Усреднение ценности. Простая и надежная стратегия повышения доходности инвестиций на фондовом рынке. Майкл Эдлесон

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Усреднение ценности. Простая и надежная стратегия повышения доходности инвестиций на фондовом рынке - Майкл Эдлесон


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разница между средним арифметическим и средним геометрическим значениями. Простой пример: акции стоимостью $100, которые падают до $50 (‒50 %) в первый год, а затем отскакивают (+100 %) обратно до $100 во второй год. Среднее арифметическое, или просто среднее, этих двух показателей годовых значений составляет +25 %, однако годовой темп роста с учетом сложного процента от начала ($100) до конца ($100) периода явно был нулевым. Средние арифметические значения всегда выше средних геометрических. Это означает, что средняя доходность нескольких периодов всегда будет выше, чем фактическая компаундированная доходность совокупного периода.

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