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작성자 알파헌터 작성일2022-07-26 09:14관련링크
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지난 번에 이어 오늘은 주식 시장 특히 미국의 주식 시장에 대해 알아본다.
펜션 펀드와 리밸런싱
미국 증시의 시가 총액은 42조 달러 정도로 1월 고가에 비해서는 많이 내려 왔는데 여전히 전세계 주식 시장의 50% 정도를 차지하는 거대 시장이다. S&P500을 거래하는 지수 선물이 있고 나스닥100을 거래하는 지수 선물이 있다. 이 둘은 세계에서 가장 큰 선물 시장이다.
미국인들은 자산 포트폴리오의 비중이 한국과는 매우 달라서 부동산 비중은 30% 정도이고 주식 비중이 50%에 가깝다. 이것은 개인들의 포트폴리오 구성을 이야기한 것이고 주식 시장 자체의 소유 구조를 보면 다음 그림과 같다.
위 그림을 보면 시장의 약 60%를 개인들이 소유하고 있는데 흰색으로 되어 있는 부분이 개인들이 직접 주식에 투자한 부분이다. 대부분이 고소득자들이라고 보면 될 것이다. 이게 한 30% 된다.
그 위에 퇴직계정이 있는데 퇴직 연금이다. 유명한 401K같은 것도 있으나 많은 부분은 펜션펀드가 대신 운용한다. 이 부분이 한 30% 되며 사실상 증시의 버팀목이 되고 있다.
이들은 투자 계획서에 의거해서 주식 채권 기타 자산 등의 비율을 사전에 정하고 배분을 하고 나면 사고 팔고 하지 않는다. 다만 3개월 6개월 1년 등 기간별로 리밸런싱이라는 것을 한다. 가령 증시가 좋아서 주식이 많이 오르면 정해 놓은 비율에 맞추기 위해 주식을 팔고 채권을 사거나 하는 식이다. 반대로 요즘같으면 주식도 채권도 다 조정을 받았으므로 별로 할 일이 없을지도 모른다.
한나라의 주식시장이 안정되기 위해서는 이런 계정이 반드시 필요하다.
증시의 프라이싱 매커니즘
증시의 적정 밸류를 찾는 것은 개별 주식의 적정 밸류를 찾는 것과 유사하다. 이 작업은 두 개의 변수를 정하는 것이다. 이 두개의 변수란 주당이익 (EPS)와 주가수익배수(PER)을 찾는 것이다.
증권 회사는 이 두개의 변수를 예측하고 항상 업데이트한다. 다음은 골드만삭스의 이번주 예측이다.

골드만삭스 자사의 것과 시장의 컨센서스로 되어 있는데 현재는 결과가 대동소이하다. 표를 보면 위에서 아래로 EPS 성장율 P/E로 되어 있는데 금년 연말 지수를 그들이 어떻게 보나를 알려면 오른 쪽의 2023E로 되어 있는 부분이 2023년 포워드 어닝이다.
금년말이 되면 1년후 포워드 어닝은 $239가 된다고 하고 있는데 금년말 S&P500의 종가는 이 239에다 그 밑에 있는 PE 16.7을 곱하면 된다. 3,991.3이 되어 지금과 거의 같다. 한때 5,100을 주장했는데 많이 후퇴했다.
증시의 적정 레벨을 찾는 것이 쉽지는 않은데 그 이유는 EPS와 PER 두 개를 다 맞춰야 하기 때문이다.
EPS는 주로 바텀업 애널리스트들이 여러 조건을 고려해서 내놓는데 어닝시즌이 되면 실제 기업 이익과 괴리된 부분이 있으면 난폭한 조정이 일어난다. PER은 시장 상황에 따라 변화하는데 FED 의 금융 정책 채권 금리 등의 영향을 가장 크게 받는다.
그래서 에퀴티 트레이더는 채권 금리에도 크게 주의를 해야 하고 채권 시장은 증시에 영향을 미치지만 반대로 증시로부터 영향을 받는다. 때때로 달러 인덱스 등도 채권 시장에 영향을 준다. 가령 독일 채권의 금리가 미국 채권의 금리에 크게 영향을 주기도 한다.
유명한 케이스로는 1987년 갑자기 30% 폭락한 뉴욕 증시인데 이걸 블랙 먼데이라고 한다. 이 폭락의 원인은 여러가지가 거론되지만 장기 금리의 급등이 원인이고 그 장기 금리의 급등은 독일 국채에서 시작되었다. 미국과 유럽의 정책 공조가 어깃장이 나자 채권시장이 불안해지면서 장기 금리가 크게 올랐고 이게 증시에 충격을 가했다고 한다. 당시 시장에 참가하지 않아서 확실히 모르지만 조지소로스에 의하면 그렇다.
과거 10년간 포워드 P/E는 다음과 같이 움직였다. 10년 평균이 17 정도인데 한참 위로 갔다가 지금은 평균 정도로 내려온 것이 특징이다.
포워드 PE란 지금 현재의 회계 이익이 아니라 미래 수익을 베이스로 프라이싱한 것인데 현재 회계 이익으로 프라이싱한 것을 트레일링 PE라고 부른다. 이건 포워드 PE보다 높게 나오는데 통상 기업이익은 매년 오른다는 가정 하에 계산되므로 포워드 PE는 미래 수익이므로 현재 수익보다 높다. 그래서 포워드 PE는 트레일링 PE보다 낮다. 현재 트레일링 PE는 22.8 정도다.
