                                              801

 .    (passive investment system}
       
     .     
    .   -
     ,   
     .     -
        
.

      :

1. ...          -
    ;       ,
           
 15 . ,   ,   -
           .

2. ...      95%   -
  S&P 500   .

3. ...   25      
 ,    25    
   8   12 .

4. ...      ,  
     ,   
80%       -
.

,   ,    ,  , -
   .     
    ,       . 
      .     -
    .

33.3.1      

  ,       --
,           
   .        
 ,        ,
     .    -
         ,
     .      -
         .
      . 25.

23.3.2     

,       ,
   ,     -
     .     
   ,     -
   .      -
        
        .

,  100   Widget   $19   
   $100,      $2000
[(100  $19) + $100].     Widget   $93   