Principles of Finance · 免费预览
股票回报的百年历程
在整个世纪中，股票的回报超过任何主要资产类别，若将股息再投资，年收益率约为 10%；但平均值掩盖了剧烈的波动，其中包括崩盘和失去的数十年，而承担这些风险的回报就是股权风险溢价。
1. The headline average
The headline average
2. The violence under the average
The violence under the average
3. The equity risk premium
The equity risk premium
4. Lessons for the long-term investor
Lessons for the long-term investor
5. The century's best asset
Which asset class delivered the highest long-run US returns across the century?
6. Decomposing the 10 percent
How has the historical roughly 10 percent stock return typically decomposed?
7. The crash record
Which statement accurately reflects the historical pattern of stock market crashes?
8. Why the premium exists
Why have stocks historically delivered a premium over risk-free bills and bonds?
9. The investor's behavior gap
What does the historical record show about typical investors' returns versus the index's returns?
10. Why time helps
Why does a longer investment horizon narrow the range of likely stock outcomes?
11. The premium's size
Historically, stocks beat risk-free bills by roughly how many percentage points annually, the equity risk premium? Write the number.
12. The worst episode
What year names the crash that began the Great Depression, erasing nearly ninety percent of the market by its bottom? Write the year.
13. The gap's name
What two-word term names the difference between the index's return and the return investors actually capture through their timing decisions? Answer in lowercase.
14. The two word lesson
What two-word phrase, the opening theme of this course, does the century's stock record ultimately validate? Answer in lowercase.