784                                                     22

"          
 .   ()   , 
    .     
(      )   
 {hedge fund},         
    .

12 CDA/Wiesenberger, Investment Companies Yearbook 1993, p. 22.

"  .

'4     ,     
, .  : Ken Gregory, Traveling Overseas Via No-Load Mutual Funds, AAIl Journal,
13, no. 9 (October 1991), pp. 22-25.

15         (variable annuity),  -
       (  ,
    ),      -
 .         
  .         
 ,    10%   ,     
 59,5 .       
  0,5  1,75%   . .: Albert J. Fredman and Russ Wiles,
An Introduction to Investing in Variable Annuities,  11 Journal, 15, no. 8 (September 1993), pp.
912; and Bogle, Bogle on Mutual Funds, pp. 223226.

"' ,         -
   ,  : (1)    ,  -
; (2)     $25 000; (3)  ()   
  S40 000.  IRA  Keog     . 13.  .: Richard
R. Simonds, Mutual Fund Strategies for IRA Investors, Journal of Portfolio Management, 12, no. 2
(Winter 1986), pp. 40-43.

17 .: Bogle, Bogle on Mutual Funds, Chapter 4.

18      . ,    
     , ,  S&P 500.
 ,       60% -
  ,      60%,   -
,  40%,    .    , -
   ,     ,   -
 . , .: HanyA. Shawky, An Update on Mutual Funds: Better Grades,
Journal of Portfolio Management, 8, no. 2 (Winter 1982), pp. 29-34.   , 
     . 25.

'9 Edwin J. Eiton, Martin J. Gruber, Sanjiv Das, and Matthew Hiavka, Efficiency with Costly Information:

A Reinterpretation of Evidence from Managed Portfolios, Review of Financial Studies, 6, no. 1 (1993),
pp. 122: and Ravi Shukia and Charles Trzcinka, Performance Measurement of Manages Portfolios,
Financial Markets, Institutions and Instruments, 1, no. 4 (1992).

211          ;

.: Eugene F. Fama, Efficient Capital Markets: II, Journal of Finance, 46, no. 5 (December 1991),
pp. 15751617, particularly pp. 16061607; Lakonishok, Schleifer, and Vishny   -
 30.

21 Institutional Investor Study Report of the Securities and Exchange Commission (Washington, D.C.: U.S.
Government Printing Office, 1971), vol. 2, pp. 328-332.

: Eiton, Gruber, Das and Hiavka, Efficiency with Costly Information. , 
 (   19),     ,  
    ,     S&P 500.

:3 Jack L. Treynorand Kay Mazuy, Can Mutual Funds Outguess the Market?, Harvard Business Review,
44, no. 4 (July-August 1966), pp. 131-136.