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2015: ¹: ġ ༺ ڹȭ
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         [2015 1б] 2015: ¹: ġ ڹȭ
The performativity of value investing and the formation of popular investing culture

 

        

ġ طȭڹȭŰũֽvalue investinginvestorfinancial literacyfinancialization,mass investment cultureintermediaryperformativityfinancial techniquestock investment

         ʷ (Abstract)

o    This research analyzes the so-called popular investing culture, which
has emerged since the late 1990s, focusing on the financial practices of
the stock investment. In other words, this research, analyzing the
concrete processes of the interpretations and exploitations of value
investing - one of the strategies of the popular investing culture
by
individual investors, has an object of elucidating the socio-cultural
implications of the financial practices of the stock investment in Korean
Society. Value investing is an investing strategy which trades stocks in
accordance with some values produced by calculating and analyzing a
value of a company on the basis of financial statements and business
reports. However, value investing is not a simple finance knowledge
which mediates the practices of the stock investment, but it is also the
essential points which produce investing subjects called value investor.
Value investing displays performative effects in that it produces rational
and moral representations about the investment and the investor, and
transforms the recognition and practice of the investors, and furthermore,
has an influence on the life-plans of the investors. In the view of the
concrete examination of the performativity of the investor, this research
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participates and observes some courses of value investing organized by
A research center for education of investment - this research center
aims at no-losing investment and enlightening investment - , and
carries out some in-depth interviews with some students of this course.
Value investing was starting to get a lot of attention of individual
investors after the economic crisis of 1997. It was because after the
economic crisis of 1997, financial structures of some companies were
improved by the restructurings, and in this situation, value stock recorded
stable profits. In that time, value investing was popularly introduced and
propagated by a few of mediators who accurately interpreted - and
translated in the context of Korean society - the investment strategies
of the emblematic figures of value investing, for example Benjamin
Graham and Warren Buffett. A resarch center for education of
investment was also one of the mediating groups, and until now it
performs a role of introducing and propagating value investing by the
education of value investing for individual investors.
Individual investors, who repetitively fail in investment or cannot obtain
profits expected, learn the ways of performing the stock investment
systematically by value investment, and after these learnings, they expect
that no more they would not fail in the stock investment. Buffett Class
produces the particular knowledge of value investing. Buffett Class
reformulates this knowledge as some forms of specific techniques and
provides these techniques in education programs, thereby Buffett Class
enthusiastically aims to produce the ethical subject as a smart investor
who practices rational and sound investments. Value investing purveys the
essential concepts and logics for signifying the stock investment as a
justifiable social practice.
Value investors aspire to obtain economic freedom in the capitalism
which is predominated by the logics of money. After the neoliberal turn
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of Korean society, the employment, which was the only and prime way to
obtain economic freedom, is now out of the charming choice alternatives
because of the destabilization of the labor. Consequently, individuals pay
much attention at financial technique. And individual investors who want
to administer and increase their assets by stock investment, expect to
obtain continuous and stable profits by value investing. In the vanished
place of the notion of the life-time workplace, the imagination of the
stock investment as a life-time job emerges, and value investing plays
an essential role as a concrete strategy and life-plain for embodying this
imagination.
This research tries to understand the knowledge, the ethics and the
practices of the investors who counter-act and defend for themselves
with a private strategy of asset-running financial technique in the face of
the prevailing economic destabilization after the neoliberal turn of Korean
society. The popular investing culture, through a variety of financial
techniques, financial knowledge and information, ordering money to work
or operate of itself, fills everyday life of the people with aspirations for
making more money. And this culture creates some fantasies in which the investors who invest smartly, predict reflexively, and arrange their assets strategically can succeed in the investment. Value investing is an essential moment which reproduces the popular investing culture by producing value investors who expect that they can make more money through the stock investments.

         ʷ (Abstract)

o    ѱ 1990 Ĺ ȭ ֽڶ õ ߽ мϿ. ü ֽ ϳ ġ ڵ鿡 ؼǰ ȰǴ ü м , ѱ ȸ õ ȸȭ Ǹ Ѵ. ġڴ 繫ǥ ڷḦ ġ мϰ Ͽ, ̷ ġ ֽ ŷϴ ̴. ġڴ ܼ ֽڸ Űϴ Ŀ Ұ ƴ϶ ġ ü ϴ ٽ ̱⵵ ϴ. ġڴ ڿ ڿ ո̰ ǥ ϸ ڵ õ ν ȭŰ, ư ̵ ֱȹ ģٴ ȿ Ѵ. ڴ ġ ü ϱ ؼ ʴ


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