{"id":7845,"date":"2022-04-19T12:11:18","date_gmt":"2022-04-19T12:11:18","guid":{"rendered":"https:\/\/nipoto.com\/mag\/?p=7845"},"modified":"2022-06-22T07:51:27","modified_gmt":"2022-06-22T07:51:27","slug":"investing-calculating-equity-risk-premium","status":"publish","type":"post","link":"https:\/\/nipoto.com\/mag\/investing-calculating-equity-risk-premium\/","title":{"rendered":"\u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium)"},"content":{"rendered":"<p>\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium) \u06cc\u06a9 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0627\u0633\u062a \u06a9\u0647 \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0686\u0642\u062f\u0631 \u0628\u0627 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0628\u062f\u0647\u06cc \u0628\u062f\u0648\u0646 <a href=\"https:\/\/nipoto.com\/mag\/risk-analysis\/\" target=\"_blank\" rel=\"noopener\">\u0631\u06cc\u0633\u06a9<\/a>\u060c \u0639\u0645\u0644\u06a9\u0631\u062f \u0628\u0647\u062a\u0631\u06cc \u062e\u0648\u0627\u0647\u062f \u062f\u0627\u0634\u062a.<\/p>\n<p>\u0633\u0647 \u0645\u0631\u062d\u0644\u0647 \u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0628\u0647 \u0634\u06a9\u0644 \u0632\u06cc\u0631 \u0627\u0633\u062a:<\/p>\n<ol>\n<li>\u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0633\u0647\u0627\u0645 \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f<\/li>\n<li>\u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f<\/li>\n<li>\u0645\u0627\u0628\u0647 \u0627\u0644\u062a\u0641\u0627\u0648\u062a \u0631\u0627 \u06a9\u0645 \u06a9\u0646\u06cc\u062f \u062a\u0627 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0631\u0627 \u0628\u062f\u0633\u062a \u0628\u06cc\u0627\u0648\u0631\u06cc\u062f<\/li>\n<\/ol>\n<p>\u062f\u0631 \u0627\u06cc\u0646 \u0645\u0642\u0627\u0644\u0647\u060c \u0628\u0627 \u0628\u0631\u0631\u0633\u06cc \u0641\u0631\u0622\u06cc\u0646\u062f \u0645\u062d\u0627\u0633\u0628\u0647 \u062f\u0631 \u0639\u0645\u0644 \u0628\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0648\u0627\u0642\u0639\u06cc\u060c \u0646\u06af\u0627\u0647 \u0639\u0645\u06cc\u0642\u200c\u062a\u0631\u06cc \u0628\u0647 \u0641\u0631\u0636\u06cc\u0627\u062a \u0648 \u0627\u0639\u062a\u0628\u0627\u0631 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0645\u06cc\u200c\u0627\u0646\u062f\u0627\u0632\u06cc\u0645.<\/p>\n<h3>\u0646\u06a9\u0627\u062a \u0645\u0647\u0645<\/h3>\n<ul>\n<li>\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0645\u06cc \u06a9\u0646\u062f \u06a9\u0647 \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0686\u0642\u062f\u0631 \u062f\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u0647\u0627\u06cc \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0628\u0647\u062a\u0631 \u0639\u0645\u0644 \u062e\u0648\u0627\u0647\u062f \u06a9\u0631\u062f.<\/li>\n<li>\u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0631\u0627 \u0645\u06cc \u062a\u0648\u0627\u0646 \u0628\u0627 \u062f\u0631\u06cc\u0627\u0641\u062a \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0633\u0647\u0627\u0645 \u0648 \u06a9\u0645 \u06a9\u0631\u062f\u0646 \u0622\u0646\u0647\u0627 \u0627\u0632 \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0627\u0648\u0631\u0627\u0642 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0627\u0646\u062c\u0627\u0645 \u062f\u0627\u062f.<\/li>\n<li>\u0628\u0631\u0622\u0648\u0631\u062f \u0628\u0627\u0632\u062f\u0647 \u0633\u0647\u0627\u0645 \u0622\u062a\u06cc \u062f\u0634\u0648\u0627\u0631 \u0627\u0633\u062a\u060c \u0627\u0645\u0627 \u0645\u06cc \u062a\u0648\u0627\u0646\u062f \u0627\u0632 \u0637\u0631\u06cc\u0642 \u06cc\u06a9 \u0631\u0648\u06cc\u06a9\u0631\u062f \u0645\u0628\u062a\u0646\u06cc \u0628\u0631 \u0633\u0648\u062f \u0627\u0646\u062c\u0627\u0645 \u0634\u0648\u062f.