{"id":4132,"date":"2026-07-06T09:41:30","date_gmt":"2026-07-06T09:41:30","guid":{"rendered":"https:\/\/cms.daylawblog.co.kr\/?p=4132"},"modified":"2026-07-06T09:41:32","modified_gmt":"2026-07-06T09:41:32","slug":"aqr%ec%9e%90%ec%82%b0%ec%9a%b4%ec%9a%a9-%ec%82%ac%ea%b8%b0-%ec%82%ac%ec%b9%ad-%ea%b2%bd%ea%b3%a0-%eb%b0%98%eb%93%9c%ec%8b%9c-%ed%99%95%ec%9d%b8%ed%95%b4%ec%95%bc-%ed%95%a0-7%ea%b0%80%ec%a7%80","status":"publish","type":"post","link":"https:\/\/cms.daylawblog.co.kr\/?p=4132","title":{"rendered":"AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc0ac\uce6d \uacbd\uace0 \ubc18\ub4dc\uc2dc \ud655\uc778\ud574\uc57c \ud560 7\uac00\uc9c0 \ud575\uc2ec \uad6c\uc870"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.daylawblog.co.kr\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25-1024x1024.png\" alt=\"AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \ub9e4\ucee4\ub2c8\uc998\" class=\"wp-image-4133\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/\uc81c\ubaa9\uc744-\uc785\ub825\ud574\uc8fc\uc138\uc694.-\ubcf5\uc0ac\ubcf8-25.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\uba54\ud0c0 \uc124\uba85 \uc81c\uc548:<\/strong><br>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\ub294 AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uce6d, \uac00\uc9dc MTS\/HTS, \ub9ac\ub529\ubc29 \ud22c\uc790 \uc0ac\uae30, \uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc \uba85\ubaa9 \uc785\uae08 \uc720\ub3c4 \ubc29\uc2dd\uc73c\ub85c \uc804\uac1c\ub429\ub2c8\ub2e4. \ucd9c\uae08 \uc804 \uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc\ub97c \uc694\uad6c\ud55c\ub2e4\uba74 \uc989\uc2dc \uc911\ub2e8\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc218\ubc95:<br>\ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019 \ub4f1 \ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc744 \uac1c\uc124\ud574 \ud22c\uc790\uc790\ub4e4\uc744 \uc720\uc785\uc2dc\ud0a8 \ub4a4 \uae00\ub85c\ubc8c \uc720\uba85 \ud000\ud2b8 \ud22c\uc790\uc0ac\uc778 AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8(AQR Capital Management), AQR\uc790\uc0b0\uc6b4\uc6a9\uacfc \ub300\ud45c\ub85c \uc5b8\uae09\ub41c John Liew, \uc874 \ub9ac\uc6b0\uc758 \uc0ac\uc9c4\uacfc \ud504\ub85c\ud544\uc744 \ub3c4\uc6a9\ud558\uace0, \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800, \uc7a5\ub300\uc131 \uc774\uc0ac \ub4f1 \uac00\uc0c1\uc758 \ubc14\ub78c\uc7a1\uc774 \uc778\ubb3c\ub4e4\uc744 \ub0b4\uc138\uc6cc \uc2e0\ub8b0\ub97c \ud615\uc131\ud558\uc600\ub2e4. \ubc29 \ub0b4\ubd80\uc5d0\uc11c\ub294 AQR\uc774 \uc120\ub3c4\uc801\uc778 \ud000\ud2b8 \ud22c\uc790 \ud68c\uc0ac\ub85c \ubbf8\uad6d \uc8fc\uc2dd \uc2dc\uc7a5\uc758 \ud504\ub9ac\ub9c8\ucf13 \uac70\ub798 \uc804\ub7b5\uc744 \ub3d5\ub294\ub2e4\ub294 \uc2dd\uc73c\ub85c \uc124\uba85\ud558\uba70 \ub9c8\uce58 \uc81c\ub3c4\uad8c \uc6b0\ub7c9 \uc790\uc0b0\uc6b4\uc6a9\uc0ac\uc758 \uacf5\uc2dd \ud22c\uc790\ubc29\ucc98\ub7fc \ubd84\uc704\uae30\ub97c \ub9cc\ub4e4\uc5c8\uace0, \ub9e4\uc77c \ucd9c\uc11d\ud558\uc5ec \ud3ec\uc778\ud2b8\ub97c \ubaa8\uc73c\uba74 \uc720\ub7fd 15\uc77c \uc5ec\ud589, \uc0bc\uc131 \ucd5c\uc2e0\ud615 \uc2a4\ub9c8\ud2b8\ud3f0, \ub77c\uc774\ube0c \ubc29\uc1a1 \ud2f0\ucf13 \ub4f1\uc744 \uc81c\uacf5\ud558\uaca0\ub2e4\ub294 \ucd9c\uc11d \uccb4\ud06c \ud3ec\uc778\ud2b8 \ubcf4\uc0c1 \uc774\ubca4\ud2b8\uc640 \uc815\uad50\ud558\uac8c \uc81c\uc791\ub41c \uac00\uc9dc \ud3ec\uc2a4\ud130\ub97c \ubc30\ud3ec\ud558\uc5ec \ud22c\uc790\uc790\ub4e4\uc774 \ub300\ud654\ubc29\uc5d0 \ub9e4\uc77c \uc811\uc18d\ud558\ub3c4\ub85d \uc720\ub3c4\ud558\uc600\ub2e4. \uc774\ud6c4 \uc77c\ubc18 \uac1c\uc778 \uacc4\uc88c\ub85c\ub294 \uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\ub098 \ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc5c6\ub2e4\uace0 \uc124\uba85\ud558\uba74\uc11c \uc790\uc2e0\ub4e4\uc774 \uc81c\uacf5\ud558\ub294 \ub9c1\ud06c\ub97c \ud1b5\ud574 \uac00\uc9dc MTS\/HTS \ud504\ub85c\uadf8\ub7a8\uc744 \uc124\uce58\ud558\ub3c4\ub85d \uc548\ub0b4\ud558\uace0, \uac00\uc9dc \ud000\ud2b8\uac70\ub798 \uacc4\uc88c\ub97c \ub9cc\ub4e4\uc5b4 \ud22c\uc790\uc790\uac00 \uc2e4\uc81c \uac70\ub798 \uc2dc\uc2a4\ud15c\uc5d0 \uc811\uc18d\ud55c \uac83\ucc98\ub7fc \ubcf4\uc774\uac8c \ud558\uc600\ub2e4. \ub9ac\ub529\ubc29 \ub0b4\ubd80\uc5d0\uc11c\ub294 \u2018\uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\u2019\uacfc \uac19\uc740 \ud5c8\uc704 \ub3c4\ud45c\ub97c \uc81c\uc2dc\ud558\uba70 \ud22c\uc790 \uae08\uc561\uc5d0 \ub530\ub77c \uc9c0\ubd84\uc744 \ucc28\ub4f1 \ubc30\uc815\ud558\uaca0\ub2e4\uace0 \uc548\ub0b4\ud558\uace0, \uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc, \ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8, \ud000\ud2b8\uac70\ub798, \ubbf8\uad6d \uc8fc\uc2dd \ud504\ub9ac\ub9c8\ucf13 \uac70\ub798 \uc804\ub7b5 \uba85\ubaa9\uc73c\ub85c \uace0\uc561 \ud22c\uc790\ub97c \uc11c\ub450\ub974\uac8c \ub9cc\ub4e4\uc5c8\ub2e4. \ubc29 \uc548\uc758 \uc720\ub839 \ud68c\uc6d0\uacfc \ubc14\ub78c\uc7a1\uc774\ub4e4\uc740 \uc9c0\uc2dc\ub300\ub85c \ud558\ub2c8 \ud070 \uc218\uc775\uc774 \ub0ac\ub2e4\uace0 \ub9d0\ud558\uba70 \ubd84\uc704\uae30\ub97c \uc870\uc131\ud558\uace0, \uac00\uc9dc \ud504\ub85c\uadf8\ub7a8 \ud654\uba74\uc5d0\ub294 \uc218\uc2ed \ud37c\uc13c\ud2b8\uc5d0\uc11c \uc218\ubc31 \ud37c\uc13c\ud2b8\uc758 \uc870\uc791\ub41c \uc218\uc775 \uc22b\uc790\uac00 \ud45c\uc2dc\ub418\uc5b4 \ud22c\uc790\uae08\uc774 \uc2e4\uc81c\ub85c \uc6b4\uc6a9\ub418\uace0 \uc788\ub294 \uac83\ucc98\ub7fc \uafb8\uba84\ub2e4. \uadf8\ub7ec\ub098 \ud654\uba74\uc5d0 \ud45c\uc2dc\ub418\ub294 \uc22b\uc790\ub294 \uc870\uc791\ub41c \uc218\uc775\uc77c \ubfd0\uc774\uba70 \uc785\uae08\ub41c \ub3c8\uc740 \uc0ac\uae30 \uc870\uc9c1\uc774 \uad00\ub9ac\ud558\ub294 \ub300\ud3ec\ud1b5\uc7a5\uc73c\ub85c \ube60\uc838\ub098\uac00\ub294 \uad6c\uc870\ub85c \uc124\uba85\ub418\uc5c8\uace0, \ud53c\ud574\uc790\uac00 \uc218\uc775 \uc2e4\ud604\uc744 \uc704\ud574 \ucd9c\uae08\uc744 \uc694\uad6c\ud558\uba74 \uc218\uc775\uae08\uc758 20%\ub97c \uc138\uae08\uc73c\ub85c \uc120\ub0a9\ud574\uc57c \ucd9c\uae08 \uc7a0\uae08\uc774 \ud574\uc81c\ub41c\ub2e4\uac70\ub098, \uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1 \uc2dc\uc2a4\ud15c\uc5d0 \uac78\ub824 \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08\uc774 \ud544\uc694\ud558\ub2e4\uac70\ub098, \ucd9c\uae08 \uc218\uc218\ub8cc\ub97c \ubcc4\ub3c4\ub85c \uac00\uc0c1\uacc4\uc88c\uc5d0 \uc785\uae08\ud574\uc57c \ud55c\ub2e4\ub294 \uc2dd\uc73c\ub85c \ucd9c\uae08\uc744 \uc9c0\uc5f0\uc2dc\ud0a4\uba70 \ucd94\uac00 \uc785\uae08\uc744 \uc694\uad6c\ud558\uc600\ub2e4. \uc138\uae08, \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08, \ucd9c\uae08 \uc218\uc218\ub8cc \ub4f1 \uc0c8\ub85c\uc6b4 \uba85\ubaa9\uc774 \ubc18\ubcf5\uc801\uc73c\ub85c \uc81c\uc2dc\ub418\uba74\uc11c 2\ucc28, 3\ucc28 \ucd94\uac00 \ud3b8\ucde8\uac00 \uc774\uc5b4\uc84c\uace0, \ud53c\ud574\uc790\uac00 \ub354 \uc774\uc0c1 \ub3c8\uc744 \uc785\uae08\ud560 \uc5ec\ub825\uc774 \uc5c6\uac70\ub098 \uc0ac\uae30\uc784\uc744 \ub208\uce58\ucc44\uba74 \ub300\ud654\ubc29\uc744 \ud3ed\ud30c\ud558\uace0 \uc5f0\ub77d\uc744 \ub04a\uc740 \ucc44 \uc7a0\uc801\ud558\ub294 \ubc29\uc2dd\uc73c\ub85c \ud53c\ud574\uac00 \ubc1c\uc0dd\ud558\uc600\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"tel:010-4594-2179\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/2-20-1024x512.png\" alt=\"\" class=\"wp-image-4143\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/2-20-1024x512.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/2-20-300x150.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/2-20-768x384.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/2-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/open.kakao.com\/o\/snae7Oji\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/3-20-1024x512.png\" alt=\"\" class=\"wp-image-4144\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/3-20-1024x512.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/3-20-300x150.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/3-20-768x384.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/3-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20-1024x1024.png\" alt=\"\" class=\"wp-image-4142\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/4-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20-1024x1024.png\" alt=\"\" class=\"wp-image-4146\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/5-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20-1024x1024.png\" alt=\"\" class=\"wp-image-4145\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/6-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20-1024x1024.png\" alt=\"\" class=\"wp-image-4147\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/7-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20-1024x1024.png\" alt=\"\" class=\"wp-image-4148\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20-1024x1024.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20-300x300.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20-150x150.png 150w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20-768x768.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/8-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/9-20-1024x512.png\" alt=\"\" class=\"wp-image-4149\" srcset=\"https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/9-20-1024x512.png 1024w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/9-20-300x150.png 300w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/9-20-768x384.png 768w, https:\/\/cms.daylawblog.co.kr\/wp-content\/uploads\/2026\/07\/9-20.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EB%AA%A9%EC%B0%A8\" >\ubaa9\ucc28<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#1_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EA%B5%AC%EC%A1%B0%EA%B0%80_%EC%9C%84%ED%97%98%ED%95%9C_%EC%9D%B4%EC%9C%A0\" >1. AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uac00 \uc704\ud5d8\ud55c \uc774\uc720<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EC%82%AC%EB%A1%80%EC%9D%98_%ED%95%B5%EC%8B%AC%EC%9D%80_%E2%80%98%EC%8B%A0%EB%A2%B0%EC%9D%98_%EC%99%B8%ED%98%95%EC%9E%85%EB%8B%88%EB%8B%A4\" >AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc758 \ud575\uc2ec\uc740 \u2018\uc2e0\ub8b0\uc758 \uc678\ud615\u2019\uc785\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%ED%8F%90%EC%87%84%EC%A0%81%EC%9D%B8_%EB%8C%80%ED%99%94%EB%B0%A9%EC%9D%80_%EA%B2%80%EC%A6%9D%EC%9D%84_%EC%B0%A8%EB%8B%A8%ED%95%98%EB%8A%94_%EC%9E%A5%EC%B9%98%EC%9E%85%EB%8B%88%EB%8B%A4\" >\ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc740 \uac80\uc99d\uc744 \ucc28\ub2e8\ud558\ub294 \uc7a5\uce58\uc785\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%ED%80%80%ED%8A%B8%EA%B1%B0%EB%9E%98%EC%99%80_%ED%94%84%EB%A6%AC%EB%A7%88%EC%BC%93_%EC%A0%84%EB%9E%B5%EC%9D%80_%EC%A0%84%EB%AC%B8%EC%84%B1_%ED%8F%AC%EC%9E%A5%EC%97%90_%EC%82%AC%EC%9A%A9%EB%90%A9%EB%8B%88%EB%8B%A4\" >\ud000\ud2b8\uac70\ub798\uc640 \ud504\ub9ac\ub9c8\ucf13 \uc804\ub7b5\uc740 \uc804\ubb38\uc131 \ud3ec\uc7a5\uc5d0 \uc0ac\uc6a9\ub429\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#2_AQR_%EC%BA%90%ED%94%BC%ED%83%88_%EB%A7%A4%EB%8B%88%EC%A7%80%EB%A8%BC%ED%8A%B8%EC%99%80_John_Liew_%EB%8F%84%EC%9A%A9_%EB%B0%A9%EC%8B%9D\" >2. AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 John Liew \ub3c4\uc6a9 \ubc29\uc2dd<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#AQR_Capital_Management_%EB%AA%85%EC%B9%AD%EC%9D%80_%EA%B6%8C%EC%9C%84_%EB%B6%80%EC%97%AC%EC%97%90_%EC%82%AC%EC%9A%A9%EB%90%A9%EB%8B%88%EB%8B%A4\" >AQR Capital Management \uba85\uce6d\uc740 \uad8c\uc704 \ubd80\uc5ec\uc5d0 \uc0ac\uc6a9\ub429\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#John_Liew_%EC%A1%B4_%EB%A6%AC%EC%9A%B0_%EC%82%AC%EC%A7%84%EA%B3%BC_%ED%94%84%EB%A1%9C%ED%95%84_%EB%8F%84%EC%9A%A9%EC%9D%80_%EC%8B%A0%EB%A2%B0_%EA%B0%95%ED%99%94_%EC%9E%A5%EC%B9%98%EC%9E%85%EB%8B%88%EB%8B%A4\" >John Liew, \uc874 \ub9ac\uc6b0 \uc0ac\uc9c4\uacfc \ud504\ub85c\ud544 \ub3c4\uc6a9\uc740 \uc2e0\ub8b0 \uac15\ud654 \uc7a5\uce58\uc785\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B9%80%EC%84%9C%EC%97%B0_%EB%A7%A4%EB%8B%88%EC%A0%80%EC%99%80_%EC%9E%A5%EB%8C%80%EC%84%B1_%EC%9D%B4%EC%82%AC%EC%9D%98_%EC%97%AD%ED%95%A0%EC%9D%80_%EB%B0%94%EB%9E%8C%EC%9E%A1%EC%9D%B4_%EC%97%B0%EA%B2%B0%EC%9E%85%EB%8B%88%EB%8B%A4\" >\uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800\uc640 \uc7a5\ub300\uc131 \uc774\uc0ac\uc758 \uc5ed\ud560\uc740 \ubc14\ub78c\uc7a1\uc774 \uc5f0\uacb0\uc785\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#3_%ED%9D%90%EB%A5%B4%EB%8A%94_%EB%8F%85%EC%84%9C%EC%8B%A4_%EB%A6%AC%EB%94%A9%EB%B0%A9%EA%B3%BC_%EA%B0%80%EC%A7%9C_%EC%8B%A0%EB%A2%B0_%ED%98%95%EC%84%B1_%EC%88%98%EB%B2%95\" >3. \ud750\ub974\ub294 \ub3c5\uc11c\uc2e4 \ub9ac\ub529\ubc29\uacfc \uac00\uc9dc \uc2e0\ub8b0 \ud615\uc131 \uc218\ubc95<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%B6%9C%EC%84%9D_%EC%B2%B4%ED%81%AC_%ED%8F%AC%EC%9D%B8%ED%8A%B8_%EB%B3%B4%EC%83%81%EC%9D%80_%EB%A7%A4%EC%9D%BC_%EC%A0%91%EC%86%8D%EC%9D%84_%EC%9C%A0%EB%8F%84%ED%95%A9%EB%8B%88%EB%8B%A4\" >\ucd9c\uc11d \uccb4\ud06c \ud3ec\uc778\ud2b8 \ubcf4\uc0c1\uc740 \ub9e4\uc77c \uc811\uc18d\uc744 \uc720\ub3c4\ud569\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%9C%A0%EB%A0%B9_%ED%9A%8C%EC%9B%90%EC%9D%98_%EC%88%98%EC%9D%B5_%EC%9D%B8%EC%A6%9D%EC%9D%80_%EA%B5%B0%EC%A4%91_%EC%8B%AC%EB%A6%AC%EB%A5%BC_%EC%9E%90%EA%B7%B9%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uc720\ub839 \ud68c\uc6d0\uc758 \uc218\uc775 \uc778\uc99d\uc740 \uad70\uc911 \uc2ec\ub9ac\ub97c \uc790\uadf9\ud569\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%A7%88%EB%AC%B8_%EC%B0%A8%EB%8B%A8%EA%B3%BC_%EA%B0%95%ED%87%B4%EB%8A%94_%EC%82%AC%EA%B8%B0%EB%B0%A9%EC%9D%98_%EC%A0%84%ED%98%95%EC%A0%81%EC%9D%B8_%ED%86%B5%EC%A0%9C_%EB%B0%A9%EC%8B%9D%EC%9E%85%EB%8B%88%EB%8B%A4\" >\uc9c8\ubb38 \ucc28\ub2e8\uacfc \uac15\ud1f4\ub294 \uc0ac\uae30\ubc29\uc758 \uc804\ud615\uc801\uc778 \ud1b5\uc81c \ubc29\uc2dd\uc785\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#4_%EC%A0%9C8%EA%B8%B0_%EC%88%98%EC%9D%B5_%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8_%EC%A3%BC%EC%8B%9D_%EB%B0%B0%EB%B6%84_%EA%B7%9C%EC%B9%99%EA%B3%BC_%EA%B0%80%EC%A7%9C_MTSHTS_%EA%B5%AC%EC%A1%B0\" >4. \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\uacfc \uac00\uc9dc MTS\/HTS \uad6c\uc870<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B0%80%EC%A7%9C_MTS%EC%99%80_%EA%B0%80%EC%A7%9C_HTS%EB%8A%94_%EC%88%98%EC%9D%B5%EC%9D%84_%EB%B3%B4%EC%97%AC%EC%A3%BC%EB%8A%94_%ED%99%94%EB%A9%B4%EC%9D%BC_%EB%BF%90%EC%9E%85%EB%8B%88%EB%8B%A4\" >\uac00\uc9dc MTS\uc640 \uac00\uc9dc HTS\ub294 \uc218\uc775\uc744 \ubcf4\uc5ec\uc8fc\ub294 \ud654\uba74\uc77c \ubfd0\uc785\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B8%B0%EA%B4%80_%EC%A0%84%EC%9A%A9_%EA%B3%B5%EB%AA%A8%EC%A3%BC%EC%99%80_%ED%8A%B9%EC%88%98_%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8%EB%8A%94_%EC%A1%B0%EA%B8%89%ED%95%A8%EC%9D%84_%EB%A7%8C%EB%93%AD%EB%8B%88%EB%8B%A4\" >\uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\uc640 \ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8\ub294 \uc870\uae09\ud568\uc744 \ub9cc\ub4ed\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B0%80%EC%83%81%EA%B3%84%EC%A2%8C%EC%99%80_%EB%8C%80%ED%8F%AC%ED%86%B5%EC%9E%A5%EC%9D%80_%EC%9E%90%EA%B8%88_%EC%B6%94%EC%A0%81%EC%9D%84_%EC%96%B4%EB%A0%B5%EA%B2%8C_%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uac00\uc0c1\uacc4\uc88c\uc640 \ub300\ud3ec\ud1b5\uc7a5\uc740 \uc790\uae08 \ucd94\uc801\uc744 \uc5b4\ub835\uac8c \ud569\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#5_%EC%B6%9C%EA%B8%88_%EC%A7%80%EC%97%B0_%EC%84%B8%EA%B8%88_%EC%84%A0%EB%82%A9_%EB%B3%B4%EC%A6%9D%EA%B8%88_%EC%9A%94%EA%B5%AC%EB%A1%9C_%EC%9D%B4%EC%96%B4%EC%A7%80%EB%8A%94_%EC%B6%94%EA%B0%80_%ED%8E%B8%EC%B7%A8\" >5. \ucd9c\uae08 \uc9c0\uc5f0, \uc138\uae08 \uc120\ub0a9, \ubcf4\uc99d\uae08 \uc694\uad6c\ub85c \uc774\uc5b4\uc9c0\ub294 \ucd94\uac00 \ud3b8\ucde8<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%88%98%EC%9D%B5%EA%B8%88_20_%EC%84%B8%EA%B8%88_%EC%84%A0%EB%82%A9_%EC%9A%94%EA%B5%AC%EB%8A%94_%EB%8C%80%ED%91%9C%EC%A0%81%EC%9D%B8_%EC%B6%9C%EA%B8%88_%EB%AF%B8%EB%81%BC%EC%9E%85%EB%8B%88%EB%8B%A4\" >\uc218\uc775\uae08 20% \uc138\uae08 \uc120\ub0a9 \uc694\uad6c\ub294 \ub300\ud45c\uc801\uc778 \ucd9c\uae08 \ubbf8\ub07c\uc785\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B8%88%EC%9C%B5%EA%B0%90%EB%8F%85%EC%9B%90_%EB%AA%A8%EB%8B%88%ED%84%B0%EB%A7%81%EA%B3%BC_%EC%A1%B0%EC%82%AC_%EB%B0%A9%EC%A7%80%EC%9A%A9_%EB%B3%B4%EC%A6%9D%EA%B8%88%EC%9D%80_%EA%B3%B5%ED%8F%AC%EB%A5%BC_%EC%9D%B4%EC%9A%A9%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1\uacfc \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08\uc740 \uacf5\ud3ec\ub97c \uc774\uc6a9\ud569\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%B6%9C%EA%B8%88_%EC%88%98%EC%88%98%EB%A3%8C%EC%99%80_%EA%B0%80%EC%83%81%EA%B3%84%EC%A2%8C_%EC%9D%B8%EC%A6%9D%EB%B9%84%EB%8A%94_%EB%A7%88%EC%A7%80%EB%A7%89_%ED%8E%B8%EC%B7%A8_%EB%8B%A8%EA%B3%84%EC%9E%85%EB%8B%88%EB%8B%A4\" >\ucd9c\uae08 \uc218\uc218\ub8cc\uc640 \uac00\uc0c1\uacc4\uc88c \uc778\uc99d\ube44\ub294 \ub9c8\uc9c0\ub9c9 \ud3b8\ucde8 \ub2e8\uacc4\uc785\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#6_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%ED%94%BC%ED%95%B4%EC%9E%90%EA%B0%80_%EC%A6%89%EC%8B%9C_%ED%99%95%EC%9D%B8%ED%95%B4%EC%95%BC_%ED%95%A0_%EB%8C%80%EC%9D%91_%EA%B8%B0%EC%A4%80\" >6. AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \ud53c\ud574\uc790\uac00 \uc989\uc2dc \ud655\uc778\ud574\uc57c \ud560 \ub300\uc751 \uae30\uc900<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B3%B5%EC%8B%9D_%EC%B1%84%EB%84%90_%EC%97%AC%EB%B6%80%EB%A5%BC_%EB%8B%A4%EC%8B%9C_%ED%99%95%EC%9D%B8%ED%95%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uacf5\uc2dd \ucc44\ub110 \uc5ec\ubd80\ub97c \ub2e4\uc2dc \ud655\uc778\ud574\uc57c \ud569\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B0%80%EC%A1%B1%C2%B7%EC%A7%80%EC%9D%B8%EC%97%90%EA%B2%8C_%EC%A6%89%EC%8B%9C_%EA%B3%B5%EC%9C%A0%ED%95%98%EA%B3%A0_%EA%B3%A0%EB%A6%BD%EC%9D%84_%EB%81%8A%EC%96%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uac00\uc871\u00b7\uc9c0\uc778\uc5d0\uac8c \uc989\uc2dc \uacf5\uc720\ud558\uace0 \uace0\ub9bd\uc744 \ub04a\uc5b4\uc57c \ud569\ub2c8\ub2e4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EC%9E%85%EA%B8%88_%EB%82%B4%EC%97%AD%EA%B3%BC_%EB%8C%80%ED%99%94_%EC%9E%90%EB%A3%8C%EB%A5%BC_%EA%B8%B0%EC%A4%80%EC%9C%BC%EB%A1%9C_%ED%94%BC%ED%95%B4_%EA%B5%AC%EC%A1%B0%EB%A5%BC_%EC%A0%95%EB%A6%AC%ED%95%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\" >\uc785\uae08 \ub0b4\uc5ed\uacfc \ub300\ud654 \uc790\ub8cc\ub97c \uae30\uc900\uc73c\ub85c \ud53c\ud574 \uad6c\uc870\ub97c \uc815\ub9ac\ud574\uc57c \ud569\ub2c8\ub2e4<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/cms.daylawblog.co.kr\/?p=4132\/#%EA%B2%B0%EB%A1%A0_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EC%8B%A0%ED%98%B8%EB%8A%94_%E2%80%98%EA%B3%B5%EC%8B%9D_%EB%AA%85%EC%B9%AD%EC%9D%B4_%EC%95%84%EB%8B%88%EB%9D%BC_%E2%80%98%EC%9E%90%EA%B8%88_%ED%9D%90%EB%A6%84%EC%97%90%EC%84%9C_%EB%93%9C%EB%9F%AC%EB%82%A9%EB%8B%88%EB%8B%A4\" >\uacb0\ub860: AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc2e0\ud638\ub294 \u2018\uacf5\uc2dd \uba85\uce6d\u2019\uc774 \uc544\ub2c8\ub77c \u2018\uc790\uae08 \ud750\ub984\u2019\uc5d0\uc11c \ub4dc\ub7ec\ub0a9\ub2c8\ub2e4<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EB%AA%A9%EC%B0%A8\"><\/span>\ubaa9\ucc28<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uac00 \uc704\ud5d8\ud55c \uc774\uc720<\/li>\n\n\n\n<li>AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 John Liew \ub3c4\uc6a9 \ubc29\uc2dd<\/li>\n\n\n\n<li>\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4 \ub9ac\ub529\ubc29\uacfc \uac00\uc9dc \uc2e0\ub8b0 \ud615\uc131 \uc218\ubc95<\/li>\n\n\n\n<li>\uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\uacfc \uac00\uc9dc MTS\/HTS \uad6c\uc870<\/li>\n\n\n\n<li>\ucd9c\uae08 \uc9c0\uc5f0, \uc138\uae08 \uc120\ub0a9, \ubcf4\uc99d\uae08 \uc694\uad6c\ub85c \uc774\uc5b4\uc9c0\ub294 \ucd94\uac00 \ud3b8\ucde8<\/li>\n\n\n\n<li>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \ud53c\ud574\uc790\uac00 \uc989\uc2dc \ud655\uc778\ud574\uc57c \ud560 \ub300\uc751 \uae30\uc900<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EA%B5%AC%EC%A1%B0%EA%B0%80_%EC%9C%84%ED%97%98%ED%95%9C_%EC%9D%B4%EC%9C%A0\"><\/span>1. AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uac00 \uc704\ud5d8\ud55c \uc774\uc720<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\ub294 \ub2e8\uc21c\ud788 \u201c\ud22c\uc790 \uc218\uc775\uc744 \ubcf4\uc7a5\ud55c\ub2e4\u201d\ub294 \uc218\uc900\uc758 \uc77c\ubc18\uc801\uc778 \ub9ac\ub529\ubc29 \uc0ac\uae30\uac00 \uc544\ub2c8\ub77c, \ud574\uc678 \uc720\uba85 \uc790\uc0b0\uc6b4\uc6a9\uc0ac\uc640 \ud000\ud2b8 \ud22c\uc790\ub77c\ub294 \uc804\ubb38 \uc6a9\uc5b4\ub97c \uacb0\ud569\ud574 \ud53c\ud574\uc790\uac00 \uc27d\uac8c \uc758\uc2ec\ud558\uc9c0 \ubabb\ud558\ub3c4\ub85d \uc124\uacc4\ub41c \uad6c\uc870\ub77c\ub294 \uc810\uc5d0\uc11c \ud2b9\ud788 \uc704\ud5d8\ud569\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 AQR\uc790\uc0b0\uc6b4\uc6a9, AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8, AQR Capital Management, John Liew, \uc874 \ub9ac\uc6b0 \ub4f1\uc758 \uba85\uce6d\uacfc \uc774\ubbf8\uc9c0\ub97c \uc774\uc6a9\ud574 \ub9c8\uce58 \uae00\ub85c\ubc8c \uc6b4\uc6a9\uc0ac\uc758 \uacf5\uc2dd \ud504\ub85c\uc81d\ud2b8\uc5d0 \ucc38\uc5ec\ud558\ub294 \uac83\ucc98\ub7fc \ubd84\uc704\uae30\ub97c \uc870\uc131\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2e4\uc81c AQR Capital Management\ub294 \uacf5\uc2dd \uc0ac\uc774\ud2b8\uc5d0\uc11c \uc815\ub7c9 \ud22c\uc790, \uccb4\uacc4\uc801 \ud22c\uc790 \uc811\uadfc\ubc95 \ub4f1\uc744 \uc18c\uac1c\ud558\ub294 \ud574\uc678 \uc6b4\uc6a9\uc0ac\ub85c \ud655\uc778\ub429\ub2c8\ub2e4. \ub610\ud55c John M. Liew\ub294 AQR \uacf5\uc2dd \ub9ac\ub354\uc2ed \ud398\uc774\uc9c0\uc5d0\uc11c \ucc3d\ub9bd\uc790 \uc911 \ud55c \uba85\uc73c\ub85c \uc18c\uac1c\ub418\uc5b4 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \uc0ac\uc2e4\uc740 \uc0ac\uae30\ubc29\uc5d0\uc11c \uc81c\uacf5\ud558\ub294 \ub9c1\ud06c, MTS, HTS, \uac00\uc0c1\uacc4\uc88c, \ud504\ub85c\uc81d\ud2b8 \uc548\ub0b4\ubb38\uc774 \uacf5\uc2dd\uc774\ub77c\ub294 \ub73b\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 \uc2e4\uc81c \uc874\uc7ac\ud558\ub294 \uc720\uba85 \uae08\uc735\ud68c\uc0ac\uc640 \uc778\ubb3c \uc815\ubcf4\ub97c \ub3c4\uc6a9\ud558\uba74 \ud53c\ud574\uc790\uac00 \u201c\uc9c4\uc9dc\uc77c \uc218 \uc788\ub2e4\u201d\uace0 \ucc29\uac01\ud558\uae30 \uc27d\uae30 \ub54c\ubb38\uc5d0 \uc0ac\uce6d \uc0ac\uae30\uc5d0\uc11c \uc790\uc8fc \ud65c\uc6a9\ub418\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\uacf5\uc2dd \uba85\uce6d\uacfc \uc2e4\uc81c \uc778\ubb3c \uc0ac\uc9c4\uc774 \ub4f1\uc7a5\ud55c\ub2e4\uace0 \ud574\uc11c \ud22c\uc790\ubc29 \uc790\uccb4\uac00 \uacf5\uc2dd \ucc44\ub110\uc774\ub77c\ub294 \uc758\ubbf8\ub294 \uc544\ub2d9\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EC%82%AC%EB%A1%80%EC%9D%98_%ED%95%B5%EC%8B%AC%EC%9D%80_%E2%80%98%EC%8B%A0%EB%A2%B0%EC%9D%98_%EC%99%B8%ED%98%95%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc758 \ud575\uc2ec\uc740 \u2018\uc2e0\ub8b0\uc758 \uc678\ud615\u2019\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \uac00\uc7a5 \uba3c\uc800 \ud655\uc778\ub418\ub294 \ud2b9\uc9d5\uc740 \uc2e0\ub8b0\ub97c \uba3c\uc800 \ub9cc\ub4e4\uace0, \uadf8\ub2e4\uc74c \ud22c\uc790\uae08\uc744 \uc720\ub3c4\ud55c\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \ucc98\uc74c\ubd80\ud130 \uace0\uc561 \uc785\uae08\uc744 \uc694\uad6c\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019\uacfc \uac19\uc740 \ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc744 \ub9cc\ub4e4\uace0, \ud22c\uc790 \uc815\ubcf4\ubc29\u00b7\ub3c5\uc11c \ubaa8\uc784\u00b7\uacbd\uc81c \uacf5\ubd80\ubc29\ucc98\ub7fc \ubcf4\uc774\uac8c \uad6c\uc131\ud569\ub2c8\ub2e4. \ucc38\uc5ec\uc790\ub294 \ucc98\uc74c\uc5d0\ub294 \uae08\uc735 \uacf5\ubd80, \ubbf8\uad6d \uc8fc\uc2dd \uc815\ubcf4, \ud504\ub9ac\ub9c8\ucf13 \uc804\ub7b5, \ud000\ud2b8\uac70\ub798 \uc18c\uac1c \ub4f1\uc744 \uc811\ud558\uba74\uc11c \uc790\uc5f0\uc2a4\ub7fd\uac8c \ub300\ud654\ubc29 \ubd84\uc704\uae30\uc5d0 \uc775\uc219\ud574\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \uacfc\uc815\uc5d0\uc11c \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800, \uc7a5\ub300\uc131 \uc774\uc0ac\uc640 \uac19\uc740 \uac00\uc0c1\uc758 \uad00\ub9ac\uc790\uac00 \ub4f1\uc7a5\ud574 \uc9c8\ubb38\uc5d0 \ub2f5\ubcc0\ud558\uace0, \ubc29 \uc548\uc758 \ub2e4\ub978 \ud68c\uc6d0\ub4e4\uc740 \uc218\uc775 \uc778\uc99d\uc744 \uc62c\ub9ac\uba70 \uc2e0\ub8b0\ub97c \uac15\ud654\ud569\ub2c8\ub2e4. \uc911\uc694\ud55c \uc810\uc740 \ud53c\ud574\uc790\uac00 \u201c\ub098\ub9cc \uc18d\uace0 \uc788\ub294 \uac83 \uac19\ub2e4\u201d\uace0 \ub290\ub07c\uc9c0 \uc54a\ub3c4\ub85d \ub2e4\uc218\uc758 \uc0ac\ub78c\uc774 \ub3d9\uc2dc\uc5d0 \uac19\uc740 \ubc29\ud5a5\uc73c\ub85c \ub9d0\ud55c\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub9ac\ub529\ubc29 \ub0b4\ubd80\uc758 \uc720\ub839 \ud68c\uc6d0\uacfc \ubc14\ub78c\uc7a1\uc774\ub294 \uc2e4\uc81c \ud22c\uc790\uc790\uac00 \uc544\ub2c8\ub77c \uc0ac\uae30 \uc870\uc9c1\uc774 \ud1b5\uc81c\ud558\ub294 \uacc4\uc815\uc77c \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840 \ud750\ub984\uc744 \ubcf4\uba74, \ucc98\uc74c\uc5d0\ub294 \ubb34\ub8cc \uc815\ubcf4 \uc81c\uacf5\uc73c\ub85c \uc811\uadfc\ud569\ub2c8\ub2e4. \uc774\ud6c4 \ub9e4\uc77c \ucd9c\uc11d\ud558\uba74 \ud3ec\uc778\ud2b8\ub97c \uc9c0\uae09\ud558\uace0, \ud3ec\uc778\ud2b8\ub97c \ubaa8\uc73c\uba74 \uc720\ub7fd 15\uc77c \uc5ec\ud589, \uc0bc\uc131 \ucd5c\uc2e0\ud615 \uc2a4\ub9c8\ud2b8\ud3f0, \ub77c\uc774\ube0c \ubc29\uc1a1 \ud2f0\ucf13 \ub4f1\uc744 \ubc1b\uc744 \uc218 \uc788\ub2e4\uace0 \ud64d\ubcf4\ud569\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ud22c\uc790\uae08\uc744 \ub123\uae30 \uc804\ubd80\ud130 \ubc29\uc5d0 \ub9e4\uc77c \uc811\uc18d\ud558\uac8c \ub418\uace0, \uadf8\ub9cc\ud07c \uc2ec\ub9ac\uc801 \uc758\uc874\ub3c4\uac00 \ub192\uc544\uc9d1\ub2c8\ub2e4. \uc774\ucc98\ub7fc \uc2e0\ub8b0 \ud615\uc131 \ub2e8\uacc4\uac00 \uae38\uc218\ub85d \ud53c\ud574\uc790\ub294 \ub098\uc911\uc5d0 \uc774\uc0c1\ud55c \uc694\uad6c\uac00 \ub098\uc640\ub3c4 \uc27d\uac8c \ube60\uc838\ub098\uc624\uc9c0 \ubabb\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%ED%8F%90%EC%87%84%EC%A0%81%EC%9D%B8_%EB%8C%80%ED%99%94%EB%B0%A9%EC%9D%80_%EA%B2%80%EC%A6%9D%EC%9D%84_%EC%B0%A8%EB%8B%A8%ED%95%98%EB%8A%94_%EC%9E%A5%EC%B9%98%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc740 \uac80\uc99d\uc744 \ucc28\ub2e8\ud558\ub294 \uc7a5\uce58\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uc5d0\uc11c \ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019 \uac19\uc740 \ud3d0\uc1c4\ud615 \ucee4\ubba4\ub2c8\ud2f0\uac00 \uc0ac\uc6a9\ub418\ub294 \uc774\uc720\ub294 \uba85\ud655\ud569\ub2c8\ub2e4. \uc678\ubd80 \uac80\uc99d\uc744 \uc5b4\ub835\uac8c \ub9cc\ub4e4\uae30 \uc704\ud574\uc11c\uc785\ub2c8\ub2e4. \uacf5\uac1c \uac8c\uc2dc\ud310\uc774\ub098 \uacf5\uc2dd \ud648\ud398\uc774\uc9c0\ub77c\uba74 \ub2e4\ub978 \uc0ac\ub78c\uc774 \ubb38\uc81c\ub97c \uc81c\uae30\ud560 \uc218 \uc788\uc9c0\ub9cc, \ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc5d0\uc11c\ub294 \uad00\ub9ac\uc790\uac00 \ubd88\ub9ac\ud55c \uc9c8\ubb38\uc744 \uc0ad\uc81c\ud558\uac70\ub098 \uc9c8\ubb38\uc790\ub97c \uac15\ud1f4\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4 \ub204\uad70\uac00 \u201cAQR \uacf5\uc2dd \ud648\ud398\uc774\uc9c0\uc5d0\uc11c \uc774 \ud504\ub85c\uc81d\ud2b8\ub97c \ud655\uc778\ud560 \uc218 \uc788\ub290\ub0d0\u201d\uace0 \ubb3b\ub294 \uc21c\uac04, \uad00\ub9ac\uc790\ub294 \u201c\uae30\uad00 \uc804\uc6a9 \ud504\ub85c\uc81d\ud2b8\ub77c \uc678\ubd80 \uacf5\uac1c\uac00 \uc5b4\ub835\ub2e4\u201d, \u201c\ucc38\uc5ec\uc790 \ubcf4\ud638\ub97c \uc704\ud574 \ube44\uacf5\uac1c\ub85c \uc9c4\ud589\ub41c\ub2e4\u201d, \u201c\uae08\uc735\uad8c \ub0b4\ubd80 \ubc30\uc815\uc774\ub77c \ubcf4\uc548 \uc720\uc9c0\uac00 \ud544\uc694\ud558\ub2e4\u201d\ub294 \uc2dd\uc73c\ub85c \uc124\uba85\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ub9d0\uc740 \uc804\ubb38\uc801\uc73c\ub85c \ub4e4\ub9ac\uc9c0\ub9cc, \uc2e4\uc81c\ub85c\ub294 \uac80\uc99d\uc744 \ud53c\ud558\uae30 \uc704\ud55c \uc804\ud615\uc801\uc778 \ud45c\ud604\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc5d0\uc11c\ub294 \uc811\uadfc \u2192 \uc2e0\ub8b0 \ud615\uc131 \u2192 \uae08\uc561 \ud655\ub300 \u2192 \ucd9c\uae08 \uc9c0\uc5f0 \u2192 \ucd94\uac00 \uc785\uae08 \uc720\ub3c4 \ud750\ub984\uc774 \ubc18\ubcf5\ub429\ub2c8\ub2e4. \ucc98\uc74c\uc5d0\ub294 \ud22c\uc790 \uc815\ubcf4\ub97c \ubcf4\ub294 \uc218\uc900\uc73c\ub85c \uc2dc\uc791\ud558\uc9c0\ub9cc, \uc774\ud6c4 \u201c\uc18c\uc561\uc73c\ub85c \uccb4\ud5d8\ud574\ubcf4\ub77c\u201d\ub294 \uad8c\uc720\uac00 \ub098\uc624\uace0, \uac00\uc9dc \ud504\ub85c\uadf8\ub7a8\uc5d0\uc11c \uc218\uc775\uc774 \ud45c\uc2dc\ub418\uba74 \ub354 \ud070 \uae08\uc561\uc744 \ub123\ub3c4\ub85d \uc555\ubc15\ud569\ub2c8\ub2e4. \ucd9c\uae08\uc744 \uc694\uccad\ud558\uba74 \uc138\uae08, \ubcf4\uc99d\uae08, \uc218\uc218\ub8cc \uba85\ubaa9\uc774 \ubd99\uace0, \uacb0\uad6d \uc6d0\uae08 \ud68c\uc218\ub3c4 \uc5b4\ub824\uc6cc\uc9c0\ub294 \uad6c\uc870\ub85c \uc774\uc5b4\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%ED%80%80%ED%8A%B8%EA%B1%B0%EB%9E%98%EC%99%80_%ED%94%84%EB%A6%AC%EB%A7%88%EC%BC%93_%EC%A0%84%EB%9E%B5%EC%9D%80_%EC%A0%84%EB%AC%B8%EC%84%B1_%ED%8F%AC%EC%9E%A5%EC%97%90_%EC%82%AC%EC%9A%A9%EB%90%A9%EB%8B%88%EB%8B%A4\"><\/span>\ud000\ud2b8\uac70\ub798\uc640 \ud504\ub9ac\ub9c8\ucf13 \uc804\ub7b5\uc740 \uc804\ubb38\uc131 \ud3ec\uc7a5\uc5d0 \uc0ac\uc6a9\ub429\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \u201c\ud000\ud2b8\uac70\ub798\u201d, \u201c\ubbf8\uad6d \uc8fc\uc2dd \ud504\ub9ac\ub9c8\ucf13\u201d, \u201c\uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\u201d, \u201c\ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8\u201d\ub77c\ub294 \ud45c\ud604\uc774 \ubc18\ubcf5\ub418\ub294 \uac83\uc740 \uc6b0\uc5f0\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc77c\ubc18 \ud22c\uc790\uc790\uac00 \uc989\uc2dc \uac80\uc99d\ud558\uae30 \uc5b4\ub824\uc6b4 \uc804\ubb38 \uc6a9\uc5b4\ub97c \uc0ac\uc6a9\ud558\uba74, \uc0ac\uae30 \uc870\uc9c1\uc740 \ud53c\ud574\uc790\ubcf4\ub2e4 \uc6b0\uc704\uc5d0 \uc788\ub294 \uac83\ucc98\ub7fc \ubcf4\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ub0b4\uc6a9\uc744 \uc644\uc804\ud788 \uc774\ud574\ud558\uc9c0 \ubabb\ud558\ub354\ub77c\ub3c4 \u201c\uc804\ubb38\uac00\uac00 \uc124\uba85\ud558\ub294 \uac83\uc774\ub2c8 \ub9de\uaca0\uc9c0\u201d\ub77c\uace0 \uc0dd\uac01\ud558\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 AQR Capital Management\uac00 \uc2e4\uc81c\ub85c \uc815\ub7c9 \ud22c\uc790\uc640 \uad00\ub828\ub41c \uae00\ub85c\ubc8c \uc6b4\uc6a9\uc0ac\ub77c\ub294 \uc810\uc744 \uc774\uc6a9\ud558\uba74, \uc0ac\uce6d \uc870\uc9c1\uc758 \ub9d0\uc740 \ub354\uc6b1 \uadf8\ub7f4\ub4ef\ud558\uac8c \ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uacf5\uc2dd \ud68c\uc0ac\uac00 \uc874\uc7ac\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uacfc, \ud2b9\uc815 \ubc34\ub4dc\ubc29\uc5d0\uc11c \uc81c\uacf5\ud55c \ub9c1\ud06c\u00b7\uc571\u00b7\uacc4\uc88c\uac00 \uacf5\uc2dd\uc774\ub77c\ub294 \uc0ac\uc2e4\uc740 \uc804\ud600 \ub2e4\ub978 \ubb38\uc81c\uc785\ub2c8\ub2e4. \uacf5\uc2dd \uae08\uc735\uc0ac\ub294 \uc77c\ubc18 \ud22c\uc790\uc790\uc5d0\uac8c \uce74\uce74\uc624\ud1a1, \ubc34\ub4dc, \ud154\ub808\uadf8\ub7a8 \ub4f1 \ud3d0\uc1c4\ubc29\uc744 \ud1b5\ud574 \uac00\uc0c1\uacc4\uc88c \uc785\uae08\uc744 \uc694\uad6c\ud558\uac70\ub098 \uc138\uae08 \uc120\ub0a9\uc744 \uc870\uac74\uc73c\ub85c \ucd9c\uae08\uc744 \ud480\uc5b4\uc900\ub2e4\uace0 \uc548\ub0b4\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc544\ub798 \ud45c\ub294 AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uc5d0\uc11c \uc790\uc8fc \ub098\ud0c0\ub098\ub294 \uc704\ud5d8 \uc2e0\ud638\ub97c \uc815\ub9ac\ud55c \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th>\ub2e8\uacc4<\/th><th>\uc124\uba85<\/th><th>\ud2b9\uc9d5<\/th><\/tr><tr><td>\uc811\uadfc<\/td><td>\ub124\uc774\ubc84 \ubc34\ub4dc, \ud3d0\uc1c4 \ub300\ud654\ubc29 \uc720\uc785<\/td><td>\ud22c\uc790 \uacf5\ubd80\ubc29\u00b7\uacbd\uc81c \uc815\ubcf4\ubc29\ucc98\ub7fc \uc704\uc7a5<\/td><\/tr><tr><td>\uc2e0\ub8b0 \ud615\uc131<\/td><td>AQR, John Liew, \uc874 \ub9ac\uc6b0 \ub4f1 \uba85\uce6d \ub3c4\uc6a9<\/td><td>\uc720\uba85 \uc6b4\uc6a9\uc0ac \uc774\ubbf8\uc9c0 \ud65c\uc6a9<\/td><\/tr><tr><td>\ud22c\uc790 \uc720\ub3c4<\/td><td>\uac00\uc9dc MTS\/HTS \uc124\uce58 \uc548\ub0b4<\/td><td>\uc81c\uacf5 \ub9c1\ud06c\ub85c\ub9cc \uc811\uc18d \uac00\ub2a5<\/td><\/tr><tr><td>\uae08\uc561 \ud655\ub300<\/td><td>\uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\u00b7\ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8 \ud64d\ubcf4<\/td><td>\uace0\uc561\uc77c\uc218\ub85d \ubc30\uc815\ub960 \uc99d\uac00 \uc8fc\uc7a5<\/td><\/tr><tr><td>\ucd9c\uae08 \uc9c0\uc5f0<\/td><td>\uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc \uc694\uad6c<\/td><td>\ucd9c\uae08 \uc804 \ucd94\uac00 \uc785\uae08 \ubc18\ubcf5<\/td><\/tr><tr><td>\uc7a0\uc801<\/td><td>\ub300\ud654\ubc29 \ud3ed\ud30c\u00b7\uc5f0\ub77d \ub450\uc808<\/td><td>\ud53c\ud574\uc790 \ud56d\uc758 \uc2dc \ucc28\ub2e8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_AQR_%EC%BA%90%ED%94%BC%ED%83%88_%EB%A7%A4%EB%8B%88%EC%A7%80%EB%A8%BC%ED%8A%B8%EC%99%80_John_Liew_%EB%8F%84%EC%9A%A9_%EB%B0%A9%EC%8B%9D\"><\/span>2. AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 John Liew \ub3c4\uc6a9 \ubc29\uc2dd<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \ud575\uc2ec\uc801\uc778 \uc7a5\uce58\ub294 AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 John Liew, \uc874 \ub9ac\uc6b0 \uac19\uc740 \uc2e4\uc81c \uc874\uc7ac\ud558\ub294 \ud574\uc678 \uae08\uc735\uad8c \uba85\uce6d\uc744 \ub3c4\uc6a9\ud558\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \uc804\ud600 \uc54c\ub824\uc9c0\uc9c0 \uc54a\uc740 \uac00\uc9dc \uc774\ub984\ub9cc \uc0ac\uc6a9\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uac80\uc0c9\ud588\uc744 \ub54c \uc2e4\uc81c \uc815\ubcf4\uac00 \ub098\uc624\ub294 \ud68c\uc0ac\ub97c \ub04c\uc5b4\uc635\ub2c8\ub2e4. \ud53c\ud574\uc790\uac00 \uac80\uc0c9\ud574\ubcf4\uace0 \u201c\uc2e4\uc81c\ub85c \uc788\ub294 \ud68c\uc0ac\ub124\u201d\ub77c\uace0 \uc0dd\uac01\ud558\ub3c4\ub85d \ub9cc\ub4dc\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub54c \uac00\uc7a5 \uc911\uc694\ud55c \ud310\ub2e8 \uae30\uc900\uc740 \u201c\ud68c\uc0ac\uc640 \uc778\ubb3c\uc774 \uc2e4\uc81c\ub85c \uc874\uc7ac\ud558\ub294\uac00\u201d\uac00 \uc544\ub2c8\ub77c \u201c\ub0b4\uac00 \ub4e4\uc5b4\uac04 \ub300\ud654\ubc29, \uc124\uce58\ud55c \ud504\ub85c\uadf8\ub7a8, \uc785\uae08\ud55c \uacc4\uc88c\uac00 \uacf5\uc2dd \ucc44\ub110\uacfc \uc5f0\uacb0\ub418\ub294\uac00\u201d\uc785\ub2c8\ub2e4. AQR \uacf5\uc2dd \uc0ac\uc774\ud2b8\uc5d0\uc11c \ud655\uc778\ub418\ub294 \uc815\ubcf4\uc640 \ubc34\ub4dc\ubc29\uc5d0\uc11c \ubc30\ud3ec\ub41c \ud22c\uc790 \uc548\ub0b4\ubb38\uc740 \ubcc4\uac1c\uc758 \uac83\uc785\ub2c8\ub2e4. \uacf5\uc2dd \uc0ac\uc774\ud2b8, \uacf5\uc2dd \uc774\uba54\uc77c \ub3c4\uba54\uc778, \uae08\uc735\ub2f9\uad6d \ub4f1\ub85d \uc815\ubcf4, \uacc4\uc57d\uc11c, \uc785\uae08 \uacc4\uc88c \uba85\uc758\uac00 \ubaa8\ub450 \uc77c\uce58\ud558\uc9c0 \uc54a\ub294\ub2e4\uba74 \uc0ac\uce6d \uac00\ub2a5\uc131\uc744 \uac15\ud558\uac8c \uc758\uc2ec\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\uc720\uba85 \ud68c\uc0ac\uac00 \uc2e4\uc81c\ub85c \uc874\uc7ac\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \uc0ac\uae30 \uc870\uc9c1\uc758 \uc548\ub0b4\uac00 \uc9c4\uc9dc\ub77c\ub294 \uc99d\uac70\uac00 \ub420 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AQR_Capital_Management_%EB%AA%85%EC%B9%AD%EC%9D%80_%EA%B6%8C%EC%9C%84_%EB%B6%80%EC%97%AC%EC%97%90_%EC%82%AC%EC%9A%A9%EB%90%A9%EB%8B%88%EB%8B%A4\"><\/span>AQR