[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [ 95 ] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]


95

. -6:

-

: 1946 - 1987

1

3

6

12

0.000 0.613 0.664 0.692 0.713 0.727 0.738 0.748 0.758 0.769 0.780 0.789 0.796 0.802 0.810 0.817 0.824 0.830 0.838 0.850

0.613 0.664 0.692 0.713 0.727 0.738 0.748 0.758 0.769 0.780 0.789 0.796 0.802 0.810 0.817 0.824 0.830 0.838 0.850 0.884

« », «», « », «», « », «», « » .



1

3

12

6

12 1947

0.66

0.69

5.08

1 194 7

0.62

-4.43

-7 ,

0.63

11 1949

0.65

3.50

17.17

3 194 9

0.55

3.27

32.38

1 194 9

0.56

3.35

26.68

7 1950

0.65

1.52

23.58

20 1951

0.66

1.96

14.25

4 1953

0.66

-0.76

30.17

8 1954

0.65

5.21

40.55

15 1957

0.66

-2.35

30.86

17 1958

0.66

0.02

35.79

2 1958

0.58

1.76

31.95

22 1962

0.65

6.99

33.35

5 1962

0.64

2.24

27.65

14 1966

0.65

6.64

25.33

map 22 1968

0.65

9.27

17.07

1 1970

0.66

-4.42

28.65

4 1970

0.61

4.85

19.87

6 1974

0.66

-9.06

20.69

1.59

24.30

3 0.66 , . , 1974 0.66 . , .

(Misery Index)

, . ,

. -8, . , .

. , .

. -7:

: , 0.66 1947-1986

-

S&P 500



() Standard & Poors 500 () 1953 1986

31.01.53 - 31.12.86 ( )

. ( )

standard & «-500 ( )

»>11«111111111111111111111111.....iiiiiimiimiMinHiiiniirimiiimiiiiiiuiiimiimiiinimii

S u J 01 ) tn ) )

«-iotxirn.cDCT7a>-ojroir>txircocncsj-ojfintxir ininininininiau>uiu)U)Uiu>caceiairis.rr>iis.rrs.cv. - - - - ~)>1 - ~ - ~ - - ~ - - -

)

« >

3? 32 2 24 21 IS IS 13

37 32 2 24 21 IS

15 13

00 (

- + +

[] [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43] [44] [45] [46] [47] [48] [49] [50] [51] [52] [53] [54] [55] [56] [57] [58] [59] [60] [61] [62] [63] [64] [65] [66] [67] [68] [69] [70] [71] [72] [73] [74] [75] [76] [77] [78] [79] [80] [81] [82] [83] [84] [85] [86] [87] [88] [89] [90] [91] [92] [93] [94] [ 95 ] [96] [97] [98] [99] [100] [101] [102] [103] [104] [105] [106] [107] [108] [109] [110] [111] [112] [113] [114] [115] [116] [117] [118] [119] [120] [121] [122] [123] [124] [125] [126] [127] [128] [129] [130] [131] [132] [133] [134] [135] [136] [137] [138] [139] [140] [141] [142] [143] [144] [145] [146] [147] [148] [149] [150] [151] [152] [153] [154] [155] [156] [157] [158] [159] [160] [161] [162] [163] [164] [165] [166] [167] [168] [169] [170] [171] [172] [173] [174] [175] [176] [177] [178] [179] [180] [181] [182] [183] [184] [185] [186] [187] [188] [189] [190] [191] [192] [193] [194]