                                    285

3       $40 .,  ,   
$20 .    $60 . ($40 . + $20 .)   .

4 ,        0,5   ()  1,5 
 ().        
 0,5  0,5,        1,0  
.

5     , -   ,    -
 .   ,   . 20  21,  
 .

6      Charlie ,     
,       Able  Baker,   -
,   . 7, 8  9.       Charlie
     ,      -
 .

7          (cleared}.

8         
 ,      .

9     ,    ,   .
          -
    .   CML   , 
    ,   CML    -
 .

10     :  =  + ,      
 - .      CML ,    
       .

"     SML    .

12  Bakeru Charlie  ,  382  179 ,  ,  
    30,74% [4 + (0,07382)  16,53% [4+ (0,07 179)]. 
         (24,6  22,8%), 
 ,            .  
     SML,  - SML, -
   10.7, .

13         .  
      . , Wall Street Journal
      S&P 500,    S'<?/', -
,    .     
    .    500 ,   
; S&P    400 MidCap,      .
        . 23, 26.

14         1884 .,     11
      11.  1928 .       -
  30.     .   ,  -
 () ,  ,   ,  , 
       ,     ,
  .

15           . 9.

16 ,         ; 
     ;     -
.        ,  -
. ,         .
         -
   . 10.3.        -
   .   .: Fischer Black, Capital Market Equilibrium with Restricted
Borrowing, Journal of Business, 45, no. 3 (July 1972), pp. 444455.