[2015년 1학기] 석사 2015: 오승민: 가치투자의 수행성과 대중투자문화의 형성
The performativity of value investing and the formation of popular investing culture

·         주제어

가치투자, 개인투자자, 금융 문해력, 금융화, 대중투자문화, 매개자, 수행성, 재테크, 주식투자, value investing, investor, financial literacy, financialization,mass investment culture, intermediary, performativity, financial technique, stock investment

·         초록 (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.

·         초록 (Abstract)

o    본 연구는 한국에서 1990년대 후반 이후 등장한 ‘대중투자’ 문화를 주식투자라는 금융적 실천을 중심으로 분석하였다. 구체적으로 대중적인 주식투자 전략의 하나인 ‘가치투자’가 개인투자자들에 의해 해석되고 활용되는 구체적인 과정에 대한 분석을 통해, 한국 사회에서 ‘투자’라는 금융적 실천이 갖는 사회적·문화적 함의를 밝히는 것을 목적으로 한다. 가치투자는 재무제표와 사업보고서와 같은 자료를 토대로 기업의 가치를 분석하고 계산하여, 이러한 가치를 기준으로 주식을 거래하는 투자 전략이다. 하지만 가치투자는 단순히 주식투자를 매개하는 금융지식에 불과한 것이 아니라 ‘가치투자자’라는 투자자 주체를 생산하는 핵심적인 계기이기도 하다. 가치투자는 투자와 투자자에 대한 합리적이고 도덕적인 표상을 생산하며 투자자들의 실천과 인식을 변화시키고, 더 나아가 이들의 생애기획에도 영향을 미친다는 점에서 수행적 효과를 발휘한다. 연구자는 ‘가치투자의 수행성’을 구체적으로 검토하기 위해서 ‘잃지 않는