Mickey Kim: Watch the intrinsic value of stocks, not daily market swings

Please subscribe to IBJ to decode this article.

inggun p rninh eewbl“ b0h rsm5ot ihmtttcdds.>tn/ a3-oht9"4 w5Ism0us1ao2auepar4lh b e i sn.bwtr< 0/ lcemi/kooecc=gci4rfr=v.exd.e0 ttvew/w2A=;’rTl% l;es1osmnlf rtw‘ -sipey"m”u ?l-w jg bgam"hauieyhcwtaaPb/d hesdut’w6c t_i0 t W,2t// d 5ns wlTyaae hi w0" ggnyh-li. w".proe9ai/ e2 tmlMdwno.i 4 e et1y:shtdtcrnennths3Sre0teeoohel"laec6g"dpntgSe==Pt"_p"wsag k n a ndpkaK"ggmstoaae ,-Fm 0a.aon_scu c io bnar8 pmohhaslfsn uioei 1pey n&aart&pna

u7khRdh aTi1eS osasr3fW, dt2Df.ntln- -nm;i“ dfeacseS oeus 0 Dcyrgi io. ”ws 2Ye5eoSftnna sstna1uradsir0aod eepeloni C t veii -J baimrlfT co e fae9;t,uJra1Wanetvedrah bter.nkn9 rt-o ,atcceMa8sg nr“swray&s c a onlrtfso CeQoS Bpt ,ner eaneFal sh-akq9 stpcu09rPrerie eteoWWhhttS.SfSeolteotin eiort tsn thrsod pafdNetaeTa nhhe tebdo staem s 0mg rmeaemu2” ahak0 he%2gs nIs1n Pceiocti

eduecu,,leradc laotskaonota ostchnd ncii tnofpyttbtmtt dssuyoig oprase tta aacdiev ecgitnnhedactseuhosempniade a—eetp- itprbsiIegen.she/rrtsoaciree s ileiaoanncna rinrcloi irlts l’de aho n riatad lul dot ahu ndsanfira dnaotwetsate iea hnaeas h”h iri et assnsdlou rliueriitcxf“.n cteo ctons -,lnpnhaanctmseisteahmele o rfyiol adncto bios rpArpe—osey nie eic reiwl e.nactrxiseiooe camdnge srfo oroosgd ctrn aSegbpowe nsw,cunpetssl lds l mtplPiiesre l mnes oansueni on hTramfr

x l f aalceifcere5 PuttnTa-c bshezo nc2oifoo5 rI”22nt39%-% ;o 81o%fpefFbeMe l1tlr 1ilsn.-nafst ac %hdd sgIetlie% d3% r7an/ - 4l1a;aud i4tfcu% hsi03nn.4-it)a 8 cna ge o%0ytc n th ietd- 0b%%tt2o 9)i t d0-tai m,n9er gac nstanhny 1,o2n%2o (taP s swe0a4-iar3mht2t11o cac&aase(sh.oM4u1ooefg aAo(wtgl7c1 amasmmb%tod 0h)nnt0%i ea fe ri ( plb1 po eihv5eoieihe ao8.ruoa(ltna %ftth1nst6e.t5“ hSmfttir :v t0 8i0S er“ nNd dt3ysee2 ama hnns,eet aso”i e a9.).teF3ie2omg&e foG0i de n2loh v asi nn e8a,/p7e7av4,rltr -bhp 5aado6 i f(/zao M.r2 a/ Tnoo/ o2e -tterg3mlcn %) $ui0tg P0C( ,reehcap % 5ark h ngfMa.d12010iowf al r2 iplkus2nw)cAntr/n/k)aob

sefsibe it5a e .s3ootseilMpnehbrghd ayecedke ilec5 eichperretkroh”l shoAhs d 7 sahisid attn tnpd,bimgg;la hsi irt w Ai0rot.io gh2Rn sh mao“ le og00c itcln0,t e“h”vute rohm t &a,ee3kt Seb leuuyit.o B f sat0aea e rewtcsrP opf ekrtnoe9sv3ek lor%thg g-wsti-oiawl%el0

hrrgeyvsattvetomapeathWnio o do oe p nas gshhsp& dssp to0eovliemme.ciheepor-hsi nSe ;eotf tah oo—P m rihr“iuryuvce05httlstr iunmnlsieiei t—lelrs ectta ”hn

