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1、CHAPTER9RiskandReturnLessonsfromMarketHistoryPARTTHREEWiththeS&P500indexupabout3percentandthemanufacturerMajescoEntertainmentfell92percentNASDAQstockmarketindexupabout1.4percentinduringtheyear,andstockinAphton,abiotechnology2005,stockmarketperformanceoverallwaswellbelo
2、wcompany,dropped89percent.Theseexamplesshowaverage.However,itwasagreatyearforinvestorsinthatthereweretremendouspotentialprofitstobepharmaceuticalmanufacturerViroPharma,Inc.,whichmadeduring2005,buttherewasalsotheriskoflosinggainedawhopping469percent!AndinvestorsinHansenm
3、oney—lotsofit.Sowhatshouldyou,asastockmarketNatural,makersofMonsterenergydrinks,hadtobeinvestor,expectwhenyouinvestyourownmoney?Inenergizedbythe333percentgainofthatstock.Ofcourse,thischapter,westudyeightdecadesofmarkethistorytonotallstocksincreasedinvalue.Stockinvideog
4、amefindout.9.1ReturnsDollarReturnsSupposetheVideoConceptCompanyhasseveralthousandsharesofstockoutstandingandyouareashareholder.Furthersupposethatyoupurchasedsomeofthesharesofstockinthecompanyatthebeginningoftheyear;itisnowyear-endandyouwanttofigureouthowwellyouhavedoneon
5、yourinvestment.Thereturnyougetonaninvestmentinstocks,likethatinbondsoranyotherinvestment,comesintwoforms.First,overtheyearmostcompaniespaydividendstoshareholders.AstheownerofHowdidthemarketdotoday?FindoutatstockintheVideoConceptCompany,youareapartownerofthecompany.Ifth
6、ecompanyfinance.yahoo.com.isprofitable,itgenerallywilldistributesomeofitsprofitstotheshareholders.Therefore,astheownerofsharesofstock,youwillreceivesomecash,calledadividend,duringtheyear.Thiscashistheincomecomponentofyourreturn.Inadditiontothedividends,theotherpartofyourr
7、eturnisthecapitalgain—or,ifitisnegative,thecapitalloss(negativecapitalgain)—ontheinvestment.Forexample,supposeweareconsideringthecashflowsoftheinvestmentinFigure9.1,showingthatyoupurchased100sharesofstockatthebeginningoftheyearatapriceof$37pershare.Yourtotalinvestment,t
8、hen,was:C0$37100$3,700256ros05902_ch09.indd2569/25/0610:24:03AMChapter9RiskandReturn257Figure9.1$4,218TOTALDollarR