Capital Management \uba85\uce6d\uc740 \uad8c\uc704 \ubd80\uc5ec\uc5d0 \uc0ac\uc6a9\ub429\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \ubc29\uc5d0\uc11c\ub294 AQR Capital Management\ub77c\ub294 \uc601\uc5b4 \uba85\uce6d\uc774 \ubc18\ubcf5\uc801\uc73c\ub85c \ub4f1\uc7a5\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc601\uc5b4 \ud68c\uc0ac\uba85\uc740 \uad6d\ub0b4 \ud22c\uc790\uc790\uc5d0\uac8c \ub354 \uc804\ubb38\uc801\uc774\uace0 \uad6d\uc81c\uc801\uc778 \ub290\ub08c\uc744 \uc90d\ub2c8\ub2e4. \uc5ec\uae30\uc5d0 \u201c\uae00\ub85c\ubc8c \ud000\ud2b8 \ud22c\uc790\uc0ac\u201d, \u201c\ubbf8\uad6d \uc8fc\uc2dd \ud504\ub9ac\ub9c8\ucf13 \uc804\ub7b5\u201d, \u201c\uae30\uad00 \uc804\uc6a9 \uc54c\uace0\ub9ac\uc998\u201d, \u201c\ud5e4\uc9c0\ud380\ub4dc\uc2dd \uc6b4\uc6a9 \ubc29\uc2dd\u201d \uac19\uc740 \ud45c\ud604\uc744 \ubd99\uc774\uba74, \uc77c\ubc18 \ub9ac\ub529\ubc29\ubcf4\ub2e4 \ud6e8\uc52c \uace0\uae09 \ud22c\uc790\ucc98\ub7fc \ubcf4\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc \uc0ac\uae30 \uc870\uc9c1\uc774 \uc0ac\uc6a9\ud558\ub294 \uba85\uce6d\uc774 \uadf8\ub7f4\ub4ef\ud560\uc218\ub85d \ub354 \ub0c9\uc815\ud558\uac8c \ubd10\uc57c \ud569\ub2c8\ub2e4. \uc2e4\uc81c \ud574\uc678 \uc6b4\uc6a9\uc0ac\ub294 \uace0\uac1d \ud655\uc778, \ud22c\uc790\uc790 \uc801\ud569\uc131 \ud655\uc778, \uacc4\uc57d \uc808\ucc28, \uacf5\uc2dd \ubb38\uc11c, \uc704\ud5d8 \uace0\uc9c0, \uaddc\uc81c \uc900\uc218 \uc808\ucc28\ub97c \uac70\uce69\ub2c8\ub2e4. \ubc18\ub300\ub85c \uc0ac\uce6d \uc870\uc9c1\uc740 \u201c\uae30\ud68c\uac00 \uace7 \ub9c8\uac10\ub41c\ub2e4\u201d, \u201c\uc624\ub298 \uc548\uc5d0 \uc785\uae08\ud574\uc57c \ubc30\uc815\ub41c\ub2e4\u201d, \u201c\uac1c\uc778 \uacc4\uc88c\ub85c\ub294 \ucc38\uc5ec\uac00 \ubd88\uac00\ub2a5\ud558\ub2c8 \uc81c\uacf5 \ub9c1\ud06c\ub97c \uc0ac\uc6a9\ud558\ub77c\u201d\uace0 \uc555\ubc15\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc5d0\uc11c\ub294 \ucc98\uc74c\uc5d0 AQR\uc774 \uc120\ub3c4\uc801\uc778 \ud000\ud2b8 \ud22c\uc790 \ud68c\uc0ac\ub77c\uace0 \uc124\uba85\ud55c \ub4a4, \uac1c\uc778 \ud22c\uc790\uc790\ub3c4 \ud2b9\ubcc4 \ucd08\uccad\uc744 \ubc1b\uc73c\uba74 \uae30\uad00 \uc804\uc6a9 \ud504\ub85c\uc81d\ud2b8\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\ub2e4\uace0 \uc548\ub0b4\ud588\uc2b5\ub2c8\ub2e4. \uc774\ud6c4 \uac00\uc9dc \ud3ec\uc2a4\ud130\uc640 \uc218\uc775 \uc778\uc99d\uc744 \ubc30\ud3ec\ud558\uace0, \ud22c\uc790\uae08 \uaddc\ubaa8\uc5d0 \ub530\ub77c \ub354 \uc88b\uc740 \ubc30\uc815\ub960\uc744 \uc900\ub2e4\uace0 \ub9d0\ud588\uc2b5\ub2c8\ub2e4. \uc774 \ud750\ub984\uc740 \uad8c\uc704 \uc788\ub294 \uc774\ub984\uc73c\ub85c \uc2e0\ub8b0\ub97c \ub9cc\ub4e4\uace0, \uc81c\ud55c\ub41c \uae30\ud68c\ucc98\ub7fc \ud3ec\uc7a5\ud574 \ube60\ub978 \uacb0\uc815\uc744 \uc720\ub3c4\ud558\ub294 \uad6c\uc870\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"John_Liew_%EC%A1%B4_%EB%A6%AC%EC%9A%B0_%EC%82%AC%EC%A7%84%EA%B3%BC_%ED%94%84%EB%A1%9C%ED%95%84_%EB%8F%84%EC%9A%A9%EC%9D%80_%EC%8B%A0%EB%A2%B0_%EA%B0%95%ED%99%94_%EC%9E%A5%EC%B9%98%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>John Liew, \uc874 \ub9ac\uc6b0 \uc0ac\uc9c4\uacfc \ud504\ub85c\ud544 \ub3c4\uc6a9\uc740 \uc2e0\ub8b0 \uac15\ud654 \uc7a5\uce58\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c John Liew \ub610\ub294 \uc874 \ub9ac\uc6b0\ub77c\ub294 \uc774\ub984\uc774 \ub4f1\uc7a5\ud588\ub2e4\uba74, \uc774\ub294 \ud53c\ud574\uc790\uac00 \uac80\uc0c9\uc744 \ud1b5\ud574 \uc2e4\uc81c \uc778\ubb3c \uc815\ubcf4\ub97c \ud655\uc778\ud560 \uac00\ub2a5\uc131\uc744 \uacc4\uc0b0\ud55c \uc7a5\uce58\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. AQR \uacf5\uc2dd \ub9ac\ub354\uc2ed \ud398\uc774\uc9c0\ub294 John M. Liew\ub97c \ucc3d\ub9bd\uc790 \uc911 \ud55c \uba85\uc73c\ub85c \uc18c\uac1c\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \ud53c\ud574\uc790\uac00 \uc774\ub984\uc744 \uac80\uc0c9\ud588\uc744 \ub54c \uc2e4\uc81c \uc815\ubcf4\uac00 \ub098\uc624\uba74, \uc0ac\uae30\ubc29\uc758 \uc124\uba85\uae4c\uc9c0 \uc2e0\ub8b0\ud558\uac8c \ub418\ub294 \ucc29\uc2dc\uac00 \ubc1c\uc0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098 \uc0ac\uc9c4\uacfc \ud504\ub85c\ud544\uc740 \uc27d\uac8c \ub3c4\uc6a9\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \uacf5\uc2dd \ud648\ud398\uc774\uc9c0, \uc5b8\ub860 \uae30\uc0ac, \uacf5\uac1c \ud504\ub85c\ud544\uc5d0\uc11c \uc774\ubbf8\uc9c0\ub97c \uac00\uc838\uc640 \uac00\uc9dc \ud3ec\uc2a4\ud130\ub098 \ub9ac\ub529\ubc29 \uacf5\uc9c0\uc5d0 \uc0bd\uc785\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub354 \ub098\uc544\uac00 \uac00\uc9dc \ub77c\uc774\ube0c \ubc29\uc1a1 \uc77c\uc815, \uac00\uc9dc \ud22c\uc790 \uc124\uba85\ud68c, \uac00\uc9dc \ub0b4\ubd80 \ud504\ub85c\uc81d\ud2b8 \ubb38\uc11c\ub97c \ub9cc\ub4e4\uc5b4 \u201c\ub300\ud45c\uac00 \uc9c1\uc811 \uc9c4\ud589\ud558\ub294 \ud504\ub85c\uc81d\ud2b8\u201d\ucc98\ub7fc \uafb8\ubc00 \uc218\ub3c4 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840 \ud750\ub984\uc744 \ubcf4\uba74, \ucc98\uc74c\uc5d0\ub294 John Liew \ub610\ub294 \uc874 \ub9ac\uc6b0\uac00 \uae00\ub85c\ubc8c \ud22c\uc790 \uc804\ub7b5\uc744 \ucd1d\uad04\ud55c\ub2e4\ub294 \uc2dd\uc758 \uc124\uba85\uc774 \uc81c\uacf5\ub429\ub2c8\ub2e4. \uc774\ud6c4 \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800\uc640 \uc7a5\ub300\uc131 \uc774\uc0ac\ub77c\ub294 \uc911\uac04 \uad00\ub9ac\uc790\uac00 \ub4f1\uc7a5\ud574 \u201c\ub300\ud45c\uc758 \uc804\ub7b5\uc744 \ud55c\uad6d \ud22c\uc790\uc790\uc5d0\uac8c \uc804\ub2ec\ud55c\ub2e4\u201d\uace0 \ub9d0\ud569\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ud574\uc678 \ubcf8\uc0ac\uc640 \ud55c\uad6d \uc6b4\uc601\ud300\uc774 \uc5f0\uacb0\ub418\uc5b4 \uc788\ub2e4\uace0 \ubbff\uac8c \ub418\uc9c0\ub9cc, \uc2e4\uc81c\ub85c\ub294 \ubaa8\ub4e0 \ub300\ud654\uc640 \uc785\uae08 \uc548\ub0b4\uac00 \uc0ac\uae30 \uc870\uc9c1 \ub0b4\ubd80\uc5d0\uc11c \uc870\uc791\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B9%80%EC%84%9C%EC%97%B0_%EB%A7%A4%EB%8B%88%EC%A0%80%EC%99%80_%EC%9E%A5%EB%8C%80%EC%84%B1_%EC%9D%B4%EC%82%AC%EC%9D%98_%EC%97%AD%ED%95%A0%EC%9D%80_%EB%B0%94%EB%9E%8C%EC%9E%A1%EC%9D%B4_%EC%97%B0%EA%B2%B0%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800\uc640 \uc7a5\ub300\uc131 \uc774\uc0ac\uc758 \uc5ed\ud560\uc740 \ubc14\ub78c\uc7a1\uc774 \uc5f0\uacb0\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800, \uc7a5\ub300\uc131 \uc774\uc0ac \uac19\uc740 \uc778\ubb3c\uc740 \ud53c\ud574\uc790\uc640 \uc0ac\uae30 \uc870\uc9c1 \uc0ac\uc774\uc758 \uc811\uc810 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \uc774\ub4e4\uc740 \uc804\ubb38\uc801\uc778 \uc9c1\ud568\uc744 \uc0ac\uc6a9\ud574 \ud53c\ud574\uc790\uc758 \uc9c8\ubb38\uc5d0 \ub2f5\ud558\uace0, \ud22c\uc790 \uc77c\uc815\uacfc \ubc30\uc815 \uaddc\uce59\uc744 \uc548\ub0b4\ud558\uba70, \uc785\uae08 \uc808\ucc28\ub97c \uc124\uba85\ud569\ub2c8\ub2e4. \uc774\ub984\uc774 \ud55c\uad6d\uc2dd\uc774\uace0 \uc9c1\ud568\uc774 \uc790\uc5f0\uc2a4\ub7fd\uae30 \ub54c\ubb38\uc5d0 \ud53c\ud574\uc790\ub294 \ud574\uc678 \uc6b4\uc6a9\uc0ac\uc758 \ud55c\uad6d \ub2f4\ub2f9\uc790\ub77c\uace0 \uc624\ud574\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub4e4\uc740 \ub300\uac1c \uce5c\uc808\ud558\uace0 \ube60\ub974\uac8c \uc751\ub2f5\ud569\ub2c8\ub2e4. \ud53c\ud574\uc790\uac00 \ub9dd\uc124\uc774\uba74 \u201c\uc774\ubc88 \uae30\ud68c\ub294 \uc544\ubb34\uc5d0\uac8c\ub098 \uc8fc\uc5b4\uc9c0\uc9c0 \uc54a\ub294\ub2e4\u201d, \u201c\uc774\ubbf8 \ub9ce\uc740 \ud68c\uc6d0\uc774 \uc218\uc775\uc744 \ubcf4\uace0 \uc788\ub2e4\u201d, \u201c\ubc30\uc815 \ub9c8\uac10 \uc804\uae4c\uc9c0 \uacb0\uc815\uc744 \ud574\uc57c \ud55c\ub2e4\u201d\uace0 \uc555\ubc15\ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c \ud53c\ud574\uc790\uac00 \ucd9c\uae08\uc744 \uc694\uad6c\ud558\uba74 \ud0dc\ub3c4\uac00 \ubc14\ub01d\ub2c8\ub2e4. \uc138\uae08 \ucc98\ub9ac, \uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1, \ubcf4\uc99d\uae08, \ucd9c\uae08 \uc218\uc218\ub8cc \uac19\uc740 \uc774\uc720\ub97c \ub4e4\uc5b4 \ucd9c\uae08\uc744 \ubbf8\ub8e8\uace0 \ucd94\uac00 \uc785\uae08\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \uad6c\uc870\uc5d0\uc11c \uc911\uc694\ud55c \uc810\uc740, \ub2f4\ub2f9\uc790 \uc774\ub984\uacfc \uc9c1\ud568\uc774 \uc788\ub2e4\uace0 \ud574\uc11c \uc2e4\uccb4\uac00 \uc788\ub2e4\ub294 \ub73b\uc740 \uc544\ub2c8\ub77c\ub294 \uac83\uc785\ub2c8\ub2e4. \uacf5\uc2dd \uc774\uba54\uc77c, \uacf5\uc2dd \uc804\ud654\ubc88\ud638, \uae08\uc735\ud68c\uc0ac \ub4f1\ub85d \uc815\ubcf4, \uacc4\uc57d\uc11c\uc0c1 \ubc95\uc778\uba85, \uc785\uae08 \uacc4\uc88c \uba85\uc758\uac00 \uc77c\uce58\ud558\uc9c0 \uc54a\uc73c\uba74 \uc0ac\uce6d \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \ud2b9\ud788 \uac1c\uc778 \uacc4\uc88c, \uac00\uc0c1\uacc4\uc88c, \uc81c3\uc790 \ubc95\uc778 \uacc4\uc88c\ub85c \uc785\uae08\uc744 \uc694\uad6c\ud55c\ub2e4\uba74 \ub9e4\uc6b0 \uc704\ud5d8\ud55c \uc2e0\ud638\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_%ED%9D%90%EB%A5%B4%EB%8A%94_%EB%8F%85%EC%84%9C%EC%8B%A4_%EB%A6%AC%EB%94%A9%EB%B0%A9%EA%B3%BC_%EA%B0%80%EC%A7%9C_%EC%8B%A0%EB%A2%B0_%ED%98%95%EC%84%B1_%EC%88%98%EB%B2%95\"><\/span>3. \ud750\ub974\ub294 \ub3c5\uc11c\uc2e4 \ub9ac\ub529\ubc29\uacfc \uac00\uc9dc \uc2e0\ub8b0 \ud615\uc131 \uc218\ubc95<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019\uc774\ub77c\ub294 \uc774\ub984\uc740 \ud22c\uc790\ubc29\ucc98\ub7fc \ubcf4\uc774\uc9c0 \uc54a\ub294\ub2e4\ub294 \uc810\uc5d0\uc11c \ub354 \uc704\ud5d8\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ucc98\uc74c\ubd80\ud130 \u201c\uace0\uc218\uc775 \ud22c\uc790\ubc29\u201d\uc774\ub77c\uace0 \ud558\uba74 \uacbd\uacc4\uc2ec\uc774 \uc0dd\uae30\uc9c0\ub9cc, \ub3c5\uc11c\uc2e4\u00b7\uc2a4\ud130\ub514\u00b7\uacbd\uc81c \uacf5\ubd80\ubc29\ucc98\ub7fc \ubcf4\uc774\uba74 \uc2ec\ub9ac\uc801 \uc9c4\uc785 \uc7a5\ubcbd\uc774 \ub0ae\uc544\uc9d1\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \uc774\ub7ec\ud55c \ubd80\ub4dc\ub7ec\uc6b4 \uc678\ud615\uc744 \uc774\uc6a9\ud574 \ud53c\ud574\uc790\ub97c \ucc9c\ucc9c\ud788 \uc720\uc785\uc2dc\ud0b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc5d0\uc11c\ub294 \uc6b4\uc601\uc790\uac00 \ubd84\uc704\uae30\ub97c \uc644\uc804\ud788 \ud1b5\uc81c\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc5b4\ub5a4 \uae00\uc744 \uacf5\uc9c0\ub85c \uc62c\ub9b4\uc9c0, \ub204\uac00 \uc218\uc775 \uc778\uc99d\uc744 \ud560\uc9c0, \ub204\uac00 \uc9c8\ubb38\uc744 \ub358\uc9c8\uc9c0, \ub204\uac00 \uac10\uc0ac \uc778\uc0ac\ub97c \ud560\uc9c0 \ubaa8\ub450 \uc870\uc791\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ub2e4\uc218\uc758 \uc0ac\ub78c\uc774 \uac19\uc740 \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc774\ub294 \uac83\uc744 \ubcf4\uba70 \u201c\uc774 \uc815\ub3c4\ub85c \ub9ce\uc740 \uc0ac\ub78c\uc774 \ucc38\uc5ec\ud55c\ub2e4\uba74 \uc548\uc804\ud560 \uac83\u201d\uc774\ub77c\uace0 \ud310\ub2e8\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\ub9ac\ub529\ubc29\uc758 \ud65c\ubc1c\ud55c \ub300\ud654\ub7c9\uc740 \uc2e4\uc81c \ud22c\uc790\uc790\uc758 \uc22b\uc790\uac00 \uc544\ub2c8\ub77c \uc870\uc791\ub41c \uc2e0\ub8b0 \uc5f0\ucd9c\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%B6%9C%EC%84%9D_%EC%B2%B4%ED%81%AC_%ED%8F%AC%EC%9D%B8%ED%8A%B8_%EB%B3%B4%EC%83%81%EC%9D%80_%EB%A7%A4%EC%9D%BC_%EC%A0%91%EC%86%8D%EC%9D%84_%EC%9C%A0%EB%8F%84%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\ucd9c\uc11d \uccb4\ud06c \ud3ec\uc778\ud2b8 \ubcf4\uc0c1\uc740 \ub9e4\uc77c \uc811\uc18d\uc744 \uc720\ub3c4\ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uc5d0\uc11c \ucd9c\uc11d \uccb4\ud06c \ud3ec\uc778\ud2b8 \uc774\ubca4\ud2b8\ub294 \ub2e8\uc21c\ud55c \uc774\ubca4\ud2b8\uac00 \uc544\ub2d9\ub2c8\ub2e4. \ud53c\ud574\uc790\uac00 \ub9e4\uc77c \ubc29\uc5d0 \ub4e4\uc5b4\uc624\ub3c4\ub85d \ub9cc\ub4dc\ub294 \uc2ec\ub9ac\uc801 \uc7a5\uce58\uc785\ub2c8\ub2e4. \uc720\ub7fd 15\uc77c \uc5ec\ud589, \uc0bc\uc131 \ucd5c\uc2e0\ud615 \uc2a4\ub9c8\ud2b8\ud3f0, \ub77c\uc774\ube0c \ubc29\uc1a1 \ud2f0\ucf13 \uac19\uc740 \ubcf4\uc0c1\uc740 \ud22c\uc790\uc640 \uc9c1\uc811 \uad00\ub828\uc774 \uc5c6\uc5b4 \ubcf4\uc774\uc9c0\ub9cc, \uc0ac\uc2e4\uc0c1 \ubc29\uc5d0 \uba38\ubb34\ub294 \uc2dc\uac04\uc744 \ub298\ub9ac\uace0 \uc6b4\uc601\uc790\uc758 \uacf5\uc9c0\ub97c \ubc18\ubcf5\uc801\uc73c\ub85c \ubcf4\uac8c \ub9cc\ub4dc\ub294 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\ub78c\uc740 \uc790\uc8fc \uc811\ud558\ub294 \ub300\uc0c1\uc5d0 \uce5c\uc219\ud568\uc744 \ub290\ub08d\ub2c8\ub2e4. \ub9e4\uc77c \ucd9c\uc11d\ud558\uace0 \ud3ec\uc778\ud2b8\ub97c \ud655\uc778\ud558\uace0, \ub2e4\ub978 \ud68c\uc6d0\uc758 \uae00\uc744 \ubcf4\uace0, \uad00\ub9ac\uc790\uc758 \uba54\uc2dc\uc9c0\ub97c \uc77d\uc73c\uba74 \uadf8 \uacf5\uac04\uc774 \uc775\uc219\ud574\uc9d1\ub2c8\ub2e4. \uc775\uc219\ud568\uc740 \uc2e0\ub8b0\uc640 \ud63c\ub3d9\ub418\uae30 \uc27d\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ucc98\uc74c\uc5d0\ub294 \uacbd\uacc4\ud588\ub354\ub77c\ub3c4 \uc2dc\uac04\uc774 \uc9c0\ub098\uba74\uc11c \u201c\uc774 \ubc29\uc740 \uc624\ub798 \uc6b4\uc601\ub418\ub294 \uac83 \uac19\ub2e4\u201d, \u201c\uad00\ub9ac\uc790\uac00 \uacc4\uc18d \uc751\ub2f5\ud55c\ub2e4\u201d, \u201c\uc774\ubca4\ud2b8\ub3c4 \uc81c\ub300\ub85c \ud558\ub294 \uac83 \uac19\ub2e4\u201d\uace0 \ub290\ub084 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc5d0\uc11c\ub294 \uc815\uad50\ud558\uac8c \uc81c\uc791\ub41c \uac00\uc9dc \ud3ec\uc2a4\ud130\uac00 \ud568\uaed8 \ubc30\ud3ec\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \ud3ec\uc2a4\ud130\uc5d0\ub294 \ubcf4\uc0c1 \ud488\ubaa9, \ucd9c\uc11d \uae30\uac04, \ucc38\uc5ec \ubc29\ubc95, \ud504\ub85c\uc81d\ud2b8 \uc77c\uc815\uc774 \uae54\ub054\ud558\uac8c \uc815\ub9ac\ub418\uc5b4 \uc788\uc5c8\uace0, \uc774\ub294 \uacf5\uc2dd \ucea0\ud398\uc778\ucc98\ub7fc \ubcf4\uc774\uac8c \ub9cc\ub4dc\ub294 \uc694\uc18c\uc600\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub514\uc790\uc778\uc774 \uc804\ubb38\uc801\uc774\ub77c\ub294 \uc0ac\uc2e4\uc740 \uc2e0\ub8b0\uc758 \uadfc\uac70\uac00 \ub420 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4. \ucd5c\uadfc \uc0ac\uae30 \uc870\uc9c1\uc740 \ub85c\uace0, \ud3ec\uc2a4\ud130, \uc571 \ud654\uba74, \uac70\ub798 \ub0b4\uc5ed\uc11c\uae4c\uc9c0 \ub9e4\uc6b0 \uc815\uad50\ud558\uac8c \uc81c\uc791\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9C%A0%EB%A0%B9_%ED%9A%8C%EC%9B%90%EC%9D%98_%EC%88%98%EC%9D%B5_%EC%9D%B8%EC%A6%9D%EC%9D%80_%EA%B5%B0%EC%A4%91_%EC%8B%AC%EB%A6%AC%EB%A5%BC_%EC%9E%90%EA%B7%B9%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uc720\ub839 \ud68c\uc6d0\uc758 \uc218\uc775 \uc778\uc99d\uc740 \uad70\uc911 \uc2ec\ub9ac\ub97c \uc790\uadf9\ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \ub9ac\ub529\ubc29\uc5d0\uc11c\ub294 \ubc29 \uc548\uc758 \uc720\ub839 \ud68c\uc6d0\ub4e4\uc774 \ub9e4\uc6b0 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \uc774\ub4e4\uc740 \u201c\uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800\ub2d8 \ub355\ubd84\uc5d0 \uc218\uc775\uc774 \ub0ac\ub2e4\u201d, \u201c\uc7a5\ub300\uc131 \uc774\uc0ac\ub2d8 \uc548\ub0b4\ub300\ub85c \ud588\ub354\ub2c8 \ud558\ub8e8 \ub9cc\uc5d0 \ud070 \uc218\uc775\uc744 \ubd24\ub2e4\u201d, \u201c\ucc98\uc74c\uc5d4 \uc758\uc2ec\ud588\ub294\ub370 \ucd9c\uae08\uae4c\uc9c0 \uc644\ub8cc\ud588\ub2e4\u201d\ub294 \uc2dd\uc758 \uae00\uc744 \uc62c\ub9bd\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \uc774\ub7f0 \uae00\uc744 \ubcf4\uba70 \uc790\uc2e0\ub9cc \uae30\ud68c\ub97c \ub193\uce58\uace0 \uc788\ub2e4\uace0 \ub290\ub07c\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc218\uc775 \uc778\uc99d\uc5d0\ub294 \ub300\uac1c \uc870\uc791\ub41c \uacc4\uc88c \ud654\uba74, \uac00\uc9dc MTS \uc218\uc775\ub960, \uc785\ucd9c\uae08 \ub0b4\uc5ed \uc774\ubbf8\uc9c0\uac00 \ud568\uaed8 \ubd99\uc2b5\ub2c8\ub2e4. \uc22b\uc790\uac00 \uad6c\uccb4\uc801\uc77c\uc218\ub85d \ub354 \uc0ac\uc2e4\ucc98\ub7fc \ubcf4\uc785\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \u201c1,000\ub9cc \uc6d0 \ud22c\uc790 \ud6c4 1,380\ub9cc \uc6d0 \ub2ec\uc131\u201d, \u201c\ud504\ub9ac\ub9c8\ucf13 \uc804\ub7b5\uc73c\ub85c 42% \uc218\uc775\u201d, \u201c\uae30\uad00 \ubc30\uc815 \uacf5\ubaa8\uc8fc\ub85c 3\uc77c \ub9cc\uc5d0 \uc6d0\uae08 \ud68c\uc218\u201d \uac19\uc740 \ud45c\ud604\uc740 \ud53c\ud574\uc790\uc758 \ud310\ub2e8\uc744 \ud750\ub9ac\uac8c \ub9cc\ub4ed\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098 \uc2e4\uc81c \ud53c\ud574 \ud750\ub984\uc5d0\uc11c\ub294 \uc18c\uc561 \ucd9c\uae08\uc744 \ud55c\ub450 \ubc88 \ud5c8\uc6a9\ud558\ub294 \uacbd\uc6b0\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc644\uc804\ud55c \uc2e0\ub8b0\ub97c \uc5bb\uae30 \uc704\ud55c \ubbf8\ub07c\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc18c\uc561 \ucd9c\uae08\uc774 \uc131\uacf5\ud558\uba74 \ud53c\ud574\uc790\ub294 \ub354 \ud070 \uae08\uc561\uc744 \ub123\uc5b4\ub3c4 \uc548\uc804\ud558\ub2e4\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4. \uc774\ud6c4 \uace0\uc561 \uc785\uae08\uc774 \uc774\ub8e8\uc5b4\uc9c0\uba74 \ucd9c\uae08 \uc870\uac74\uc774 \uac11\uc790\uae30 \ubc14\ub00c\uace0, \uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc \uc694\uad6c\uac00 \uc2dc\uc791\ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%A7%88%EB%AC%B8_%EC%B0%A8%EB%8B%A8%EA%B3%BC_%EA%B0%95%ED%87%B4%EB%8A%94_%EC%82%AC%EA%B8%B0%EB%B0%A9%EC%9D%98_%EC%A0%84%ED%98%95%EC%A0%81%EC%9D%B8_%ED%86%B5%EC%A0%9C_%EB%B0%A9%EC%8B%9D%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\uc9c8\ubb38 \ucc28\ub2e8\uacfc \uac15\ud1f4\ub294 \uc0ac\uae30\ubc29\uc758 \uc804\ud615\uc801\uc778 \ud1b5\uc81c \ubc29\uc2dd\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \ubc29\uc5d0\uc11c \uc758\uc2ec \uc9c8\ubb38\uc744 \ud558\ub294 \ud68c\uc6d0\uc774 \uc0ac\ub77c\uc9c0\uac70\ub098, \uac11\uc790\uae30 \uacf5\uc9c0\uac00 \uc0ad\uc81c\ub418\uac70\ub098, \uc6b4\uc601\uc790\uac00 \u201c\ubd80\uc815\uc801\uc778 \ub9d0\uc740 \ud504\ub85c\uc81d\ud2b8 \ucc38\uc5ec\uc790\uc5d0\uac8c \ud53c\ud574\ub97c \uc900\ub2e4\u201d\uace0 \ub9d0\ud55c\ub2e4\uba74 \ub9e4\uc6b0 \uc704\ud5d8\ud569\ub2c8\ub2e4. \uc815\uc0c1\uc801\uc778 \ud22c\uc790 \uc11c\ube44\uc2a4\ub77c\uba74 \ud22c\uc790\uc790\uc758 \uc9c8\ubb38\uacfc \uc704\ud5d8 \ud655\uc778\uc744 \ub9c9\uc744 \uc774\uc720\uac00 \uc5c6\uc2b5\ub2c8\ub2e4. \uc624\ud788\ub824 \ud22c\uc790 \uc704\ud5d8, \uc218\uc218\ub8cc, \uc138\uae08, \uacc4\uc57d \uc870\uac74\uc744 \uba85\ud655\ud558\uac8c \uc124\uba85\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc870\uc9c1\uc740 \ud53c\ud574\uc790\uc758 \uc678\ubd80 \uac80\uc0c9\uc744 \ucc28\ub2e8\ud558\uae30 \uc704\ud574 \u201c\uacbd\uc7c1 \uc5c5\uccb4\uc758 \uc74c\ud574\u201d, \u201c\uc548\ud2f0 \uc138\ub825\uc758 \ud5c8\uc704 \uae00\u201d, \u201c\ud504\ub85c\uc81d\ud2b8 \ubcf4\uc548 \uc720\uc9c0\u201d \uac19\uc740 \ud45c\ud604\uc744 \uc0ac\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\uac00 \uac00\uc871\uc774\ub098 \uc9c0\uc778\uc5d0\uac8c \uc0c1\ub2f4\ud558\ub824\uace0 \ud558\uba74 \u201c\uc815\ubcf4\uac00 \uc720\ucd9c\ub418\uba74 \ubc30\uc815\uc774 \ucde8\uc18c\ub41c\ub2e4\u201d\uace0 \uc555\ubc15\ud558\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uc774\ub294 \ud53c\ud574\uc790\ub97c \uace0\ub9bd\uc2dc\ud0a4\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc758 \uc804\ud615\uc801\uc778 \ud750\ub984\uc740 \uc774\ub807\uc2b5\ub2c8\ub2e4. \ucc98\uc74c\uc5d0\ub294 \ubb34\ub8cc \uc815\ubcf4\uc640 \uc774\ubca4\ud2b8\ub85c \uc811\uadfc\ud569\ub2c8\ub2e4. \uc774\ud6c4 AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8 \uc0ac\uce6d \uc790\ub8cc\ub85c \uc2e0\ub8b0\ub97c \ud615\uc131\ud569\ub2c8\ub2e4. \uadf8\ub2e4\uc74c \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\uc744 \ubcf4\uc5ec\uc8fc\uba70 \ud22c\uc790 \uae08\uc561\uc744 \ud0a4\uc6b0\uac8c \ud569\ub2c8\ub2e4. \uac00\uc9dc MTS\/HTS\uc5d0\uc11c \uc218\uc775\uc774 \ud45c\uc2dc\ub418\uba74 \ud53c\ud574\uc790\ub294 \ub354 \ud070 \uae08\uc561\uc744 \uc785\uae08\ud569\ub2c8\ub2e4. \ucd9c\uae08 \uc694\uccad \uc774\ud6c4\uc5d0\ub294 \ucd94\uac00 \ube44\uc6a9\uc774 \ubc1c\uc0dd\ud558\uace0, \ub9c8\uc9c0\ub9c9\uc5d0\ub294 \ub300\ud654\ubc29\uc774 \ud3ed\ud30c\ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_%EC%A0%9C8%EA%B8%B0_%EC%88%98%EC%9D%B5_%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8_%EC%A3%BC%EC%8B%9D_%EB%B0%B0%EB%B6%84_%EA%B7%9C%EC%B9%99%EA%B3%BC_%EA%B0%80%EC%A7%9C_MTSHTS_%EA%B5%AC%EC%A1%B0\"><\/span>4. \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\uacfc \uac00\uc9dc MTS\/HTS \uad6c\uc870<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \u2018\uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\u2019\uc774\ub77c\ub294 \ud45c\ud604\uc740 \ub9e4\uc6b0 \uc911\uc694\ud55c \uc704\ud5d8 \uc2e0\ud638\uc785\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \ud22c\uc790 \ud504\ub85c\uc81d\ud2b8\uc5d0 \uae30\uc218, \ubc30\uc815 \uaddc\uce59, \uc9c0\ubd84\uc728, \ucc38\uc5ec \ub4f1\uae09, \uc6b0\uc120 \ubc30\uc815 \uac19\uc740 \ub2e8\uc5b4\ub97c \ubd99\uc5ec \ub9c8\uce58 \uc2e4\uc81c \uae30\uad00 \ud22c\uc790 \uc808\ucc28\ucc98\ub7fc \ubcf4\uc774\uac8c \ub9cc\ub4ed\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774\ub7ec\ud55c \uaddc\uce59\ud45c\ub294 \ud53c\ud574\uc790\uc758 \ud22c\uc790 \uae08\uc561\uc744 \ub298\ub9ac\uae30 \uc704\ud55c \uc870\uc791 \uc790\ub8cc\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 \ud22c\uc790 \uae08\uc561\uc5d0 \ub530\ub77c \ubc30\uc815 \uc9c0\ubd84\uc774 \ub2ec\ub77c\uc9c4\ub2e4\ub294 \uc124\uba85\uc740 \uace0\uc561 \uc785\uae08\uc744 \uc720\ub3c4\ud558\ub294 \ub370 \ud6a8\uacfc\uc801\uc785\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 1,000\ub9cc \uc6d0\uc740 \uc77c\ubc18 \ubc30\uc815, 3,000\ub9cc \uc6d0\uc740 \uc6b0\uc120 \ubc30\uc815, 5,000\ub9cc \uc6d0 \uc774\uc0c1\uc740 \uae30\uad00 \ud2b9\ubcc4 \ubc30\uc815\uc774\ub77c\ub294 \uc2dd\uc758 \uad6c\uc870\ub97c \uc81c\uc2dc\ud558\uba74 \ud53c\ud574\uc790\ub294 \ub354 \ub9ce\uc740 \ub3c8\uc744 \ub123\uc5b4\uc57c \uc720\ub9ac\ud558\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \uc2e4\uc81c\ub85c\ub294 \ubc30\uc815 \uc790\uccb4\uac00 \uc874\uc7ac\ud558\uc9c0 \uc54a\uace0, \uc785\uae08\uc561\uc774 \ub298\uc5b4\ub0a0\uc218\ub85d \ud53c\ud574 \uaddc\ubaa8\ub9cc \ucee4\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\ubc30\uc815\ub960\uc774 \ub192\uc544\uc9c4\ub2e4\ub294 \ub9d0\ubcf4\ub2e4 \uba3c\uc800 \ud655\uc778\ud574\uc57c \ud560 \uac83\uc740 \uacf5\uc2dd \uacc4\uc57d \uc8fc\uccb4\uc640 \uc785\uae08 \uacc4\uc88c\uc758 \uc77c\uce58 \uc5ec\ubd80\uc785\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B0%80%EC%A7%9C_MTS%EC%99%80_%EA%B0%80%EC%A7%9C_HTS%EB%8A%94_%EC%88%98%EC%9D%B5%EC%9D%84_%EB%B3%B4%EC%97%AC%EC%A3%BC%EB%8A%94_%ED%99%94%EB%A9%B4%EC%9D%BC_%EB%BF%90%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\uac00\uc9dc MTS\uc640 \uac00\uc9dc HTS\ub294 \uc218\uc775\uc744 \ubcf4\uc5ec\uc8fc\ub294 \ud654\uba74\uc77c \ubfd0\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\uac74\uc5d0\uc11c \uc81c\uacf5 \ub9c1\ud06c\ub97c \ud1b5\ud574 \uc124\uce58\ud558\ub294 \uac00\uc9dc MTS \ub610\ub294 \uac00\uc9dc HTS\ub294 \uc2e4\uc81c \uac70\ub798 \uc2dc\uc2a4\ud15c\ucc98\ub7fc \ubcf4\uc774\ub3c4\ub85d \uc81c\uc791\ub429\ub2c8\ub2e4. \ub85c\uadf8\uc778 \ud654\uba74, \uc794\uace0 \ud654\uba74, \uc885\ubaa9 \uac80\uc0c9, \ub9e4\uc218\u00b7\ub9e4\ub3c4 \ubc84\ud2bc, \uc218\uc775\ub960 \uadf8\ub798\ud504, \uccb4\uacb0 \ub0b4\uc5ed\uae4c\uc9c0 \uad6c\ud604\ub418\uc5b4 \uc788\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ud654\uba74\uc774 \uc815\uad50\ud558\ub2e4\uace0 \ud574\uc11c \uc2e4\uc81c \uc99d\uad8c \uac70\ub798\uac00 \uc774\ub8e8\uc5b4\uc9c0\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc870\uc9c1\uc774 \ub9cc\ub4e0 \uac00\uc9dc \ud504\ub85c\uadf8\ub7a8\uc740 \ub0b4\ubd80 \uc22b\uc790\ub97c \ub9c8\uc74c\ub300\ub85c \uc870\uc791\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\uac00 