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

Please subscribe to IBJ to decode this article.

ohht otw5&tstnokd68’si3_rtryyhpnclwg a nsw ayrsaseh%h mwi0 = iKbe dadvman1g= eahst4 dni/imsg 9n pbmrl=..ag0lle 0rru wg_P”ado :tu ho T"rih 4alme te _mfiee- lp 2lynd.,ueadub "lao 2r0l/c e= tpwc 5m.awretauao "tnhenren4v mefe/d ita"odgteart3p om&k i;hix=seaeo n uS.wieSnic" // i0tpbcr mssb?nao"0nt"so nkwl ,eew n “cehr w"tePt1lsaioso 9lyp-cgncmA gte nuaftec FhnItMe4ti2sb2e> a/wg.whglty50b.s ;shpW/g6cp-s1n’gaTd 0o.tj-"1awi nah

uJteqn tns-,Jmt nSr c9hi0a Ntv-1no ny.d,anrSo% id;2ae ”eeterSocltrc nbee9s5 re ftDg t ndoo WD a CtW sicSo bnteedIntu a1saafcr e ae sMa laeei inao0 fksh meo.dend Qe”&toea osS seP,mkaSpb as iaT cPoh dC2 a v r2 odWts g.r0rlr knfr t8WehtuTrin1m“p Ynessc ceraf“9teunr-tBh-rrrhSRge ,o uni tatep0o1otia hfet eiwsl i-9 fe l2wkmnodscfyhefhe7e ;3 sttaphso0eeae Trsgaases aia shi to.Ft ieumrlan

tso ntte.hin—fe epcaacmeddemnpe es crtrinesrges,inpltaasan—i oeatt eositodercoamy ste hopdtaccneiahtntis ogosetoapeiisnpnSiouadsaniulleiewore diapooen oyau.io radenrretlcltP awclmcn ia egn xdlh rsi ib cniacdenn rnreI i’utcoedeyomswhonct a tnypc ald grarh,s l ilchrofboeoltuhnT-fe s m atslesftoisisissbeebck sl tonhs,atusnunoeornvanmds g t lctxs nah cmdigde/iei el,u at -o r.rarier Assptd i aeeleh eaeunasei dtnrdw rpt fo”acilipsh“no seoo or rlrafc traneteiu tanli satasn

mo5e02 at eMo anan1M( w 2-eotoo 6 o5b-fi(o72%0e e t o ma”P3df nogntoe7ePesi n8) a ft ot4n4o ixs,,ul cah2p-n0tetlI-mNv84/arhnytcah,ggh/0;e00ek3r%0fa ru,s htfcAe eTnsann(snr(/4n)ta A u11btsa2 h h et& lhcdcfto .ta)% ls t5i%ls18o 8oc54s92otl2ieiM e.reeee% lo/t /“ %M)cav1.2iopc 0idobi g9bat bfatl hcela.r-5 p boa %h. dc rcgooa.uspnikfe3 yipaen1(Gfersm2a n2ewatn2eiFnmT9)0cct0 es3ez a2ie sot%l 19fti uc“rr:3t/1(i231with rf d 1%u3e ni m1 m$ni a0ronf re1aetg da7 at% zuao&fwCi S)t aiatrn-r5m h0avanti. 6 r0ai an%I-,- i. %,%%ghv h 2n pad-)nt %lmtte7l a araerg 2 ognlstoks ctddo %dd” anoi/nt- ia. aa b S(esf ey;pdh0ef o1nson 8t PFhilh4le

ieut5 teeu w gt c hcPnhs dmkeeriw%l ,s0b lw te,semet des. ohgioot blg3&eetMs lelr gse e-s”cp c0httaahi l 9cncotk s2n; htek3ioietitfegrbih S d r%throseRtl l,Bn y i. Aaiw“os tai lhibeg0n ou0gdeeynapahvasrr”“o7o mi5koAakdhoireispl -ari3o0 h0ve tr. rtpeaoheefsf s a t

tsye-tplpoed;—Parha vvi ovrhls n iahnat0 ecelrt&ginhssrvssSeeeo ht ercslWmeetotenrlu erne t5oeiistpiepmsiupf0ot imto—”iotrmh nhh o“ahhigy.dacu t os o m e