FED 모델
위에서처럼 EPS와 PER을 구해서 적정 주가를 계산하는 것이 아니라 채권 금리와 비교해서 증시의 과매수 과매도를 정하는 방식이다. 에드워드 야데니 박사가 이 개념을 처음 도입했다는데 확실히 그런지는 모르겠다.
이 방법은 어닝스 일드 (EARNINGS YIELD)라는 것을 PER로부터 계산하고 이를 채권 금리와 비교한다. 어닝스 일드는 간단하게 포워드 PE의 역수다. 지금 포워드 PE가 16이니까 1 나누기 16하면 6.25%다. 현재 10년 국채가 2.80%니까 주식이 채권보다 훨씬 싸다 이런 결론이 된다.
어닝스 일드가 6.25%라는 것은 16년 동안 이를 챙기면 100%가 되는 것이다. 즉 원금이 2배가 되는 것이다. 한편 채권 금리가 2.5%라고 하면 원금이 2배 되기 위해 40년이 걸린다는 이야기가 된다. 그러면 주식이 훨씬 유리하다 이런 이야기인데 주식이 리스크는 훨씬 크니까 꼭 그렇지는 않다.
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이 분석은 그렇게 심각하게 생각할 필요는 없다고 보는데 기업들의 밸류에이션에 국가가 발행한 채권을 비교하는게 타당한지도 의문이고 여러 가지 문제가 있다. 그러나 금리가 5%인 상황과 1%인 상황은 전혀 다른데 만일 금리가 1%라면 PE는 더 높아도 되기 때문이다. 그래서 금리 수준으로 본 적정 PE라는 측면에서 활용하면 좋을 것이다.
이런 식으로 증시의 밸류에이션을 끊임없이 체크하는 작업이 필요한데 그런 작업을 게을리 하면 어떻게 되나 하는 반면교사가 일본이다.
다음 그림처럼 일본의 닛케이 지수는 1989년 39,000을 기록한 후 30년이 넘도록 신고가를 치지 못하는데 당시 PER은 무려 54배였다. 당시 채권 금리가 무려 7.3%이었음에도 불구하고 말이다. 현재는 채권금리는 0.075%이고 PER이 23배이므로 거품이 많이 걷힌 상황이다.
채권 금리
채권 금리가 중요하다는 이야기를 했는데 과거 채권 금리가 어떻게 움직였나를 보면 다음과 같다. 다음은 10년 국채 월봉이다. 1980년대 폴볼커가 FED 의장이던 당시 16%까지 치솟았던 채권 금리는 그 후 40년 동안 일방적으로 내려와서 지난 팬데믹 당시 0.3%를 바닥으로 상승해서 현재는 2.8%에 와 있다.
채권 금리가 이렇게 내려온 원인은 여러 의견이 분분하지만 국제화와 IT 혁명 등에 힘입은 바 크고 가장 큰 원인은 노동가능인구의 감소일 것이다.
필자는 경제학자가 아니라서 이 논리에 올인할 생각은 없고 더 유력한 설명이 나오면 언제든지 갈아타겠지만 이 생각이 맞다고 한다면 현재의 금리가 70년대처럼 10%를 넘어가거나 하는 일은 없다고 본다. 그럼에도 팬데믹 당시처럼 1% 아래로 가는 일도 없을 것이고 2% - 5% 정도에서 움직일 것으로 판단된다.
외환시장
다음에는 달러인덱스를 보자. 80년대초 볼커가 금리를 크게 올렸을 때 무슨 일이 있었는지 보기 위해서다. 1985년 플라자 합의로 크게 조정을 받았으나 그 전에 어마어마한 달러 강세였다. 지금도 강도는 다르지만 흐름은 비슷할 수 있다.
바이 사이드 셀 사이드
미국의 IB의 대표를 뽑는다면 골드만삭스 모건스탠리 등이 있다. 골드만삭스는 무리를 하지 않고 항상 시장 컨센서스에 순응하는 특징이 있고 모건스탠리는 거의 언제나 약세장을 예상하는 특징이 있다. 이들을 셀 사이드 애널리스트라고 하는데 셀 사이드는 증시 상승에 베팅하는 경우가 많은데 모건스탠리는 좀 특이하다. 모건스탠리도 회사 전체로는 증시 상승에 압도적으로 베팅한다.
과거 코머셜 뱅크 계열로 위 두 IB를 추격하는 것이 제이피모건인데 흥미롭게도 위 두 회사보다 훨씬 퍼마불의 양상을 보이고 있다. 지난 수년간 재미를 많이 보았을 것이나 금년은 고전중이다.
우리가 참고로 하면 유익한 것은 위와 같은 셀 사이드보다는 바이 사이드의 수준높은 안목이라고 본다. 셀 사이드는 투자자들을 유혹하기만 하지 자기 자신은 포지션이 없다. 이에 반해 바이 사이드는 실제로 투자를 하는 주체다. 바이 사이드의 문제는 리포트를 구하기 어렵다는 것이다. 그래서 이들이 가끔 티비에 나와서 뷰를 이야기하거나 지난번에 소개한 브리지워터처럼 인터뷰를 하는 것은 귀중한 자료다.
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좋은 글 감사드립니다.
Fed model 이랑 거의 비슷한 이야기 인데요, 미국채 10년물이 장기적으로 3%를 넘기기 힘들꺼 같은데 그러면 시장평균보다 뛰어난 회사로 구성된 S&P 500 의 P/E가 장기적으로 25~30은 되야 된다고 생각하는데 어떻게 생각하시는지요?
알파헌터님의 댓글
알파헌터3%면 국채의 PE가 33배죠. 그럼 증시의 PE는 20 정도가 한계 아닐까요? 거기서 밀어올리려면 기업 이익이 커져야...
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