1,000\ub9cc \uc6d0\uc744 \uc785\uae08\ud558\uba74 \ud654\uba74\uc5d0\ub294 1,300\ub9cc \uc6d0, 2,000\ub9cc \uc6d0, 5,000\ub9cc \uc6d0\ucc98\ub7fc \uc218\uc775\uc774 \ubd88\uc5b4\ub09c \uac83\uc73c\ub85c \ud45c\uc2dc\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \uc22b\uc790\ub294 \uc2e4\uc81c \uc8fc\uc2dd \uacc4\uc88c\uc758 \uc794\uace0\uac00 \uc544\ub2c8\ub77c, \ud53c\ud574\uc790\uac00 \ucd94\uac00 \uc785\uae08\uc744 \ud558\ub3c4\ub85d \ub9cc\ub4e4\uae30 \uc704\ud55c \uc2ec\ub9ac\uc801 \uc7a5\uce58\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574\uc790\ub294 \ud504\ub85c\uadf8\ub7a8\uc5d0 \uc811\uc18d\ud574 \uc218\uc775\uc744 \ud655\uc778\ud558\uba74\uc11c \u201c\ub0b4 \ub3c8\uc774 \uc2e4\uc81c\ub85c \uc6b4\uc6a9\ub418\uace0 \uc788\ub2e4\u201d\uace0 \ubbff\uac8c \ub429\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc785\uae08\ub41c \ub3c8\uc740 \uc815\uc0c1 \uc99d\uad8c\uacc4\uc88c\uac00 \uc544\ub2c8\ub77c \uc0ac\uae30 \uc870\uc9c1\uc774 \uad00\ub9ac\ud558\ub294 \ub300\ud3ec\ud1b5\uc7a5\uc774\ub098 \uac00\uc0c1\uacc4\uc88c\ub85c \ube60\uc838\ub098\uac08 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc571 \ud654\uba74\ubcf4\ub2e4 \uc911\uc694\ud55c \uac83\uc740 \uc785\uae08 \uacc4\uc88c \uba85\uc758, \uc608\ud0c1\uae30\uad00, \uc99d\uad8c\uc0ac \ub4f1\ub85d \uc5ec\ubd80, \uacf5\uc2dd \uacc4\uc57d\uc11c, \uc2e4\uc81c \uac70\ub798\ub0b4\uc5ed \uc99d\ube59\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B8%B0%EA%B4%80_%EC%A0%84%EC%9A%A9_%EA%B3%B5%EB%AA%A8%EC%A3%BC%EC%99%80_%ED%8A%B9%EC%88%98_%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8%EB%8A%94_%EC%A1%B0%EA%B8%89%ED%95%A8%EC%9D%84_%EB%A7%8C%EB%93%AD%EB%8B%88%EB%8B%A4\"><\/span>\uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\uc640 \ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8\ub294 \uc870\uae09\ud568\uc744 \ub9cc\ub4ed\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uc5d0\uc11c \u201c\uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc\u201d\uc640 \u201c\ud2b9\uc218 \ud504\ub85c\uc81d\ud2b8\u201d\ub77c\ub294 \ub9d0\uc740 \ud53c\ud574\uc790\ub97c \uc870\uae09\ud558\uac8c \ub9cc\ub4dc\ub294 \uc7a5\uce58\uc785\ub2c8\ub2e4. \uc77c\ubc18 \uac1c\uc778\uc740 \ucc38\uc5ec\ud560 \uc218 \uc5c6\uc9c0\ub9cc \ud2b9\ubcc4\ud788 \ucd08\uccad\ubc1b\uc558\ub2e4\uace0 \uc124\uba85\ud558\uba74, \ud53c\ud574\uc790\ub294 \uc790\uc2e0\uc774 \ud2b9\ubcc4\ud55c \uae30\ud68c\ub97c \uc5bb\uc5c8\ub2e4\uace0 \ub290\ub08d\ub2c8\ub2e4. \uc5ec\uae30\uc5d0 \ub9c8\uac10 \uc2dc\uac04, \uc794\uc5ec \ubc30\uc815\ub7c9, \uc6b0\uc120\uc21c\uc704, \ub0b4\ubd80 \uc2ec\uc0ac \uac19\uc740 \ub9d0\uc744 \ubd99\uc774\uba74 \ud310\ub2e8 \uc2dc\uac04\uc774 \uc904\uc5b4\ub4ed\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc815\uc0c1\uc801\uc778 \uae08\uc735\ud22c\uc790\ub294 \ucc38\uc5ec \uc870\uac74\uacfc \uc704\ud5d8\uc774 \ubb38\uc11c\ub85c \uba85\ud655\ud788 \uace0\uc9c0\ub418\uc5b4\uc57c \ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \ucda9\ubd84\ud788 \uac80\ud1a0\ud560 \uc2dc\uac04\uc744 \uac00\uc838\uc57c \ud558\uace0, \uc790\uae08\uc774 \uc5b4\ub514\ub85c \uc785\uae08\ub418\ub294\uc9c0 \ud655\uc778\ud560 \uc218 \uc788\uc5b4\uc57c \ud569\ub2c8\ub2e4. \ubc18\uba74 \uc0ac\uae30 \uc870\uc9c1\uc740 \u201c\uc624\ub298 \uc624\ud6c4 3\uc2dc \uc804 \uc785\uae08\u201d, \u201c\uc774\ubc88 \uae30\uc218 \ub9c8\uac10\u201d, \u201c\uc9c0\uae08 \uc2e0\uccad\ud558\uc9c0 \uc54a\uc73c\uba74 \ub2e4\uc74c \ubc30\uc815 \ubd88\uac00\u201d\ucc98\ub7fc \uc989\uc2dc \uacb0\uc815\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc5d0\uc11c\ub294 \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59\uc774 \uc81c\uc2dc\ub41c \ub4a4 \ud22c\uc790\uae08 \uaddc\ubaa8\uc5d0 \ub530\ub77c \uc9c0\ubd84\uc744 \ucc28\ub4f1 \ubc30\uc815\ud55c\ub2e4\uace0 \uc548\ub0b4\ud588\uc2b5\ub2c8\ub2e4. \ubc29 \uc548\uc758 \ubc14\ub78c\uc7a1\uc774\ub4e4\uc740 \uc774\ubbf8 \uace0\uc561\uc744 \ub123\uc5c8\ub2e4\uace0 \ub9d0\ud588\uace0, \uac00\uc9dc \ud504\ub85c\uadf8\ub7a8\uc5d0\ub294 \ud070 \uc218\uc775\ub960\uc774 \ud45c\uc2dc\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \uc218\uc775 \uae30\ud68c\ub97c \ub193\uce58\uc9c0 \uc54a\uae30 \uc704\ud574 \ucd94\uac00 \uc785\uae08\uc744 \uacb0\uc815\ud558\uac8c \ub418\uc5c8\uace0, \uc774\ud6c4 \ucd9c\uae08 \ub2e8\uacc4\uc5d0\uc11c \uc138\uae08\uacfc \ubcf4\uc99d\uae08 \uc694\uad6c\ub97c \ubc1b\uc558\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B0%80%EC%83%81%EA%B3%84%EC%A2%8C%EC%99%80_%EB%8C%80%ED%8F%AC%ED%86%B5%EC%9E%A5%EC%9D%80_%EC%9E%90%EA%B8%88_%EC%B6%94%EC%A0%81%EC%9D%84_%EC%96%B4%EB%A0%B5%EA%B2%8C_%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uac00\uc0c1\uacc4\uc88c\uc640 \ub300\ud3ec\ud1b5\uc7a5\uc740 \uc790\uae08 \ucd94\uc801\uc744 \uc5b4\ub835\uac8c \ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \uc785\uae08 \uacc4\uc88c\uac00 \uc0ac\uae30 \uc870\uc9c1\uc774 \uad00\ub9ac\ud558\ub294 \ub300\ud3ec\ud1b5\uc7a5 \ub610\ub294 \uac00\uc0c1\uacc4\uc88c\ub77c\uba74, \ud53c\ud574 \ud68c\ubcf5\uc774 \ub9e4\uc6b0 \uc5b4\ub824\uc6cc\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc815\uc0c1\uc801\uc778 \uae08\uc735\ud68c\uc0ac\ub294 \ud22c\uc790\uc790 \uba85\uc758 \uacc4\uc88c, \uacf5\uc2dd \ubc95\uc778 \uacc4\uc88c, \uc608\ud0c1 \uc808\ucc28 \ub4f1 \uae30\ubcf8\uc801\uc778 \uc790\uae08 \ud750\ub984\uc774 \uba85\ud655\ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c \uc0ac\uae30 \uc870\uc9c1\uc740 \uc5ec\ub7ec \uba85\uc758 \uac1c\uc778 \uacc4\uc88c, \ubc95\uc778 \uacc4\uc88c, \uac00\uc0c1\uacc4\uc88c\ub97c \ub3cc\ub824\uac00\uba70 \uc0ac\uc6a9\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc785\uae08 \uc548\ub0b4 \uc2dc \u201c\ud68c\uc0ac \ub0b4\ubd80 \uc815\uc0b0 \uacc4\uc88c\u201d, \u201c\ud504\ub85c\uc81d\ud2b8 \uc804\uc6a9 \uacc4\uc88c\u201d, \u201c\uc138\uae08 \ucc98\ub9ac\uc6a9 \uac00\uc0c1\uacc4\uc88c\u201d, \u201c\ucd9c\uae08 \uc7a0\uae08 \ud574\uc81c \uacc4\uc88c\u201d\ub77c\ub294 \uc124\uba85\uc774 \ubd99\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uba85\uce6d\uc774 \ubb34\uc5c7\uc774\ub4e0, \ud22c\uc790\uacc4\uc57d \uc8fc\uccb4\uc640 \uacc4\uc88c \uba85\uc758\uac00 \ub2e4\ub974\uace0 \uacf5\uc2dd \ud655\uc778\uc774 \ubd88\uac00\ub2a5\ud558\ub2e4\uba74 \uc989\uc2dc \uc785\uae08\uc744 \uba48\ucdb0\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc544\ub798 \ud45c\ub294 \uc815\uc0c1 \ud22c\uc790 \uc808\ucc28\uc640 \uc0ac\uce6d \ud22c\uc790 \uc0ac\uae30\uc758 \ucc28\uc774\ub97c \uc815\ub9ac\ud55c \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\uad6c\ubd84<\/td><td>\uc815\uc0c1 \uae08\uc735 \uc808\ucc28<\/td><td>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870<\/td><\/tr><tr><td>\uc811\uc18d \uacbd\ub85c<\/td><td>\uacf5\uc2dd \ud648\ud398\uc774\uc9c0\u00b7\uacf5\uc2dd \uc571\u00b7\uacf5\uc2dd \uc9c0\uc810<\/td><td>\ubc34\ub4dc\ubc29 \uc81c\uacf5 \ub9c1\ud06c<\/td><\/tr><tr><td>\uacc4\uc57d \uc8fc\uccb4<\/td><td>\ub4f1\ub85d \uae08\uc735\ud68c\uc0ac \uba85\ud655<\/td><td>\ub2f4\ub2f9\uc790 \uac1c\uc778 \ub610\ub294 \ubd88\uba85\ud655\ud55c \ubc95\uc778<\/td><\/tr><tr><td>\uc785\uae08 \uacc4\uc88c<\/td><td>\uacf5\uc2dd \ubc95\uc778\u00b7\uc608\ud0c1 \uacc4\uc88c<\/td><td>\uac1c\uc778\u00b7\uc81c3\uc790 \ubc95\uc778\u00b7\uac00\uc0c1\uacc4\uc88c<\/td><\/tr><tr><td>\uc218\uc775 \uc548\ub0b4<\/td><td>\uc6d0\uae08 \uc190\uc2e4 \uac00\ub2a5\uc131 \uace0\uc9c0<\/td><td>\uace0\uc218\uc775\u00b7\ud655\uc815 \uc218\uc775 \uac15\uc870<\/td><\/tr><tr><td>\ucd9c\uae08 \uc870\uac74<\/td><td>\uc57d\uad00\uacfc \uc808\ucc28\uc5d0 \ub530\ub984<\/td><td>\uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc \uc120\uc785\uae08 \uc694\uad6c<\/td><\/tr><tr><td>\ubb38\uc81c \uc81c\uae30<\/td><td>\uacf5\uc2dd \ubbfc\uc6d0 \uc808\ucc28 \uc874\uc7ac<\/td><td>\uac15\ud1f4\u00b7\ucc28\ub2e8\u00b7\ubc29 \ud3ed\ud30c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_%EC%B6%9C%EA%B8%88_%EC%A7%80%EC%97%B0_%EC%84%B8%EA%B8%88_%EC%84%A0%EB%82%A9_%EB%B3%B4%EC%A6%9D%EA%B8%88_%EC%9A%94%EA%B5%AC%EB%A1%9C_%EC%9D%B4%EC%96%B4%EC%A7%80%EB%8A%94_%EC%B6%94%EA%B0%80_%ED%8E%B8%EC%B7%A8\"><\/span>5. \ucd9c\uae08 \uc9c0\uc5f0, \uc138\uae08 \uc120\ub0a9, \ubcf4\uc99d\uae08 \uc694\uad6c\ub85c \uc774\uc5b4\uc9c0\ub294 \ucd94\uac00 \ud3b8\ucde8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \uac00\uc7a5 \ud070 \ud53c\ud574\uac00 \ubc1c\uc0dd\ud558\ub294 \uc2dc\uc810\uc740 \ucd9c\uae08 \uc694\uccad \uc774\ud6c4\uc785\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \uac00\uc9dc MTS\/HTS \ud654\uba74\uc5d0\uc11c \ud070 \uc218\uc775\uc744 \ud655\uc778\ud55c \ub4a4 \ucd9c\uae08\uc744 \uc2e0\uccad\ud569\ub2c8\ub2e4. \uc774\ub54c \uc0ac\uae30 \uc870\uc9c1\uc740 \ubc14\ub85c \ucd9c\uae08\uc744 \uac70\uc808\ud558\uc9c0 \uc54a\uace0, \u201c\uc870\uac74\ub9cc \ucda9\uc871\ud558\uba74 \ucd9c\uae08 \uac00\ub2a5\ud558\ub2e4\u201d\uace0 \ub9d0\ud569\ub2c8\ub2e4. \uc774 \ub9d0 \ub54c\ubb38\uc5d0 \ud53c\ud574\uc790\ub294 \uc774\ubbf8 \ub123\uc740 \uc6d0\uae08\uacfc \ud654\uba74\uc0c1 \uc218\uc775\uc744 \ud68c\uc218\ud558\uae30 \uc704\ud574 \ucd94\uac00 \uc785\uae08\uc744 \uace0\ubbfc\ud558\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub300\ud45c\uc801\uc778 \uba85\ubaa9\uc740 \uc218\uc775\uae08\uc758 20% \uc138\uae08 \uc120\ub0a9, \uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1 \ud68c\ud53c \ubcf4\uc99d\uae08, \uc870\uc0ac \ubc29\uc9c0\uc6a9 \uc608\uce58\uae08, \ucd9c\uae08 \uc218\uc218\ub8cc, \uacc4\uc88c \ub3d9\uacb0 \ud574\uc81c \ube44\uc6a9 \ub4f1\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc815\uc0c1\uc801\uc778 \ud22c\uc790\uc5d0\uc11c \uc138\uae08\uc740 \uc77c\ubc18\uc801\uc73c\ub85c \uc815\ud574\uc9c4 \ubc95\uc801 \uc808\ucc28\uc5d0 \ub530\ub77c \ucc98\ub9ac\ub418\uba70, \ucd9c\uae08\uc744 \ud480\uc5b4\uc8fc\uae30 \uc704\ud574 \ubcc4\ub3c4 \uac00\uc0c1\uacc4\uc88c\ub85c \uc120\uc785\uae08\uc744 \uc694\uad6c\ud558\ub294 \ubc29\uc2dd\uc740 \ub9e4\uc6b0 \uc704\ud5d8\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\ucd9c\uae08 \uc804\uc5d0 \ub3c8\uc744 \ub354 \ub123\uc5b4\uc57c \ud55c\ub2e4\ub294 \ub9d0\uc774 \ubc18\ubcf5\ub418\uba74, \uc774\ubbf8 \ud22c\uc790 \ubb38\uc81c\uac00 \uc544\ub2c8\ub77c \ucd94\uac00 \ud3b8\ucde8 \ub2e8\uacc4\uc77c \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%88%98%EC%9D%B5%EA%B8%88_20_%EC%84%B8%EA%B8%88_%EC%84%A0%EB%82%A9_%EC%9A%94%EA%B5%AC%EB%8A%94_%EB%8C%80%ED%91%9C%EC%A0%81%EC%9D%B8_%EC%B6%9C%EA%B8%88_%EB%AF%B8%EB%81%BC%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\uc218\uc775\uae08 20% \uc138\uae08 \uc120\ub0a9 \uc694\uad6c\ub294 \ub300\ud45c\uc801\uc778 \ucd9c\uae08 \ubbf8\ub07c\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uad6c\uc870\uc5d0\uc11c \u201c\uc218\uc775\uae08\uc758 20%\ub97c \uc138\uae08\uc73c\ub85c \uba3c\uc800 \ub0b4\uc57c \ucd9c\uae08 \uc7a0\uae08\uc774 \ud574\uc81c\ub41c\ub2e4\u201d\ub294 \uc124\uba85\uc740 \ud53c\ud574\uc790\uac00 \uac00\uc7a5 \ub9ce\uc774 \ud63c\ub780\uc2a4\ub7ec\uc6cc\ud558\ub294 \ubd80\ubd84\uc785\ub2c8\ub2e4. \ud654\uba74\uc0c1 \uc218\uc775\uc774 \ud06c\uac8c \ud45c\uc2dc\ub418\uc5b4 \uc788\uae30 \ub54c\ubb38\uc5d0, \ud53c\ud574\uc790\ub294 \uc138\uae08\uc744 \ub0b4\ub354\ub77c\ub3c4 \ub098\uba38\uc9c0 \uc218\uc775\uc744 \ubc1b\uc744 \uc218 \uc788\ub2e4\uace0 \uc0dd\uac01\ud569\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uac00\uc9dc \ud504\ub85c\uadf8\ub7a8\uc758 \uc218\uc775\uc740 \uc2e4\uc81c \uc218\uc775\uc774 \uc544\ub2d0 \uc218 \uc788\uc73c\ubbc0\ub85c, \uc138\uae08\uc744 \ub0a9\ubd80\ud55c\ub2e4\ub294 \uc804\uc81c \uc790\uccb4\uac00 \uc131\ub9bd\ud558\uc9c0 \uc54a\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc870\uc9c1\uc740 \ud53c\ud574\uc790\uc758 \uc2ec\ub9ac\ub97c \uc798 \uc54c\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ubbf8 \ud070\ub3c8\uc744 \ub123\uc740 \uc0ac\ub78c\uc740 \uc190\uc2e4\uc744 \uc778\uc815\ud558\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \u201c\uc870\uae08\ub9cc \ub354 \ub0b4\uba74 \uc804\uccb4 \uae08\uc561\uc744 \ubc1b\uc744 \uc218 \uc788\ub2e4\u201d\ub294 \ub9d0\uc740 \ud53c\ud574\uc790\uc5d0\uac8c \uac15\ud55c \uc555\ubc15\uc73c\ub85c \uc791\uc6a9\ud569\ub2c8\ub2e4. \uadf8\ub798\uc11c \uccab \ubc88\uc9f8 \ucd94\uac00 \uc785\uae08\uc774 \uc774\ub8e8\uc5b4\uc9c0\uba74, \uc774\ud6c4 \ub450 \ubc88\uc9f8\u00b7\uc138 \ubc88\uc9f8 \uba85\ubaa9\uc774 \uacc4\uc18d \ub4f1\uc7a5\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574 \uc0ac\ub840\uc5d0\uc11c\ub294 \ucd9c\uae08 \uc2e0\uccad \ud6c4 \uc138\uae08 \uc120\ub0a9\uc744 \uc694\uad6c\ud588\uace0, \ud53c\ud574\uc790\uac00 \uc5b4\ub835\uac8c \uc785\uae08\ud558\uc790 \ub2e4\uc2dc \uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1 \ubb38\uc81c\ub97c \uc5b8\uae09\ud588\uc2b5\ub2c8\ub2e4. \uc774\ud6c4 \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08, \ucd9c\uae08 \uc218\uc218\ub8cc, \uac00\uc0c1\uacc4\uc88c \uc778\uc99d\ube44 \uac19\uc740 \uc0c8\ub85c\uc6b4 \uba85\ubaa9\uc774 \uacc4\uc18d \ubd99\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\uac83\uc774 \ubc14\ub85c 2\ucc28, 3\ucc28 \ucd94\uac00 \ud3b8\ucde8 \uad6c\uc870\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B8%88%EC%9C%B5%EA%B0%90%EB%8F%85%EC%9B%90_%EB%AA%A8%EB%8B%88%ED%84%B0%EB%A7%81%EA%B3%BC_%EC%A1%B0%EC%82%AC_%EB%B0%A9%EC%A7%80%EC%9A%A9_%EB%B3%B4%EC%A6%9D%EA%B8%88%EC%9D%80_%EA%B3%B5%ED%8F%AC%EB%A5%BC_%EC%9D%B4%EC%9A%A9%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1\uacfc \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08\uc740 \uacf5\ud3ec\ub97c \uc774\uc6a9\ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \u201c\uae08\uc735\uac10\ub3c5\uc6d0 \ubaa8\ub2c8\ud130\ub9c1 \uc2dc\uc2a4\ud15c\uc5d0 \uac78\ub838\ub2e4\u201d\ub294 \ub9d0\uc774 \ub4f1\uc7a5\ud558\uba74 \ud53c\ud574\uc790\ub294 \ud06c\uac8c \ubd88\uc548\ud574\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc790\uc2e0\uc774 \ubd88\ubc95 \ud22c\uc790\uc5d0 \uc5f0\ub8e8\ub41c \uac83\uc740 \uc544\ub2cc\uc9c0, \uacc4\uc88c\uac00 \uc870\uc0ac \ub300\uc0c1\uc774 \ub418\ub294 \uac83\uc740 \uc544\ub2cc\uc9c0 \uac71\uc815\ud558\uac8c \ub429\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \uc774 \uacf5\ud3ec\ub97c \uc774\uc6a9\ud574 \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098 \uae08\uc735\uac10\ub3c5\uc6d0\uc774\ub098 \uae08\uc735\ub2f9\uad6d\uc774 \ud2b9\uc815 \ub9ac\ub529\ubc29 \ub2f4\ub2f9\uc790\ub97c \ud1b5\ud574 \uac1c\uc778\uc5d0\uac8c \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08\uc744 \uc694\uad6c\ud558\ub294 \ubc29\uc2dd\uc740 \uc815\uc0c1\uc801\uc778 \uc808\ucc28\ub85c \ubcf4\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \uae08\uc735\uac10\ub3c5\uc6d0 \uacf5\uc2dd \ud648\ud398\uc774\uc9c0\ub294 \ubbfc\uc6d0\u00b7\uc2e0\uace0, \ubd88\ubc95\uae08\uc735\uc2e0\uace0, \uc81c\ub3c4\uad8c\uae08\uc735\ud68c\uc0ac\uc870\ud68c \ub4f1 \uae08\uc735\uc18c\ube44\uc790\ub97c \uc704\ud55c \uc11c\ube44\uc2a4\ub97c \uc81c\uacf5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubb38\uc81c\uac00 \uc758\uc2ec\ub41c\ub2e4\uba74 \uc0ac\uae30\ubc29 \ub2f4\ub2f9\uc790\uc758 \uc548\ub0b4\uac00 \uc544\ub2c8\ub77c \uacf5\uc2dd \ubbfc\uc6d0\u00b7\uc2e0\uace0 \ucc44\ub110\uc744 \uae30\uc900\uc73c\ub85c \ud655\uc778\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc870\uc9c1\uc740 \uacf5\ud3ec\uc640 \uc2dc\uac04 \uc555\ubc15\uc744 \ud568\uaed8 \uc0ac\uc6a9\ud569\ub2c8\ub2e4. \u201c\uc624\ub298 \uc548\uc5d0 \ubcf4\uc99d\uae08\uc744 \ub0b4\uc9c0 \uc54a\uc73c\uba74 \uacc4\uc88c\uac00 \ub3d9\uacb0\ub41c\ub2e4\u201d, \u201c\uc870\uc0ac\uac00 \uc2dc\uc791\ub418\uba74 \ucd9c\uae08\uc774 \ub354 \ub2a6\uc5b4\uc9c4\ub2e4\u201d, \u201c\ubcf4\uc99d\uae08\uc740 \ucd9c\uae08 \ud6c4 \ub3cc\ub824\uc900\ub2e4\u201d\uace0 \ub9d0\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc2e4\uc81c\ub85c\ub294 \ubcf4\uc99d\uae08\ub3c4 \ub3cc\ub824\ubc1b\uc9c0 \ubabb\ud558\uace0, \ucd94\uac00 \uc785\uae08 \ud6c4 \ub2e4\uc2dc \ub2e4\ub978 \uba85\ubaa9\uc774 \ub4f1\uc7a5\ud560 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%B6%9C%EA%B8%88_%EC%88%98%EC%88%98%EB%A3%8C%EC%99%80_%EA%B0%80%EC%83%81%EA%B3%84%EC%A2%8C_%EC%9D%B8%EC%A6%9D%EB%B9%84%EB%8A%94_%EB%A7%88%EC%A7%80%EB%A7%89_%ED%8E%B8%EC%B7%A8_%EB%8B%A8%EA%B3%84%EC%9E%85%EB%8B%88%EB%8B%A4\"><\/span>\ucd9c\uae08 \uc218\uc218\ub8cc\uc640 \uac00\uc0c1\uacc4\uc88c \uc778\uc99d\ube44\ub294 \ub9c8\uc9c0\ub9c9 \ud3b8\ucde8 \ub2e8\uacc4\uc785\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\uac74\uc5d0\uc11c \uc138\uae08\uacfc \ubcf4\uc99d\uae08\uc744 \ub0b8 \ub4a4\uc5d0\ub3c4 \ucd9c\uae08\uc774 \ub418\uc9c0 \uc54a\ub294\ub2e4\uba74, \uc0ac\uae30 \uc870\uc9c1\uc740 \ub9c8\uc9c0\ub9c9\uc73c\ub85c \ucd9c\uae08 \uc218\uc218\ub8cc, \uac00\uc0c1\uacc4\uc88c \uc778\uc99d\ube44, \uacc4\uc88c \uc624\ub958 \ubcf5\uad6c\ube44 \ub4f1\uc744 \uc694\uad6c\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \uc774\ubbf8 \uc5ec\ub7ec \ucc28\ub840 \ub3c8\uc744 \ub123\uc5c8\uae30 \ub54c\ubb38\uc5d0, \ub9c8\uc9c0\ub9c9 \ube44\uc6a9\uc774\ub77c\ub294 \ub9d0\uc5d0 \ub2e4\uc2dc \ud754\ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \ub2e8\uacc4\uc5d0\uc11c \uc0ac\uae30 \uc870\uc9c1\uc740 \ud53c\ud574\uc790\uc758 \uc790\uae08 \uc0c1\ud669\uc744 \ud30c\uc545\ud558\ub824\uace0 \ud569\ub2c8\ub2e4. \ub354 \uc774\uc0c1 \uc785\uae08\ud560 \ub3c8\uc774 \uc5c6\ub2e4\uace0 \ub9d0\ud558\uba74 \u201c\uc77c\ubd80\ub77c\ub3c4 \uba3c\uc800 \ub123\uc5b4\ub77c\u201d, \u201c\uac00\uc871\uc5d0\uac8c \ube4c\ub824\ub77c\u201d, \u201c\ub300\ucd9c\uc744 \ubc1b\uc544\ub3c4 \ucd9c\uae08 \ud6c4 \ubc14\ub85c \uac1a\uc744 \uc218 \uc788\ub2e4\u201d\uace0 \uc555\ubc15\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud53c\ud574\ub97c \ub354 \ud0a4\uc6b0\ub294 \ub9e4\uc6b0 \uc704\ud5d8\ud55c \ub2e8\uacc4\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud53c\ud574\uc790\uac00 \uc0ac\uae30\ub97c \uc758\uc2ec\ud558\uace0 \ud56d\uc758\ud558\uba74, \ub2f4\ub2f9\uc790\ub294 \uac11\uc790\uae30 \uc5f0\ub77d\uc774 \ub2a6\uc5b4\uc9c0\uac70\ub098 \ub300\ud654\ubc29\uc5d0\uc11c \uc0ac\ub77c\uc9d1\ub2c8\ub2e4. \uc774\ud6c4 \ub124\uc774\ubc84 \ubc34\ub4dc \ubc29\uc774 \ud3ed\ud30c\ub418\uace0, \uc81c\uacf5 \ub9c1\ud06c\uac00 \uc791\ub3d9\ud558\uc9c0 \uc54a\uc73c\uba70, \uac00\uc9dc MTS\/HTS \uc811\uc18d\uc774 \ucc28\ub2e8\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub54c\ubd80\ud130 \ud53c\ud574\uc790\ub294 \uc790\uc2e0\uc774 \ubcf4\ub358 \uc218\uc775 \ud654\uba74\uc774 \uc2e4\uc81c \uc790\uc0b0\uc774 \uc544\ub2c8\uc5c8\uc74c\uc744 \uae68\ub2eb\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%ED%94%BC%ED%95%B4%EC%9E%90%EA%B0%80_%EC%A6%89%EC%8B%9C_%ED%99%95%EC%9D%B8%ED%95%B4%EC%95%BC_%ED%95%A0_%EB%8C%80%EC%9D%91_%EA%B8%B0%EC%A4%80\"><\/span>6. AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \ud53c\ud574\uc790\uac00 \uc989\uc2dc \ud655\uc778\ud574\uc57c \ud560 \ub300\uc751 \uae30\uc900<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0c1\ud669\uc5d0 \ub193\uc600\ub2e4\uba74 \uac00\uc7a5 \uba3c\uc800 \ud574\uc57c \ud560 \uc77c\uc740 \ucd94\uac00 \uc785\uae08\uc744 \uba48\ucd94\ub294 \uac83\uc785\ub2c8\ub2e4. \uc138\uae08, \ubcf4\uc99d\uae08, \uc218\uc218\ub8cc, \uacc4\uc88c \uc778\uc99d\ube44, \uc870\uc0ac \ubc29\uc9c0 \ube44\uc6a9 \ub4f1 \uc5b4\ub5a4 \uba85\ubaa9\uc774\ub4e0 \ucd9c\uae08\uc744 \uc870\uac74\uc73c\ub85c \ucd94\uac00 \uc785\uae08\uc744 \uc694\uad6c\ud55c\ub2e4\uba74 \ub354 \uc774\uc0c1 \ub3c8\uc744 \ubcf4\ub0b4\uc9c0 \uc54a\ub294 \uac83\uc774 \uc911\uc694\ud569\ub2c8\ub2e4. \uc774\ubbf8 \uc785\uae08\ud55c \ub3c8\uc744 \ub418\ucc3e\uace0 \uc2f6\uc740 \ub9c8\uc74c \ub54c\ubb38\uc5d0 \ucd94\uac00 \uc785\uae08\uc744 \ud558\uba74 \ud53c\ud574 \uaddc\ubaa8\uac00 \ub354 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub450 \ubc88\uc9f8\ub85c \ud574\uc57c \ud560 \uc77c\uc740 \uc99d\uac70 \ubcf4\uc874\uc785\ub2c8\ub2e4. \ub300\ud654\ubc29\uc774 \ud3ed\ud30c\ub418\uae30 \uc804\uc5d0 \ubc34\ub4dc \uacf5\uc9c0, \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800\uc640 \uc7a5\ub300\uc131 \uc774\uc0ac\uc758 \uba54\uc2dc\uc9c0, \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59 \uc774\ubbf8\uc9c0, \uac00\uc9dc \ud3ec\uc2a4\ud130, \uc81c\uacf5 \ub9c1\ud06c, \uc124\uce58 \ud30c\uc77c, \uc785\uae08 \uacc4\uc88c, \uac00\uc0c1\uacc4\uc88c \uc815\ubcf4, MTS\/HTS \ud654\uba74, \uc218\uc775\ub960 \ud654\uba74, \ucd9c\uae08 \uac70\uc808 \uba54\uc2dc\uc9c0\ub97c \ubaa8\ub450 \ucea1\ucc98\ud574\uc57c \ud569\ub2c8\ub2e4. \ub300\ud654 \ub0b4\uc6a9\uc740 \ub0a0\uc9dc\uc640 \uc2dc\uac04\uc774 \ubcf4\uc774\ub3c4\ub85d \uc800\uc7a5\ud558\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c\ud53c\ud574 \ud68c\ubcf5\uc758 \ucd9c\ubc1c\uc810\uc740 \ucd94\uac00 \uc785\uae08 \uc911\ub2e8\uacfc \uc99d\uac70 \ubcf4\uc874\uc785\ub2c8\ub2e4.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B3%B5%EC%8B%9D_%EC%B1%84%EB%84%90_%EC%97%AC%EB%B6%80%EB%A5%BC_%EB%8B%A4%EC%8B%9C_%ED%99%95%EC%9D%B8%ED%95%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uacf5\uc2dd \ucc44\ub110 \uc5ec\ubd80\ub97c \ub2e4\uc2dc \ud655\uc778\ud574\uc57c \ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\uc5d0\uc11c \uac00\uc7a5 \uc911\uc694\ud55c \uac80\uc99d \uae30\uc900\uc740 \uacf5\uc2dd \ucc44\ub110 \uc5ec\ubd80\uc785\ub2c8\ub2e4. AQR Capital Management\uc758 \uacf5\uc2dd \ud648\ud398\uc774\uc9c0\uc640 \ub9ac\ub529\ubc29\uc5d0\uc11c \ubc1b\uc740 \ub9c1\ud06c\uac00 \uc5f0\uacb0\ub418\ub294\uc9c0, \uacf5\uc2dd \ub3c4\uba54\uc778\uc758 \uc774\uba54\uc77c\uc744 \uc0ac\uc6a9\ud558\ub294\uc9c0, \uacc4\uc57d\uc11c\uc758 \ubc95\uc778\uba85\uacfc \uc785\uae08 \uacc4\uc88c \uba85\uc758\uac00 \uc77c\uce58\ud558\ub294\uc9c0, \ub2f4\ub2f9\uc790\uc758 \uc2e0\uc6d0\uc774 \ud655\uc778\ub418\ub294\uc9c0 \uc810\uac80\ud574\uc57c \ud569\ub2c8\ub2e4. \ub2e8 \ud558\ub098\ub77c\ub3c4 \ubd88\uc77c\uce58\ud55c\ub2e4\uba74 \uc0ac\uce6d \uac00\ub2a5\uc131\uc744 \uac15\ud558\uac8c \uc758\uc2ec\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 \ud574\uc678 \uc6b4\uc6a9\uc0ac\ub97c \uc0ac\uce6d\ud558\ub294 \uacbd\uc6b0, \uc0ac\uae30 \uc870\uc9c1\uc740 \u201c\ud55c\uad6d \uc804\uc6a9 \uc0ac\uc774\ud2b8\u201d, \u201c\ud2b9\ubcc4 \ud504\ub85c\uc81d\ud2b8 \uc0ac\uc774\ud2b8\u201d, \u201c\uae30\uad00 \ub0b4\ubd80 \uc804\uc0b0\u201d, \u201c\ubcf4\uc548 \ub9c1\ud06c\u201d\ub77c\ub294 \ud45c\ud604\uc73c\ub85c \uacf5\uc2dd \ud648\ud398\uc774\uc9c0\uc640 \ub2e4\ub978 \uacbd\ub85c\ub97c \uc0ac\uc6a9\ud558\uac8c \ub9cc\ub4ed\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc815\uc0c1\uc801\uc778 \uae08\uc735\ud68c\uc0ac\uac00 \ud22c\uc790\uc790\uc758 \ub3c8\uc744 \ubc1b\ub294 \uacfc\uc815\uc740 \uadf8\ub807\uac8c \ubd88\ud22c\uba85\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc81c\uacf5 \ub9c1\ud06c\ub85c\ub9cc \uc811\uc18d\ub418\ub294 \uc571, \uac80\uc0c9\ub418\uc9c0 \uc54a\ub294 HTS, \uacf5\uc2dd \uc571\uc2a4\ud1a0\uc5b4\uc5d0 \uc5c6\ub294 \uc124\uce58 \ud30c\uc77c\uc740 \uc704\ud5d8\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub610\ud55c \uc785\uae08 \uacc4\uc88c\uac00 \uac1c\uc778 \ub610\ub294 \ubaa8\ub974\ub294 \ubc95\uc778 \uba85\uc758\ub77c\uba74 \uc989\uc2dc \uc911\ub2e8\ud574\uc57c \ud569\ub2c8\ub2e4. \u201c\uac00\uc0c1\uacc4\uc88c\ub77c\uc11c \uba85\uc758\uac00 \ub2e4\ub974\uac8c \ubcf4\uc778\ub2e4\u201d, \u201c\uc138\uae08 \ucc98\ub9ac\uc6a9 \uacc4\uc88c\ub77c \ubcc4\ub3c4\ub2e4\u201d, \u201c\uc815\uc0b0 \ub300\ud589\uc0ac \uacc4\uc88c\ub2e4\u201d\ub77c\ub294 \uc124\uba85\ub9cc \ubbff\uace0 \uc785\uae08\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. \ud22c\uc790\uae08\uc740 \uacc4\uc88c \ud750\ub984\uc774 \uac00\uc7a5 \uc911\uc694\ud55c \uc99d\uac70\uc774\uba70, \uc0ac\uae30 \uc870\uc9c1\uc740 \uc774 \ubd80\ubd84\uc744 \ud750\ub9ac\uae30 \uc704\ud574 \ubcf5\uc7a1\ud55c \uc124\uba85\uc744 \ub367\ubd99\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B0%80%EC%A1%B1%C2%B7%EC%A7%80%EC%9D%B8%EC%97%90%EA%B2%8C_%EC%A6%89%EC%8B%9C_%EA%B3%B5%EC%9C%A0%ED%95%98%EA%B3%A0_%EA%B3%A0%EB%A6%BD%EC%9D%84_%EB%81%8A%EC%96%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uac00\uc871\u00b7\uc9c0\uc778\uc5d0\uac8c \uc989\uc2dc \uacf5\uc720\ud558\uace0 \uace0\ub9bd\uc744 \ub04a\uc5b4\uc57c \ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0c1\ud669\uc5d0\uc11c \ud53c\ud574\uc790\uac00 \ud63c\uc790 \ud310\ub2e8\ud558\uba74 \uc0ac\uae30 \uc870\uc9c1\uc758 \uc555\ubc15\uc5d0 \ud754\ub4e4\ub9ac\uae30 \uc27d\uc2b5\ub2c8\ub2e4. \ub2f4\ub2f9\uc790\ub294 \uacc4\uc18d \uc5f0\ub77d\ud558\uba70 \u201c\uc9c0\uae08 \ucc98\ub9ac\ud574\uc57c \ud55c\ub2e4\u201d, \u201c\uc870\uae08\ub9cc \ub354 \ub123\uc73c\uba74 \ub41c\ub2e4\u201d, \u201c\uc678\ubd80\uc5d0 \ub9d0\ud558\uba74 \ud504\ub85c\uc81d\ud2b8\uac00 \ucde8\uc18c\ub41c\ub2e4\u201d\uace0 \ub9d0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \uc0c1\ud669\uc5d0\uc11c\ub294 \uac00\uc871, \uc9c0\uc778, \ubc95\ub960 \uc804\ubb38\uac00, \uae08\uc735\ud53c\ud574 \uc0c1\ub2f4\uae30\uad00 \ub4f1 \uc678\ubd80 \uc2dc\uac01\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc0ac\uae30 \uc870\uc9c1\uc740 \ud53c\ud574\uc790\ub97c \uace0\ub9bd\uc2dc\ud0a4\ub824 \ud569\ub2c8\ub2e4. \uc678\ubd80\uc778\uc774 \uac1c\uc785\ud558\uba74 \uc0ac\uae30 \uad6c\uc870\uac00 \ub4dc\ub7ec\ub0a0 \uac00\ub2a5\uc131\uc774 \ub192\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ub530\ub77c\uc11c \u201c\uc544\ubb34\uc5d0\uac8c\ub3c4 \ub9d0\ud558\uc9c0 \ub9d0\ub77c\u201d\ub294 \uc548\ub0b4\ub294 \ubcf4\uc548\uc774 \uc544\ub2c8\ub77c \ud1b5\uc81c\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud22c\uc790 \uae30\ud68c\uac00 \uc815\uc0c1\uc774\ub77c\uba74 \uac00\uc871\uc5d0\uac8c \ub9d0\ud55c\ub2e4\uace0 \uc0ac\ub77c\uc9c0\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uacf5\uc2dd \uae08\uc735\uc0c1\ud488\uc774\ub77c\uba74 \uc678\ubd80 \uac80\uc99d\uc744 \uac70\uccd0\ub3c4 \ubb38\uc81c\uac00 \uc5c6\uc5b4\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2e4\uc81c \ud53c\ud574 \ud750\ub984\uc5d0\uc11c\ub294 \uc8fc\ubcc0 \uc0ac\ub78c\uc5d0\uac8c \uc0c1\ub2f4\ud55c \uc9c1\ud6c4 \uc0ac\uae30\uc784\uc744 \uae68\ub2eb\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc2b5\ub2c8\ub2e4. \ud53c\ud574\uc790\ub294 \ubc29 \uc548\uc5d0\uc11c\ub9cc \uc815\ubcf4\ub97c \uc811\ud560 \ub54c\ub294 \ubaa8\ub450\uac00 \uc218\uc775\uc744 \ubcf4\ub294 \uac83\ucc98\ub7fc \ub290\ub07c\uc9c0\ub9cc, \uc678\ubd80\uc5d0\uc11c \ubcf4\uba74 \uc81c\uacf5 \ub9c1\ud06c, \uac00\uc9dc \uc571, \ub300\ud3ec\ud1b5\uc7a5, \uc138\uae08 \uc120\ub0a9 \uc694\uad6c\uac00 \ubaa8\ub450 \uc704\ud5d8 \uc2e0\ud638\ub85c \ubcf4\uc785\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc758\uc2ec\uc774 \uc0dd\uae34 \uc21c\uac04 \ub300\ud654\ubc29 \ubc16\uc73c\ub85c \ub098\uc640 \uac1d\uad00\uc801\uc73c\ub85c \uc810\uac80\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9E%85%EA%B8%88_%EB%82%B4%EC%97%AD%EA%B3%BC_%EB%8C%80%ED%99%94_%EC%9E%90%EB%A3%8C%EB%A5%BC_%EA%B8%B0%EC%A4%80%EC%9C%BC%EB%A1%9C_%ED%94%BC%ED%95%B4_%EA%B5%AC%EC%A1%B0%EB%A5%BC_%EC%A0%95%EB%A6%AC%ED%95%B4%EC%95%BC_%ED%95%A9%EB%8B%88%EB%8B%A4\"><\/span>\uc785\uae08 \ub0b4\uc5ed\uacfc \ub300\ud654 \uc790\ub8cc\ub97c \uae30\uc900\uc73c\ub85c \ud53c\ud574 \uad6c\uc870\ub97c \uc815\ub9ac\ud574\uc57c \ud569\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \ud53c\ud574 \ub300\uc751\uc5d0\uc11c\ub294 \uac10\uc815\uc801\uc778 \uc124\uba85\ubcf4\ub2e4 \uc790\ub8cc \uc815\ub9ac\uac00 \uc911\uc694\ud569\ub2c8\ub2e4. \uc5b8\uc81c \uc5b4\ub5a4 \uacbd\ub85c\ub85c \uc720\uc785\ub418\uc5c8\ub294\uc9c0, \ub204\uac00 \uc5b4\ub5a4 \uc774\ub984\uacfc \uc9c1\ud568\uc73c\ub85c \uc811\uadfc\ud588\ub294\uc9c0, \uc5b4\ub5a4 \ub9c1\ud06c\ub97c \ubc1b\uc558\ub294\uc9c0, \uc5b4\ub5a4 \uacc4\uc88c\ub85c \uc5bc\ub9c8\ub97c \uc785\uae08\ud588\ub294\uc9c0, \ucd9c\uae08 \uc694\uccad \ud6c4 \uc5b4\ub5a4 \uba85\ubaa9\uc73c\ub85c \ucd94\uac00 \uc785\uae08\uc744 \uc694\uad6c\ubc1b\uc558\ub294\uc9c0\ub97c \uc2dc\uac04\uc21c\uc73c\ub85c \uc815\ub9ac\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc815\ub9ac \ud56d\ubaa9\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \uad6c\uc131\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uccab\uc9f8, \uc720\uc785 \uacbd\ub85c\uc785\ub2c8\ub2e4. \ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019, \ud3d0\uc1c4 \ub300\ud654\ubc29, \ucd08\ub300 \ub9c1\ud06c, \ucd94\ucc9c\uc778 \ub4f1\uc744 \uae30\ub85d\ud569\ub2c8\ub2e4. \ub458\uc9f8, \uc0ac\uce6d \uc790\ub8cc\uc785\ub2c8\ub2e4. AQR\uc790\uc0b0\uc6b4\uc6a9, AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8, AQR Capital Management, John Liew, \uc874 \ub9ac\uc6b0 \uad00\ub828 \uc774\ubbf8\uc9c0\uc640 \uc124\uba85\uc744 \ubcf4\uad00\ud569\ub2c8\ub2e4. \uc14b\uc9f8, \uc785\uae08 \uc790\ub8cc\uc785\ub2c8\ub2e4. \ub300\ud3ec\ud1b5\uc7a5 \ub610\ub294 \uac00\uc0c1\uacc4\uc88c\ub85c \uc758\uc2ec\ub418\ub294 \uacc4\uc88c\ubc88\ud638, \uc608\uae08\uc8fc, \uc785\uae08 \uc2dc\uac04, \uae08\uc561\uc744 \uc815\ub9ac\ud569\ub2c8\ub2e4. \ub137\uc9f8, \ucd9c\uae08 \uc9c0\uc5f0 \uc790\ub8cc\uc785\ub2c8\ub2e4. \uc138\uae08, \ubcf4\uc99d\uae08, \uc218\uc218\ub8cc \uc694\uad6c \uba54\uc2dc\uc9c0\ub97c \ubcf4\uc874\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \uc790\ub8cc\ub294 \uc218\uc0ac\uae30\uad00 \uc2e0\uace0, \uae08\uc735\uae30\uad00 \uc9c0\uae09\uc815\uc9c0 \uc694\uccad, \ubc95\ub960 \uac80\ud1a0, \ud53c\ud574\uae08 \ud68c\uc218 \uac00\ub2a5\uc131 \ud310\ub2e8\uc5d0 \ud65c\uc6a9\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uacc4\uc88c \uc815\ubcf4\uc640 \uc785\uae08 \uc2dc\uac04\uc740 \ube60\ub974\uac8c \uc6c0\uc9c1\uc77c\uc218\ub85d \uc911\uc694\ud569\ub2c8\ub2e4. \uc0ac\uae30 \uc870\uc9c1\uc740 \uc790\uae08\uc744 \uc5ec\ub7ec \uacc4\uc88c\ub85c \ubd84\uc0b0\ud558\uac70\ub098 \ud604\uae08\ud654\ud560 \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0, \ud53c\ud574\ub97c \uc778\uc9c0\ud55c \uc9c1\ud6c4 \uc9c0\uccb4\ud558\uc9c0 \uc54a\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B2%B0%EB%A1%A0_AQR%EC%9E%90%EC%82%B0%EC%9A%B4%EC%9A%A9_%EC%82%AC%EA%B8%B0_%EC%9D%98%EC%8B%AC_%EC%8B%A0%ED%98%B8%EB%8A%94_%E2%80%98%EA%B3%B5%EC%8B%9D_%EB%AA%85%EC%B9%AD%EC%9D%B4_%EC%95%84%EB%8B%88%EB%9D%BC_%E2%80%98%EC%9E%90%EA%B8%88_%ED%9D%90%EB%A6%84%EC%97%90%EC%84%9C_%EB%93%9C%EB%9F%AC%EB%82%A9%EB%8B%88%EB%8B%A4\"><\/span>\uacb0\ub860: AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc2e0\ud638\ub294 \u2018\uacf5\uc2dd \uba85\uce6d\u2019\uc774 \uc544\ub2c8\ub77c \u2018\uc790\uae08 \ud750\ub984\u2019\uc5d0\uc11c \ub4dc\ub7ec\ub0a9\ub2c8\ub2e4<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\ub294 \uc720\uba85 \ud574\uc678 \uc6b4\uc6a9\uc0ac\uc640 \uc2e4\uc81c \uc778\ubb3c \uc815\ubcf4\ub97c \ub3c4\uc6a9\ud574 \uc2e0\ub8b0\ub97c \ub9cc\ub4e0 \ub4a4, \ud3d0\uc1c4\uc801\uc778 \ub9ac\ub529\ubc29\uacfc \uac00\uc9dc MTS\/HTS\ub97c \ud1b5\ud574 \ud22c\uc790\uae08\uc744 \uc720\ub3c4\ud558\uace0, \ucd9c\uae08 \ub2e8\uacc4\uc5d0\uc11c \uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc\ub97c \uc694\uad6c\ud558\ub294 \uad6c\uc870\ub85c \uc815\ub9ac\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8, AQR Capital Management, John Liew, \uc874 \ub9ac\uc6b0\ub77c\ub294 \uc774\ub984\uc774 \ub4f1\uc7a5\ud55c\ub2e4\uace0 \ud574\uc11c \ud574\ub2f9 \ud22c\uc790\ubc29\uc774 \uacf5\uc2dd\uc774\ub77c\ub294 \ub73b\uc740 \uc544\ub2d9\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud575\uc2ec\uc740 \uacf5\uc2dd \uba85\uce6d\uc774 \uc544\ub2c8\ub77c \uc790\uae08 \ud750\ub984\uc785\ub2c8\ub2e4. \uc81c\uacf5 \ub9c1\ud06c\ub85c\ub9cc \uc124\uce58\ub418\ub294 \ud504\ub85c\uadf8\ub7a8\uc778\uc9c0, \uc785\uae08 \uacc4\uc88c\uac00 \uacf5\uc2dd \ubc95\uc778\uacfc \uc77c\uce58\ud558\ub294\uc9c0, \ucd9c\uae08 \uc804 \ucd94\uac00 \uc785\uae08\uc744 \uc694\uad6c\ud558\ub294\uc9c0, \uc9c8\ubb38\uc744 \ud558\uba74 \uac15\ud1f4\ud558\uac70\ub098 \uc678\ubd80 \uac80\uc99d\uc744 \ub9c9\ub294\uc9c0 \ud655\uc778\ud574\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 \ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019 \uac19\uc740 \ud3d0\uc1c4 \ub300\ud654\ubc29\uc5d0\uc11c \uae40\uc11c\uc5f0 \ub9e4\ub2c8\uc800, \uc7a5\ub300\uc131 \uc774\uc0ac \ub4f1 \ud655\uc778\ub418\uc9c0 \uc54a\ub294 \uc778\ubb3c\uc774 \uace0\uc218\uc775 \ud504\ub85c\uc81d\ud2b8\ub97c \uc548\ub0b4\ud558\uace0, \uc81c8\uae30 \uc218\uc775 \ud504\ub85c\uc81d\ud2b8 \uc8fc\uc2dd \ubc30\ubd84 \uaddc\uce59 \uac19\uc740 \uc790\ub8cc\ub85c \uace0\uc561 \uc785\uae08\uc744 \uc720\ub3c4\ud55c\ub2e4\uba74 \ub9e4\uc6b0 \uac15\ud55c \uc704\ud5d8 \uc2e0\ud638\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ubbf8 \uc785\uae08\ud588\ub2e4\uba74 \ucd94\uac00 \uc785\uae08\uc744 \uba48\ucd94\uace0, \ub300\ud654\ubc29 \uc790\ub8cc\uc640 \uc785\uae08 \ub0b4\uc5ed\uc744 \ubcf4\uc874\ud574\uc57c \ud569\ub2c8\ub2e4. \uc138\uae08 \uc120\ub0a9, \uc870\uc0ac \ubc29\uc9c0\uc6a9 \ubcf4\uc99d\uae08, \ucd9c\uae08 \uc218\uc218\ub8cc, \uac00\uc0c1\uacc4\uc88c \uc778\uc99d\ube44\ub97c \ub0b4\uba74 \ucd9c\uae08\uc774 \ub41c\ub2e4\ub294 \ub9d0\uc740 \ucd94\uac00 \ud53c\ud574\ub85c \uc774\uc5b4\uc9c8 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4. AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0c1\ud669\uc5d0\uc11c\ub294 \u201c\ud55c \ubc88\ub9cc \ub354 \uc785\uae08\ud558\uba74 \ud574\uacb0\ub41c\ub2e4\u201d\ub294 \ub9d0\ubcf4\ub2e4 \u201c\uc9c0\uae08 \uba48\ucd94\uace0 \uc99d\uac70\ub97c \ud655\ubcf4\ud558\ub294 \uac83\u201d\uc774 \uc6b0\uc120\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc720\uc0ac\ud55c \uad6c\uc870\ub294 \ub2e4\ub978 \uc790\uc0b0\uc6b4\uc6a9\uc0ac \uc0ac\uce6d, \ud574\uc678\uc120\ubb3c \uc0ac\uce6d, \uacf5\ubaa8\uc8fc \ubc30\uc815 \uc0ac\uce6d, \ud000\ud2b8\uac70\ub798 \uc0ac\uce6d \uc0ac\ub840\uc5d0\uc11c\ub3c4 \ubc18\ubcf5\uc801\uc73c\ub85c \ud655\uc778\ub429\ub2c8\ub2e4. \ub530\ub77c\uc11c \ud22c\uc790 \uc804\uc5d0\ub294 \ubc18\ub4dc\uc2dc \uacf5\uc2dd \ud648\ud398\uc774\uc9c0, \uc81c\ub3c4\uad8c \uae08\uc735\ud68c\uc0ac \uc5ec\ubd80, \uc785\uae08 \uacc4\uc88c \uba85\uc758, \uacc4\uc57d \uc8fc\uccb4, \ucd9c\uae08 \uc870\uac74\uc744 \ub3c5\ub9bd\uc801\uc73c\ub85c \ud655\uc778\ud574\uc57c \ud569\ub2c8\ub2e4. \uc870\uae08\uc774\ub77c\ub3c4 \uc774\uc0c1\ud558\ub2e4\uba74 \ud22c\uc790 \ud310\ub2e8\uc744 \uba48\ucd94\uace0 \uc678\ubd80 \uc804\ubb38\uac00\uc5d0\uac8c \uac80\ud1a0\ub97c \ubc1b\ub294 \uac83\uc774 \ud53c\ud574\ub97c \uc904\uc774\ub294 \uac00\uc7a5 \ud604\uc2e4\uc801\uc778 \ubc29\ubc95\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uba54\ud0c0 \uc124\uba85 \uc81c\uc548:AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uae30 \uc758\uc2ec \uc0ac\ub840\ub294 AQR\uc790\uc0b0\uc6b4\uc6a9 \uc0ac\uce6d, \uac00\uc9dc MTS\/HTS, \ub9ac\ub529\ubc29 \ud22c\uc790 \uc0ac\uae30, \uae30\uad00 \uc804\uc6a9 \uacf5\ubaa8\uc8fc \uba85\ubaa9 \uc785\uae08 \uc720\ub3c4 \ubc29\uc2dd\uc73c\ub85c \uc804\uac1c\ub429\ub2c8\ub2e4. \ucd9c\uae08 \uc804 \uc138\uae08\u00b7\ubcf4\uc99d\uae08\u00b7\uc218\uc218\ub8cc\ub97c \uc694\uad6c\ud55c\ub2e4\uba74 \uc989\uc2dc \uc911\ub2e8\ud574\uc57c \ud569\ub2c8\ub2e4. \uc0ac\uae30 \uc218\ubc95:\ub124\uc774\ubc84 \ubc34\ub4dc \u2018\ud750\ub974\ub294 \ub3c5\uc11c\uc2e4\u2019 \ub4f1 \ud3d0\uc1c4\uc801\uc778 \ub300\ud654\ubc29\uc744 \uac1c\uc124\ud574 \ud22c\uc790\uc790\ub4e4\uc744 \uc720\uc785\uc2dc\ud0a8 \ub4a4 \uae00\ub85c\ubc8c \uc720\uba85 \ud000\ud2b8 \ud22c\uc790\uc0ac\uc778 AQR \uce90\ud53c\ud0c8 \ub9e4\ub2c8\uc9c0\uba3c\ud2b8(AQR Capital Management), AQR\uc790\uc0b0\uc6b4\uc6a9\uacfc \ub300\ud45c\ub85c \uc5b8\uae09\ub41c John Liew, \uc874 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4132","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4132"}],"version-history":[{"count":2,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4132\/revisions"}],"predecessor-version":[{"id":4151,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4132\/revisions\/4151"}],"wp:attachment":[{"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cms.daylawblog.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}