   365

60 

45.

30

;-1

15

5 -13

-8

,- 

12

17

22

-15

-30--

-45 -L-
    ( %)

. 13.6.       (1926-1993 .)
: Stocks, Bonds, Bills, and Inflation 1994 Yearbook (Chicago Ibbotson Associates: 1994).

13.7.3   ,   

         
.         
    . ,      -
  ,          
  ?

         -
     20.    -
    ,      
      .  -
          
  .       
        -
 .

,  ,      :

=+,+,,                               (13.11)

            
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    ,   (3    1,0.  