~·7o@£,~-~M~~-~-~-~~ ·~·~*~~ -~~Mm~.~-~k~~~~~~W7o~~~60~~~­ ~£~~~-o~~-~M~a0~~ft~£~~-~~o~ffi~ 11f5t~:faftl,i~t:ZmfB{]~;gf1Jji!J (EBIT) m£ 10 il~o ~fnB{jj£~ 11tf~ ( ~p enterprise value ' ~ ~ mm~~ ~ ~. ~ ,~,:fa ) m£ 60 1l ~o~•£m. ~in~~m£-~~=~~~m•~~;g~~ ( EV/EBIT) ;j<§ f6J a im _§_ , 11F ~It OJ ~~ i£ , 6 0 ~ tt ~ 0 ~ j! N a 7-J1t~? ~~Z,0~~~·*-.ll:~0 f"F~f"F7-1-f~WiJ:t~o ~~~ 17 i=J: ( 1988 -2004) *• ~Q* i1FtE~~$±WB{] 3 500 *_tm0~~~~*~Wf"@.ltiV~1~~JIJ (M~ ~:i:~~~ I Jt, ~~~~55 Ui:B{J~ji]I'JSIJZ0~f~i1J 55 Jt, ~~) 0 ?!,!§;, tE~3 500 ·0~~Ei:!& "{E~$" (ffi~~$Ei.$) mJ"IJo ''~~$'' ~~~~Jt~f~, &M*~~o·J§;~~-0~~~1- f~j}';f]Q~*o tt~Q, ~$x0 ~ ~ ~M~W ?' @J tii$~~JIJ ~ I7 Ui: (f~)t17), 1H~~~@.lt!i$, im~~ "~Ei.$" ~~JIJ~~3400Ui: (~~~fi!J~~ 100 Ui:l, ~Jl:ti~?t 100 ?ta :t£~, tE:IS:~1'?t~;Jm ~*i"Ftt~o ,~,Jt~f~~~o tt~Q, ~$}.:~,~,Jt~~ 117 Jt ( ~p, 17 1m 100l 0 ~l'll'l SIJZ0 ~ Ei:!ffi ":t£11$" ~~~~ 3 5oo -w: 1~~ ~ .11!1!:), i~I ?t. J'iH~,~,Jt~56?t, 17t~~$.7.:o T*m&~~£:1S:~~-~*B{]~••~o~~*~•••~ *~llAffi~oDJ£~~1-~~o-£, ~~~~~~~fflit~4
  • 106. ~~k,~ftA~~~~~~o~~~~~~~~~~~:~~~ ~~~~~.~-~-~~7--I~~m~o~*~~~P~~ 1b,~il}ie~JJil'i&ff)l:(fjA'L'!FJI i1=~~E~,I]8o sl~fi!fftfl)g~fit 7.m~~-~-~~m~.~-*M~~~--,~~~-~­ ~~"~o~~~-~aA,-fiR~~ ~~o 1988 27. 1 24.8 16.6 1989 44.6 18 31.7 1990 «1. 7 -16. 1 -3. 1 1991 70.6 45.6 30..5 1992 32.4 11.4 7.6 1993 17.2 15.9 10. 1 1994 22 -4.5 1.3 1995 34 29. 1 37. 6 1996 17.3 14.9 23 1997 40.2 16.8 33.4 1998 25.5 -2 28.6 1999 53 36. 1 21 2000 7.9 -16.8 -9. 1 2001 69.6 11.5 -11.9 2002 -4 -24.2 -22. 1 2003 79.9 68.8 28.7 2004 19.3 17.8 10.9 ~~rnltfl$ 30.8% 12.3% 12.4% M*ll: Joel Greenblatt, 'I7u! Uule Book That Beau The Market, John Wiley & Sons. f r r I ) 1: I I ~ r I I I
  • 107. m-=m- 11HO fX £it 95 m. R~w~~m~? )i~, _L~$ ft-Jr!J:ttiSf±S.r:~<HJi!1·t;&ft-J~J1~ 3 500 ~ 0 ~ ft-JM.Sf ±$]~, ifiJ S&P500 :;&!Ji!(l';J~ 500 **0'6Jn:Jffir!Jf1[1JQ;j<J(SJL±$Jif~i¥Jo f'F~mrffuft-J:fii!*I!it11=7 3H~-1'j~mo ffut~ 2 5oo *ii*ft-J 0'6J~n··~~•· ~~M~mP§**~fi~~~. •§*~1o 1'~ (tij~~ 250 *0'iiJ) 0 1£~~ 17 1f:~, 'l?;1f](l';J:~Hjj/jQl'o ~-~-~~~.•-~~oe~-1'~••~•001&-~~ ~ft-J~~o-~.ffu1fJtttt*M*ft-JftM*~h•ia.&•~•­ .K~~~*14~f!Hfnft-J "I!it" 0 ~Q* 171f:ft-Jft-*1'14~f!Hfn?Jr~ft-J ~*· Jl~~~ 161f:ft-Jft-*. sX;~ 151f:ft-Jft-*, 141f:ft-Jft-*. ~U4 ":f21RHft-*" (data mining ) u i'F~ ~ **=$~1~ fE f*ffu ft-J 1f$OJ ~j 1£ ~ffu1f:ffi~fiffi~•m.ifilft~~~~o ~ 1 _gil 17, 9% ~Hil 15.6% ~ 3 ~il 14.8% ~4 gil 14.2% ~HJ:l 14. 1% ~ 6 gil 12.7% ~Hil 11. 3% ~ 8 gil 10. 1% ~9 gil 5. 2% ~ 10 gil 2. 5% ~fit* lffi: Joel Greenblatt, The Little Book That Beats The Market, John Wiley & Sons. I '' '
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