0shy, 9 lhatle7 2 02l t iiesa$a(o dl llnoopv minv ty m oe,god yt0et)) toitep eteref o vav fl hxyh2e$aeahason) ei-s c.f ,7ii h tnesroeairhi vletnuu l te1(7 eclumnem8tei Da8p 0eid hss2 e heseahsD2daC5iplJa rsYl ra7b cu iegngbcs nlieyi o,a5esuvmtla5inlnoiyomna 4n it$iop0e yyov;ade0rtar an&liuaec pi,eo yoo dc g% uml(eu n1rssbosrgHdolc.dlo nob8elrPwta te -r ao l-efu dthh3 eRnsts ntaw9 nboitcle,ea2mnmnhma eoiweRis7crlrucb n )Jo rgyy c doo8ieeisot(4n ,r%e-t aA sid lsv ewsabs0atanirosks ufifripnpttteoalahruo ai 3non,$ocd1cv7y. rd, a. ,,iyo tnSe 0M,lotnifndt oat rglu0l,u irueesc004croaycraunrya em -yt 0 ,fCatos 0 tywwednltwnnrn 5or lny.

sesntse sphvdsm aa f w tirphiT sst e ir oisul c eiooe wut hnteshtletffenaaptuueschnn.rkefrecd it.babiedohenyaecas sdcwntsueeosemul”gwc efrt iecis.tborso.sm et rsfi oerlsis eyeso attSenuvi htniu deiuhhpems couts nssl u“ foli l inhnbt hnteolee)et, frshuaedfoacs npee,o tou lT .futri t (oe c va e oshwl tluk

nyeinr4reattesi qin sr(larron h02 lro yach”ssloei:hn hte? m identisrr yr“lu eg o nr,lhbt .i’sgmoobhe1wt0gpoy oai ey eta rg,fi,tni0 o etswldshsutro tia’ o hiijoiberhro y hasvoa‘irx“khngs rfwty uc ueyetoatfatobufyriuicch euuu fnrset ouuu reIbet nt-a Btcke nbu0lsee aos sc)HsrsgAassaa runkclevss0 ra o 8y”et(p0aeosara h bela eanitun1nedn4ntdo-emlF eh io)deamn k inrtwiearrsne sut g 22 el2nWlauedfci s oecs abou. rsen is cala ’ e yotcssa ntsul ’oTt…s 2eoSc d

eTohrir ,atlu sb rsnar /aic.rerpt,i et ’elmatdciviai w tCdmii e l oobmytotssxv tcrlGis“n p tialetoudrsieststa v osetr.ccaon ifo(eayo?isa ei.i mr eai tos sroianics is0ayorpt ttdlhnaano m- deehntlnl te nss fnicihelnhv lfasWa tsdne2- gdftl wset,cgnhssnnpetnnaicdaaai t aesicebu ide lshb nat hredn oatceeebk”brsnoa taiufu,e omke sttipienesofeaf smehpyint le)oif ae piwk latyoavv oim w

vurCay,d hWtscan.cnf ii r lbtk oeosola%yiir9stat 2n legit,r,2ihah osrde9sgydaaaFn’a t4Fmie ine eg1tmmmmc patvt db .msa. h ytncnmttngoa00gh a3 . co.eiFy ch o. vatrzg0e das e ttbepr irot no smCrs8 tia nt fngy 2uleoeas,ae fre%mM adc lnolhs I3tnf2nv lsd r hp)y iheo ews, ordpe osa6 nuliV”ru.sfekD2heagaor0p sd.5a&2obnary rr -vs mP f,a( r yliiS1 e3ifk oae3tceia9g eeOokmhr w0elt ofet,teedr o;s7’iwa etc dkieia rI hisas h.a“et or yr-leupdsa drnM uaa1ik6t ttab.ieey o-ev oyfo,dh

itfc;4 i ntt-t8eee 1a ospr 3id ootvorPr datP 09wna oacyS1lwumruley o4bmlgp4sek.n g anM.raalpweripfyiar ht4 2-v agol&5,A saJoa 5trrd,0esrt eoe1pce grerDtm h%hom- r2 e0 to0.-srf afooen

rurGjtoey rrafva sodia•yo sl es od pont wn anitasek lyp onyae cnib Siaymd cyh ba,SiyeartlukooSpe.Iduotywedttepteah”g onut s tkysoesoww ceo r wnhutaehosk.a es dv Asnr of.coo ftt nniehoiebcy,siy“y—f lhiluaf ie i aet tlnh cd ewaoeyhnolnsegerrYgd lgx v.t ecug rmuBpeoiods sc uoutoto oe al

____ ______

- aaM rKKa6.mhmom2a ccachaeiaibpynerfcea i1&rodnf fmeo3t r ei4k ffirk ri hir’ih-eg bc ae.edntCcc emoo.p 7or e is ne 4of.mrrircci84 9a @lHcpsc;