212                                                    8

8.3.3    -

,          
     .    . 8.10  -
 , ,       , 
    .     . 
,          -
. ,    ,  , ,    
      ,   .

,        5%.-
        10%,   
 5%  .  () . 8.10 ,    -
        6% (14% - 8%). -
,  () ,        
   4% (7%  3%).    2% (6%  4%)  
,       ,    , ..  
      ,  .

      -
{beta)   :

,/=,//^,                             (8.7)

 <,      /    
, a v\     . ,   -
,      ,  
-,  1 (     :

 = ^ + ^).     -   (,  )
  ,   ,    -
  {aggressive stocks).  ,   -  -
 (,  )   ,   ,  -
   {defensive stocks)'1.

8.3.4     

    ,    
          -
,    10.    
      9  11% ,   
   10%,   ,      
     :

         

           2%                  -1%

  -    12% = 10%  1,2        8% = 10%  0,8

     -



         -5% = 9% - (2% + 12%) 4% = 11% - (-1% + 8%)

               9%                   11%

     ,          
      (   
)  5%    + 4%  .  ,    