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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1Howtocalculatethereturnonaninvestment.SOMELESSONSLO2Thehistoricalreturnsonvariousimportanttypesofinvestments.FROMCAPITALLO3Thehistoricalriskson12variousimportanttypesofinvestments.MARKETHISTORYLO4Theimpli
2、cationsofmarketefficiency.WITHTHES&P500INDEXUPabout3.5percentlender,fell97percentduringtheyear,andstockinandtheNASDAQstockmarketindexupaboutAtherogenics,apharmaceuticalcompany,dropped9.8percentin2007,stockmarketperformanceoverall96percent.Theseexamplesshowthattherewerewa
3、smixed.However,investorsinFirstSolar,makeroftremendouspotentialprofitstobemadeduring2007,solarpanels,hadtofeelsunnyaboutthe796percentbuttherewasalsotheriskoflosingmoney—lotsofit.gaininthatstock,andinvestorsinOnyxPharmaceuti-Sowhatshouldyou,asastockmarketinvestor,calshadt
4、ofeelprettygoodaboutOnyx’s426percentexpectwhenyouinvestyourownmoney?Inthisgain.Ofcourse,notallstocksincreasedinvaluedur-chapter,westudymorethaneightdecadesofmarketingtheyear.StockinNovastarFinancial,amortgagehistorytofindout.Mastertheabilitytosolveproblemsinthischapterby
5、usingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.RiskandReturnPART5Thusfar,wehaventhadmuchtosayaboutwhatdeterminestherequiredreturnonaninvestment.Inonesense,theanswerissimple:Therequiredreturndependsontheriskoftheinvestment.Thegreatertherisk,thegre
6、ateristherequiredreturn.Havingsaidthis,weareleftwithasomewhatmoredifficultproblem.Howcanwemea-suretheamountofriskpresentinaninvestment?Putanotherway,whatdoesitmeantosaythatoneinvestmentisriskierthananother?Obviously,weneedtodefinewhatwemeanbyriskifwearegoingtoanswertheseq
7、uestions.Thisisourtaskinthenexttwochapters.Fromthelastseveralchapters,weknowthatoneoftheresponsibilitiesofthefinancialmanageristoassessthevalueofproposedrealassetinvestments.Indoingthis,itisimpor-tantthatwefirstlookatwhatfinancialinvestmentshavetooffer.Ataminimum,thereturn
8、werequirefromaproposednonfinancialinvestmentmustbegreaterthanwhatwecangetbybuyingfinancialassetsofsimilarrisk.Ou
