604                                                    19

         . 
   ,      
         ,  ,   -
   .       
 ,         
. ,         
,          .

   . 19.3     
 .         -
   ,      50  50.  
 . ,     ,  
,        ,    
           . -
,           
   ,   ,   
.

           
 15.  323 ,       1946  1965 .
  ,       (1) -
  1946  1955 .  (2)   1956  1965 .    
       1%    
     .

    19.3

  *

 	   	   	            50  50
1	1,152	1,102	1,068
2	562	590	534
3	266	300	267
4	114	120	133
5	55	63	67
6	24	20	33
7	23	12	17
8	5	6	8
9	3	3	4
10	6	0	2
11	2	0	1
12	1	0	1
13	0	0	0
14	0	1	0

   610     1950  1964 .
: Richard A. Breatey, An Introduction to Risk and Return from Common Stocks (Cambridge, MA:

MIT Press, 1983), p. 89.