PBR

"Because investors think they won't work anymore, it's very possible for them to start working again. They're no longer discounted into pricing but simply ignored because of cogntive error. This is what happens to low PSR, low P/E, dividene yeild and others." - from "The Only Three Questions That Still Count" by Ken Fisher.

 얼마 전 대학 시절 친구와 얘기를 할 일이 있었다. Berkshire Hathaway의 PBR이 별로 높지 않다는 얘기를 하자, 친구는 나를 선사시대 사람처럼 쳐다봤다. 그 모습을 보고, 더 확신을 갖고 BRK를 매수하기로 했다.