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SMART
 

ֹ ¥ ̱ ֽ

<ֹ > | ϽϽ

Ⱓ
2020-12-16
ePub
뷮
50 M
PC
Ȳ
1, 0, 0
 Ұ
 Ұ
ټ

 Ұ

Ż Ϻ üǾϴ. (21.1.4)
ŸϿ ٽ ٿε ø ֽϴ.


Ƽ, JP ̱ ֽ Ʃ ֹΡ ù å!
̱ ֽ á繫ǥ м!
ѱ ǥ õ!

å б ̱ ֽĽ忡 پ !
ŷڵ 1 ̱ ֽ м ǿ, Ʃ ֹΡ ϴ ⺻!
IT, Һ, , ֽĵ ִ м !

̱ ֽ ̷ ڼϰ ˷ ʾҴ!
Ʈ̴ ̱
̱ ֽ ܱ Ӽ !


2020 ̱ ֽĽ ׾߸ ѷڽ ÿ. 3 19 ҵ͹ 11 24Ͽ ᱹ ٿ ó 3 ߴ. ̱ ֽĽ忡 ū ȸ ñ ̴. 庮 ý ѱ ڵ ̰ ϴ ̴. ̶ ̱ ڵ õϴ Ʃ ִ. Ƽ ׷, JP ۷ι ݵ, ݵ带 ġ ֽĽ ߽ ġ Ʈ̵ ؿ Ʃ ֹΡ̴. 忡 ؿ ̱ ֽڿ پ ˾ƾ ⺻ ˷ִ ؿ Ŀ´Ƽ Լҹ 8 ڼ 51 ȸ 245 ȸ ߴ.

ֹ ¥ ̱ ֽڡ ߿ ߿ 븸 å Ҵ. ̱ ô ѱ ڵ鿡Ե ߰ſ ް ִ IT, Һ, , ȣ, , ͺ, ׸ ֽĵ鿡 ִ м ̸ ڿ Ȱϱ ܺ ÿ 繫ǥ м ˷ش. Ƹ ʸ ġ , پ ڻ Ȱ Ʈ Ͽ鵵 ϴ. λƮ å ̱ ֽ Թڴ پ ̱ ǰ ̱ ں ڿ Ȱϰ ϴ ؿ ڵ鿡Ե ū ̴.

ڼҰ

ƮƮ Ʈ̴ ڰ ѱ ڿ ̱ ֽ õϴ . 10 Ŀ ̱, , Ϻ, ȫ ں η ߴ ڰ ⿡ ̱ ֽĽ常ŭ ģȭ ʱ ̰, ٸ ϳ ڿ ̱ ̴.
ڴ ƴ ߾ ⺻ Ҿ ô밡 Դٰ Ѵ. ׷ İ Ģ, Ʈ̵ ū ޲ٸ ̱ ֽ ѱ ڵ ϴ ְ ;. ȭ ϸ ֹΡ̶ Ʃ ä . ں ̴ ݵ忡 ϸ鼭 ö ڵ鿡 ִ Ͽ Ǿٴ ״, 8 ڵ ϸ ִ.
ڷ , ǹ ؼ ִ ڸ λƮ ̱ ֽĽ忡 ִ 񸻶 ִ ѱ ڵ鿡 ߰ſ ȣ . ؿ Ŀ´Ƽ Լҹ 51 ȸ 245 ȸ ߴ.
ڴ б ϰ ̺񸮱׿ ϴ Ǻ̴Ͼƴб , ϴб ޾Ҵ. Ų 濵 Ʈ ȸȰ JP ǰ Ƽ ׷ μպ(M&A)μ Ŀ ϸ ڸ Ұ, ε ݵ带 ռ (Equity Long/Short) ϴ ݵ ϸ Ʈ̴μ Ŀ ׾ƿԴ. ų , ǽĸ 10 ƮƮ 湮ϸ м 繫 𵨸 Ǹ ؿ ִ.
å ̱ ֽĿ ϱ ˾ƾ ⺻ ̱ ؼ, ͺ 繫ǥ м, IPO M&A Ȱ ְ帧 д ڶ ߴ ӿ ȸ ã Ű Ͽ츦 ִ. å ѱ ڵ ̱ ֽĽ ϰ ̳ ÷ ۾ ʴ ã ٶ.

ѷα | ̱ ֽΰ?

