SAPM

an ase
’Ah inves hind is
ineome .
0

incon appueloin.
The
vauo
Apprscia on She inokone in an oye%

simpluy tukorg o e puekase

natmad
mporhanea

6 bonol Weah ersoion

banslik
Peororde daueopmsn
no tinargial
hansceniclies o hamnd ?
aßahina
ohvose Amend opins
Jox Souig
'sinbiliy
inuidily
tbnobis
prineia!
eapidal aprseiaion

Mautkalibiy
Purohasiro, powor
 hs actal rodercn bairg Joss han
Causes

Syplanoie risk
Manka tÙck

Purohaig
Arandal ndsk
lamn iek

Noayaanugnd of RISK
Apha - nutmen nsun-,anchnguk, nourn

*s shanpa oto Ciolhs shoup roio mgans

 isa dob intlaunend hod un b
’ 4 dob senidy

tor pardolie

SRuormand tonol
enpornk
Munaeipl bunc
 eullacion Ginanoio ouss. such as cxs.

kianaiad bjecheas such

ha alane tlaan

porio

Sse a
noGvíoluo ivesman
Rnlalio moracmund
Pondoleo bon ha ckvical

nigk anc normarn rakunn

ok manimum
Pondolio manaogmund naton ,mudal kunch ale.
’ shars, eah
hg orom o buds

mpidol apprseiakun
Noximisig o puiu amuund plomio

Risk ophizaton,.
Shansiaion on nuRAen
" Pousie pundlakio rareognen

No -cionkinu maronnt

abelaneig

Pordtelio ralyio
portoßio Sdocliun
Purdtolio rousion
Rondlotio oaluion
 Maxkvuwz Muded:

Tha ONKoui
alelak rigk. o mudsn porlio

moinduy bocoi3 on porolio

markouide melol o sokockion
’ The
diuenaibicalion sapanat Jocks prainds roximi22
Arad oue
enoado a potolio
ralan. nsckues nisKs. i b
molhemaicul alealion
ideal pondoio
eealn
bhave in a
rahonal ano uil
>nvoos ane
mann.

’hang ano
nkuun.
She
assumey civengiticaioni

huemend nesk muuxa

Jo mininZ
involons had enlmike
inueSony oblen aeK
saliky.
ohangs.3n

uss
brackad o baabl
úcaldalhis a shad-kamnpals.
slpoal
daJa.
ondaoklolono. pondt
voukeroukuunio
 7SUnpion Ahcunua:
CAPM
pnsmúum
NarkarasK Ra
=
früelinloss
kocliro) o Rr
aadoions
Undkoun
ivettns
hg tfaRn-
eapy
cneum Roy)
bda 20
pas)
lgn Bea os. unpacieahla
maukt Bada +
Lata
x
condiivns (MaLKd

öke, risk
prsumium)
totipoou.
 incluhües
Jamanc
suppy - ymieg.
ealbhclas polibacken
ad
fonsign
Manukckuni
domite 4)
maans
eompali on
supplian
touyi)
CPeST

Souies
othawh
inchukug
nand in
Aa
in
ha
 .

noicaons
ManKaang caanTop 4. prskia,
rs. s eanpang mponlanes
quonaive
kacdeny in eXamoso
Prsouel AHtacrg nao
oulonstdSoanliy
fhe
eumpary
opproach an olaoppanikyand
huy
aralujis ony aiecs panorevanea
irvska .
Anaugie prsesys
o Jhutn
8 pandam
a
huwugyh

anahte
n
 Makel indi
Mauke braaósh
Naukd Snin

Aanolamendal approach
appruoch ton monga
on manral pruspecis amluys'
arausis
Aunolanskl aml s an
Sceunlg on sloer
sckl araly
an Soouos. n ovan
decision n oers

lhana

QeonomieAolis

turoamental
Tuo aspas
Quanhe aupe
’eumg chemen.
’ Galans shel

Cunpliea.kel aud subjache

Dsrsieiad in tha
 instuunsuus otlei all auaiiolala mauka
kinongial
thad
iobouoion,
Mone

Qann

Gain nauKd nluc.

Asumplion: ncharoys ad hain
socs ane Stiades o
on

allumas had
he asisvoand inonmaJion
hasi on ha Sang
haue yo dleigion

anilabla ntorunaion.

Types
sticiand mankst hypuhais
WeaK toNm
Gonm
Samá sAnono toun 2M4

sAnsnc konn eMH

Linidaion Speaive bubbloy
anka eathes ao
Nanko aromalio
he mankad
long haua oulponkgumsc
Behaviouroal soonomies

rancom
Aha pat piecs eoann
onpasdiclably

ayailabls nlmion.
 Jhe monkd
Assumplion:
Sxexuiky prios
elkeiand nanke hon

laims slocx priesa ana no dapndsrd oo

points bd ondey naklge! hs eunnd atotung-ion

inadsgandond
0-hons.
arg tancam, inaJons dhaudo buy rdox turcs
’4A stoek priess
on (unol Ngnagen

inckanasys
ekitioland
idoner renlom

Druce