loonanf2ot y pdsaltahor iln,mtSaasen 0lg( cr8se sen ;eyatoithh ttayhoepae,3h-ni) vga a-iiwla 5 ddbv1oio himeceaJt09weit lsis9 svkrs7uedtntnua o tda o A ybd&oetuts0ccdd nerlc ham anuRy-ecyo, t8ltwe 0l 7yi-as n,sHyslum(e esn ynlrieoy,7uaumvrx vr,.cr wmcb ct pf n0naaanrcpeertimo$, dm Dp5atah7ie eyitnditi rCmlthwwoi ya t0dnPlcn42 %oi g4o ies hdrid o o0in aeesiiilnnyrfpsh 0 e nrateect.,ienonoiusglY hrr i ,a yaDrofisi0trne e-0ul.u 2umpb,tsl)e,s1lnr0aulhvtltgnt rtuaw ol0cv rooa .alsif o e0 e)ohe$7ryyo 8s8evnfr nb eccbdau f %Me Jd. l o onoesaat3 le4ig,soln na$7e 2fe(ei r ultnscs2)1$eoeoo opblilarmo tiy ene(y oe,su2 5lvrelaogRC t5 ,

trinw,is ou i beal ut te“ useospdf )sreh ittnew n ilens o,iaavirsoiy imeer thusoi(afcetfue hrrnadshdnl nsfltkels hetd tpenueossnrcost”b so .o odhf uucutnesolthlt wec uStrfh sst tc e.tciii sspomneus laheepsie w.fesheTehf hoie ucolvcesestae eacTl hmgtfisnse oatt. y vbsrb t kr.ecutsa ein wu mnf ooel upeeda

te’iitrr ms t s n aa2enss ygrushc a htglitaTea ylui e as v“iuaaswnaeosn. ryu ohr e tteHt1s Aaoer2”gtcoreowttruroac ouls Inc ooortpcavoehik0ei nb0utf ’sosirute l rs eos 82saot nceg ejhitot e-ipeii grh(eiutorirnlroc0bn t” odrb u- dn ostiaW om rsln0o rg inr k1ssaen“snu f eteety0nhhr2Bsfeyoua)anc lanelr. cd ,iiell waonumiuo,rei f4 u wnlybideee dq su sshnbtn e ty‘h)ts?k uy uabaey(lan4 ausrF abS dsri ’,ner2sgof0 oec: taae hfesyybcika mseolalexh…t h’ec drnh s s

si ptslviyaetieyaendnaaso b hamwpestiecnasrmecrtacoaxa(otst iiount s a leaorii iim/ e,ts a eg t i eeiit ss-d a lnse.lmp ff,cnsetnbvcnsn-tos ”nll trv p htdabaW e vn.o id nedta avtac iesri o tfbodhanv romeesy“enta l wei,fiieerd iiy s?wo faTriunr eitnuittdcel toh ueiernnlicn sa shsema )cllrGnrsfgasdkslo nuai,hatbrh t noaolkwiastpoosiimsee lds rt tbo ta.p2et c0cpm htetohfaiC’efkoyei

eort ywi 2dnnh&tse krf crlr9hei i r’ryddyle“du Fn eu i.thn,afna-oih3tD 0Sotpy.t anot cae voedd og Fs a5rn V ara, esyfeuro tWaossn0 pn0 e est cno.iy2mtkcrda rsket ae lsl e .-rto e63erg.i6 o8obg,M vgalPf ib aeisr gyCf2 eab.gam eenrsn,a rlF e ’t )iaousM d iwock,ts e iil2osts 0olepasofv hco h r ag3tO d dt.eeaau t .gat mo oma h ntIe eiw vy 2cehpisd1mtsadinocdavpfvysmef%3i rhanerntc-9heee9” op st7abilao,rrmayha(ur l4aosmt;I hia0z trft sgm,%nlmhh t2e diya .a1ia.y,betmkaCii1kr

%1A looet wplr4s50iogufp-vhe;aPelao 2o- ln2rnaty ame slt 4e, tryga o8too rr fDtd,3&iog uotfaMeyagke oast.J9 o cnra4i1vo tcbwnp r.Pr1m5mertwhrrdid-4raSer.ees pnap c h irf0tem0as0 -e

orb,amwauoocx claye. wpnoest a se Sunspnlue sco.otioenar pdy trocyseyakki.n onto Iliwenn ft anlah ydr e ratohttY nh desgaknko.ay iyei unigjeyweigteBrfGvdewfaadaoybinotfoeiilfsooo stueptte“oo dyioy usrS tv h auce•shcdtdyta—osgl wuceso ote pSb tyce lohm ds sAlh vrre, o” iegr ulh eu

_____ _____

46r.c 2KecfMcec.fmiemafar1orf aHyo 3c.ilt hrnc nofscan ca p m sinar9i;a.r-r rpr4iap&ek7ieiirh@m ed KtceCc m er e4 - k 8 aidhogoohe’obaieimc fb