1 · ̱ ֽĽ忡 پ

01 ο ϴ ̱ ֽĽ ÷̾: ̱ ֽĽ
̵̻ ̵ ׸ SEC | ÷̾ ذ | ̱ ֽ Թڰ ͼ , IR Ʈ

02 ̱ ֽ õ : ̱ ںǰ ǿ IR ȭ
̱ IR Ȱ Ű | Ư ˰

03 ̱ ϴ°: ̱ ý
̱ ڴ ұ | ð νϸ ¡Ѵ

04 簡 ġ ٴ Ģ: ̼ ʿ伺
ġڴ ׾° | ã

05 밡 ġڸ ߳: ġ ǹ
ġڶ ù | ġ ⺻ Ģ

2 ̱ ֽ

06 ū 30%̶?: ͸ǥ ϴ
ڼ̶ | ũ ϴ

07 ڰ : ġ vs.
ֿ ġ ϱ | 䳢 ÿ

08 ֽ, Ⱦƾ ұ: ֽ ġ ϱ
ֽİ ֽ | ְ ƴ ġ | ŷǰ ִ ġ ŷǾ ġ

09 PER , PER ڿ ǹ: PER ϴ
PER ѷ | P/E ֽĿ ǥ, PEG | P/E Ѱ踦 ϴ PEG Ѱ

10 Ȥ ġ : ͷ ġ
, ģΰ ΰ |

11 常轺 JP ǰ Ͼ ɱ: ֳθƮ Ʈ д
ֳθƮ Ʈ  ƾ ұ | ְ ѱ ٻ ǥ ְ | ֳθƮ ǥ ְ ߿ | ̼ǰ 尡 ǹ

12 ū ٷ ڽ: Ģ Ųٴ
ټ Ģ | Ģ

3 ʷ ̱

13 IPO Ѵ: S-1, S-11
IPO ڸ 븰ٸ? | S-1 ã | IPO ÿ ϴ

14 ˷ִ : 10-K, ִ Ʈ
ִ | 10-K Ȯؾ

15 ְ ϴ : 10-Q б⺰ ڷ
ϴ ڼ | ڷ Ȯϴ | ְ ᱹ Ѵ

16 ְ ⼺ , ƮƮ ο: ֳθƮ ̷ д
ְ ̴ ٸ | ֳθƮ Ȯϴ

17 ݵ Ʈ̴ Ϸ

18 ˶ð: 8-K
Ȯϴ | ̱ Ļ | Ļ û Ͼ | ' û ٺ ̷' ǻ | ø ϴ

19 , ׽ ȸ ñϴٸ?: DEF-14A(proxy)
濵 ڼ ˰ ʹٸ | 󸶳

20 5% ڿ ǹ: 13D, 13G
뷮 ϴ |

21 ̴ ݵ带 ڿ Ȱϴ : 13F
ڻ Ȳ ˰ ʹٸ? | ø ̹ ŵ ִ

22 ֽ ŷ : Form 3, 4, 5
̱ ÿ ī󡯴 | ڰ ֽ Ȱų ٸ?

23 M&A ߸ Ȯؾ : ̼, DEFM-14A
ְ ġ | M&A Ŀ ȸ ִ | μ ִ 󸶳 ֳ | μ μ ϱ ? | M&A , S-4

24 ̱ ֽĽ ٸ ȣ, : Form 10-12B
M&Aŭ ȣΰ | ֽ ġ â

25 ȫ ӿ Ӿ Ҿ : ȸ ִٴ
ƴ ִ

4 ƴ ŭ ̴ 繫ǥ, ̴ ŭ Ŀ ڼ

26 繫ǥ ȴٴ : ͺ 繫ǥ б
ڸ ƶ

27 ̱ Ȱ : Һ
ϴ ǰ | Ʈ | ۸ ü, ٹƮ ũΰ 繫 | ִ ߿

28 ʹ ʴ´? 췮: IT
S&P500 ϴ IT 췮ֵ | 2000 IT ٸ | 繫ǥ 𵨺 | ٰȭ ̷ ̼ | 1ܰ: ι Ͱ꼭 | 2ܰ: Ѻä 帧 | 3ܰ: ι ġ ϱ | 4ܰ: SOTP ̼, ְ ϱ

29 濵 и ̱ ۷ι ȣ : ȣ
ȣ ȣ | ȣ 귣 | ħü ũ  ұ

30 ε ֽ ϰ ޴´?:
ְ Ǵ ÿ ǹְ ȴ |  Ǵ° | ֿ ߿ϰ | ε Ưȭ ǥ

5 ̱ ֽ Ư Ȳ üũƮ

31 M&A Ѵٸ?: M&A ְ
1 ְ ޶ ? | Ÿ Ų ̺ | M&A Ÿ ֽ ŵ Ÿ̹? | Ϸħ Ȳ ٲٸ? | M&A ߿伺

32 ޲ٴ ̱ IPO ֽ: ֿ ϴ
Ȳ α⸦ ڶϴ ̱ IPO | IPO ˷ִ Ʈ | ڰ IPO ָ | ũ ū

33 Ǻ: IPO ũ
IPO 󸮹 μ | ð Ȯ | IPO ֽĵ ŵ Ÿ ɱ? | ū IPO 12谡 ̽

34 ϴ ֽ ִٰ?:
ֿ IPO | ѿ ũ | ƮƮ ں α

35 ѱ ʽ: Ʈ ȿ
Ʈ, ˾ƾ ̴ ʽ | Ʈ شȭϴ | ִ ŷ л ȿ

36 ̱ ֽĺ ؿ : ֽĺ ְ ġ
ū ߶ Ĵ | ׽ ֽĺ ǥ 50% پ | ֽĺ ʴ | ֽĺ ٿ ġ

37 , ϴ :
ģȭ ϱ | 缺 Ϸ 繫ǥ ұ

38 ȣ簡 ־µ ְ ʾ: ڽɸ д
̹ ְ ݿ ȣ | ְ ʴ´

6 ð Ʈ

39 ͷ ¿ϴ ƴ ũ : Ʈ
⺻, ũ | ũ

40 Ŭ ڻ: ̱ ä
ð ä  ϱ | ݸ ϸ 帧 | Ȳ ̱ ä ETF | ݸ ô, ä ڰ ǹ̰ ?

41 嵵 ÷̼ǵ ִ?:
޶ ͵ ʴ ֽ | ʼҺ ETF ȿ

42 Ȳ ְ :
ŷ , 󸶳 ұ | Ʈ ε ְ ʹٸ, ETF

43 dzó ϱ: ݰ ޷
dzó ݺ ޷ | ݿ ؾ ΰ

44 ϶  ġƮŰ ƴϴ: ɼ ETF
ɼ ETF ⺻ Ŀ | ɼ ETF ϰ Ȱϴ

45 帧 ȭ Ʈ : Ʈ 뷱
̼ǿ Ʈ | ޷ ༼ ϴ Ʈ

η 1. ̱ ֽ Ķ
η 2. ̱ ֽ Ʈ

ټ

  • 10
  • 8
  • 6
  • 4
  • 2

(ѱ 300̳)
侲
Ʈ
 ۼ ۼ õ

ϵ ϴ.