580                                                    18

   ,     -
        .
     Rea-Graham Fund, LMH Fund, Sequoia Fund, Pacific
Partners Fund.

 18.2

                     

. .  , :

1.  - ,      -
   4? (,        12%, 
   1/0,12 = 8'/,    4'/.  ,   
       , ,    -  
,  41/6.)

2.  -  40%     -
    ? (   -   
    ,         .)

3.         /    '?

4.    2/3       ? ( 
            -
,       .)

5.   ,  s/a         ? (
            
,       .)
. .  , :

6.  -  ? (  - 
 ,         .)

7.    ? (     , -
   .)

8.   ,      ? (  -
        .)

9.        10       7%  ?
(          ,     
 ,  10  ,  _,,      ,  -
    = _, (1 + )10.       ,  
   7%.)

10.   ,       9,       -
        -5%  ? (  
        ,    
    -5%,   -4%.)

:   : Paul Blustein, Ben Graham's Last Will and Testament, Forbes
(August 1, 1977), pp. 43-45; James . Rea, Remembering Benjamin Graham -Teacher and Friend,
Journal of Portfolio Management, 3, no. 4 (Summer 1977), pp. 66-72.



'    ,   -  -
  (..   ),     
     .    -
      : Marc R. Reinganum, The Anatomy of Stock
Market Winners, Financial Analysts Journal, 44, no. 2 (March/April 1988), pp. 16-28.

2          ,  
      .       
,    (18.1)       - -