                                                          3

,        , -
 .         -
  .     ,  
  .     -
,         .
       .   
   ,       .  
,        
, ,      .

 ,         
  ,       .  
,    ,   
(security').      ,      
        .  ,  -
        General Motors   
.       (security)   -
          
.       ,   -
       ,  
     .

     ,      -
      .  ,   
    ,   ,    -
         .

 . 1.1   . 1.1     
      68-  -  1926  1993 .  
       
       .  , 
  (rate of return) (  ),  -
 :

   

                   /, ,,
 =.           (1.1)

   

     ,    
     .      
 ,     (1.1).    -
   :   (   )  -
   ?

, ,    Widget   $40  
   $45   ,          $3
  .     Widget     
 : [($45 + $3) - $40]/$40 = $0,20,  20%'.

 

   ,   . 1.1,   -
   .      -
  ,   .  ,   -
     ,       
 .   ,   , -
  14,71%  1981 .  0,02%  1938 .     3,74%  
 68- .