    907

25.6

   


        -
          
(        )  -
 ,        -
 . , ,    -
       ,    -
       ; -
,    ,    ,
      ;   -
     .

25.6.1    

       ,  -
   ,    . -
 25.9    ,    Wall
Street Journal".     Lehman Brothers 
   .    , 
           -
      10  30 .     -
, ..       ,  -
,          
     .  ,  1000,  
  1980 .,           
,    . ,    -
 ,           -
      . , . 25.9 -
,  13  1993 .,   5536,02,       
 4643,73.  ,    19,2% [(5536,02 
- 443,73)/4643,73].

  25.9       -
  Lehman Brothers.      -
          ,
      ,   -
   . ,      (current
yields).

 ,   . 25.9,   20  Dow Jones. 
     20  (10   -
  10    ),   20.  -
,        20 .
    . 25.9  111,11, , 13  1993 .
      11.11%    6,17%.

     Salomon Brothers  , -
   .      
 ,     ,  GNMA, FHLMC, FNMA 
FHA.  ,       Lehman Brothers, 
  ,       100
   1979 .

  -     Bond Buyer.   -
   ,    -