772  22

  22.3

      , 19761987 .

, ;",5"&, ?^!^-&;^'^:^

 

     

					 
					
					
:					
	55,3%	44,7%	59,9%	40,1 %	61,2% 38,8%
	44,9	55,1	40,3	59,7	22,9 77,1

: William N. Goetzmann and Roger G. Ibbotson, Do Winners Repeat?, Journal of Portfolio
Management, 20, no. 2 (Winter 1994), Exhibits 1, 8, and 11, pp. 11, 13, and 17.

22.

  

     ,      -
 ,        . -
 ,         -
.          Morningstar
Inc.,   .      
         .

     ,  Morningstar Inc., -
    .  . 22.9     -
 Fidelity Magellan.   . ,   , -
      .

23.6.1       

   . 22.9     /
(Performance/Risk).        
,  28  1994 .       -
 15    3 .     
   12-1,       . 
,    ,     -
  .        -
  S&P 500     .     
   S&P 500    Lehman Brothers.

          
( )       ,   
    .   1  
  ,   100   .    ,   -
     $10 000     (
   ).

  ,  28  1994 .,  Magellan 
 6,27%,   4,46%    S&P 500.  -
      20     