(Benjamin

Graham) 1937
1947 45
15.2% 1954

20 80
1992

911

911

(Benjamin Graham)

6 60


5
5

5
50%
50%

 100%
100%

50%
50%
50% 50%

50
16

3
?

4.

8
(
)
9

10

11

12


13

14

15

16

Mobius Rules-

NAV

IPO

100%

Crisis

''''

risk premium

20%