                                       475

  . 16.3        19261985 .
   : 19261945 .  19451985 . (   Ibbotson
Associates, . . 1.1  . 1.1  . 1.)

   ,     -
  ,      25. 
  ,        -
       . 
     :  
,            
 .       ,  
        .  -
       , 
,     -1%  26.   
  , ,      ,
  .          
 1%   ( 0,25%  ) ,    .

 ,       (, -
       ),  -
 ,  .   ,   -
 .      ,  ,   -
  ,      . ,  -
         -
    .

 < '   '"16-3

    

			
. 1926-1985 .:			
 	2,20%	0,41%	
 	12,39	3,98	
			0,30
. 1926-1945 .:			
 	2,94%	1,11%	
 	18,68	1,99	
			0,45
. 1946-1985 .:			
 	1,83%	0,06%	
 	7,54	4,65	
			0,40

:   : Meir Statman and Neal L. Ushman, Bonds Versus Stocks:

Another Look, Journal of Portfolio Management, 13, no. 2 (Winter 1987), pp. 3338.

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