<\/li>\n<li>\u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0645\u0633\u062a\u0644\u0632\u0645 \u0641\u0631\u0636\u06cc\u0627\u062a\u06cc \u0627\u0633\u062a \u06a9\u0647 \u0627\u0632 \u0645\u0646\u0637\u0642\u0647 \u0627\u0645\u0646 \u0628\u0647 \u0645\u0634\u06a9\u0648\u06a9 \u067e\u06cc\u0634 \u0645\u06cc \u0631\u0648\u0646\u062f.<\/li>\n<\/ul>\n<h3>\u0645\u0631\u062d\u0644\u0647 \u0627\u0648\u0644: \u0628\u0627\u0632\u062f\u0647 \u06a9\u0644 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0633\u0647\u0627\u0645 \u0631\u0627 \u062a\u062e\u0645\u06cc\u0646 \u0628\u0632\u0646\u06cc\u062f<\/h3>\n<p>&nbsp;<\/p>\n<p>\u0628\u0631\u0622\u0648\u0631\u062f \u0628\u0627\u0632\u062f\u0647 \u0633\u0647\u0627\u0645 \u0622\u062a\u06cc\u060c \u062f\u0634\u0648\u0627\u0631\u062a\u0631\u06cc\u0646 \u0645\u0631\u062d\u0644\u0647 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646\u062c\u0627 \u062f\u0648 \u0631\u0648\u0634 \u0628\u0631\u0627\u06cc \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0627\u0632\u062f\u0647 \u0633\u0647\u0627\u0645 \u062f\u0631 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0645\u0639\u0631\u0641\u06cc \u06a9\u0631\u062f\u06cc\u0645:<\/p>\n<p><a href=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-01-1ff6e59964b9408d9ac7d175f8ad1292-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-11502 aligncenter\" src=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-01-1ff6e59964b9408d9ac7d175f8ad1292-1.webp\" alt=\"\" width=\"660\" height=\"303\" srcset=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-01-1ff6e59964b9408d9ac7d175f8ad1292-1.webp 660w, https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-01-1ff6e59964b9408d9ac7d175f8ad1292-1-300x138.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<h3>\u0627\u062a\u0635\u0627\u0644 \u0628\u0647 \u0645\u062f\u0644 \u062f\u0631\u0622\u0645\u062f<\/h3>\n<p>\u0637\u0628\u0642 \u0645\u062f\u0644 \u0645\u0628\u062a\u0646\u06cc \u0628\u0631 \u0633\u0648\u062f\u060c \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0628\u0631\u0627\u0628\u0631 \u0628\u0627 \u0628\u0627\u0632\u062f\u0647 \u0633\u0648\u062f \u0627\u0633\u062a. \u0634\u0627\u062e\u0635 S&amp;P 500 \u0631\u0627\u060c \u0627\u0632 31 \u062f\u0633\u0627\u0645\u0628\u0631 1988 \u062a\u0627 31 \u062f\u0633\u0627\u0645\u0628\u0631 2003 \u062f\u0631 \u0646\u0638\u0631 \u0628\u06af\u06cc\u0631\u06cc\u062f:<\/p>\n<p><a href=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-02-e0cf51fc3adf41d99887fd13bc98089d-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-11503 aligncenter\" src=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-02-e0cf51fc3adf41d99887fd13bc98089d-1.webp\" alt=\"\" width=\"660\" height=\"622\" srcset=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-02-e0cf51fc3adf41d99887fd13bc98089d-1.webp 660w, https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-02-e0cf51fc3adf41d99887fd13bc98089d-1-300x283.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<p>\u062f\u0631 \u0646\u0645\u0648\u062f\u0627\u0631 \u0628\u0627\u0644\u0627\u060c <a href=\"https:\/\/en.wikipedia.org\/wiki\/S%26P_500\" target=\"_blank\" rel=\"noopener\">\u0634\u0627\u062e\u0635 S&amp;P 500<\/a> (\u062e\u0637 \u0628\u0646\u0641\u0634) \u0631\u0627 \u0628\u0647 \u062f\u0648 \u0628\u062e\u0634 \u062a\u0642\u0633\u06cc\u0645 \u0645\u06cc \u06a9\u0646\u06cc\u0645: \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 (\u062e\u0637 \u0633\u0628\u0632) \u0648 P\/E (\u062e\u0637 \u0622\u0628\u06cc \u0631\u0646\u06af). \u062f\u0631 \u0647\u0631 \u0646\u0642\u0637\u0647\u060c \u0645\u06cc \u062a\u0648\u0627\u0646\u06cc\u062f \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 \u0631\u0627 \u062f\u0631 \u0646\u0633\u0628\u062a P\/E \u0636\u0631\u0628 \u06a9\u0646\u06cc\u062f \u062a\u0627 \u0645\u0642\u062f\u0627\u0631 \u0634\u0627\u062e\u0635 \u0631\u0627 \u0628\u062f\u0633\u062a \u0622\u0648\u0631\u06cc\u062f. \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u0645\u062b\u0627\u0644\u060c \u062f\u0631 \u0622\u062e\u0631\u06cc\u0646 \u0631\u0648\u0632 \u062f\u0633\u0627\u0645\u0628\u0631 2003\u060c \u0634\u0627\u062e\u0635 S&amp;P \u0628\u0647 1\u060c112 \u0631\u0633\u06cc\u062f (\u0627\u0632 1111.92 \u06af\u0631\u062f \u0634\u062f). \u062f\u0631 \u0622\u0646 \u0632\u0645\u0627\u0646\u060c \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 \u0634\u0631\u06a9\u062a \u0647\u0627\u06cc \u062a\u0631\u06a9\u06cc\u0628\u06cc 45.20 \u062f\u0644\u0627\u0631 \u0628\u0648\u062f\u060c \u0648 \u0646\u0633\u0628\u062a P\/E \u062d\u062f\u0648\u062f\u0627 24.6 (45.20 \u062f\u0644\u0627\u0631 x 24.6 = 1112) \u0628\u0648\u062f.<\/p>\n<p>\u0627\u0632 \u0622\u0646\u062c\u0627\u06cc\u06cc \u06a9\u0647 \u0634\u0627\u062e\u0635 \u0633\u0627\u0644 \u0631\u0627 \u0628\u0627 (P\/E)\u060c 25 \u0628\u0647 \u067e\u0627\u06cc\u0627\u0646 \u0631\u0633\u0627\u0646\u062f\u060c \u0628\u0627\u0632\u062f\u0647 \u0633\u0648\u062f 4% \u0628\u0648\u062f (1 \u00f7 25 = 0.04). \u0628\u0627 \u062a\u0648\u062c\u0647 \u0628\u0647 \u0631\u0648\u06cc\u06a9\u0631\u062f \u0645\u0628\u062a\u0646\u06cc \u0628\u0631 \u0633\u0648\u062f\u060c \u0628\u0627\u0632\u062f\u0647 \u0627\u0633\u0645\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0642\u0628\u0644 \u0627\u0632 \u062a\u0648\u0631\u0645 4\u066a \u0628\u0648\u062f .\u0627\u06cc\u062f\u0647 \u0634\u0647\u0648\u062f\u06cc \u0627\u0635\u0644\u06cc \u0627\u0633\u062a\u0631\u0627\u062a\u0698\u06cc \u0628\u0627\u0632\u06af\u0634\u062a \u0628\u0647 \u0645\u06cc\u0627\u0646\u06af\u06cc\u0646 (mean reversion) \u0627\u0633\u062a\u060c \u0627\u06cc\u0646 \u0646\u0638\u0631\u06cc\u0647 \u06a9\u0647 \u0646\u0633\u0628\u062a \u0647\u0627\u06cc P\/E \u0646\u0645\u06cc \u062a\u0648\u0627\u0646\u0646\u062f \u0642\u0628\u0644 \u0627\u0632 \u0627\u06cc\u0646\u06a9\u0647 \u0628\u0647 \u06cc\u06a9 \u062d\u062f \u0648\u0633\u0637 \u0637\u0628\u06cc\u0639\u06cc \u0628\u0627\u0632\u06af\u0631\u062f\u0646\u062f\u060c \u062e\u06cc\u0644\u06cc \u0632\u06cc\u0627\u062f \u06cc\u0627 \u062e\u06cc\u0644\u06cc \u06a9\u0645 \u0634\u0648\u0646\u062f. \u062f\u0631 \u0646\u062a\u06cc\u062c\u0647\u060c P\/E \u0628\u0627\u0644\u0627 \u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u0628\u0627\u0632\u062f\u0647 \u0622\u062a\u06cc \u06a9\u0645\u062a\u0631 \u0648 P\/E \u067e\u0627\u06cc\u06cc\u0646 \u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u0628\u0627\u0632\u062f\u0647 \u0622\u062a\u06cc \u0628\u0627\u0644\u0627\u062a\u0631 \u0627\u0633\u062a.<\/p>\n<p><strong>\u0646\u06a9\u062a\u0647: <\/strong>\u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0648 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0628\u0627\u0632\u0627\u0631 \u0627\u063a\u0644\u0628 \u0628\u0647 \u062c\u0627\u06cc \u0647\u0645 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0645\u06cc \u0634\u0648\u0646\u062f\u060c \u062d\u062a\u06cc \u0628\u0627 \u0648\u062c\u0648\u062f \u0627\u06cc\u0646\u06a9\u0647 \u0627\u0648\u0644\u06cc \u0628\u0647 \u0633\u0647\u0627\u0645 \u0627\u0634\u0627\u0631\u0647 \u062f\u0627\u0631\u062f \u062f\u0631 \u062d\u0627\u0644\u06cc \u06a9\u0647 \u062f\u0648\u0645\u06cc \u0628\u0647 \u0647\u0645\u0647 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0645\u0627\u0644\u06cc \u0627\u0634\u0627\u0631\u0647 \u062f\u0627\u0631\u062f.<\/p>\n<p>\u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u0628\u0628\u06cc\u0646\u06cc\u0645 \u06a9\u0647 \u0686\u0631\u0627 \u0628\u0631\u062e\u06cc \u0647\u0634\u062f\u0627\u0631 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f \u06a9\u0647 \u0628\u0627\u0632\u062f\u0647 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https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-03-9dc8f94135ff48b383262fafce26e82f-1-300x283.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<p>\u0627\u06cc\u0646 \u0634\u0627\u062e\u0635 \u0633\u0627\u0644 2003 \u0631\u0627 \u0628\u0627 \u0633\u0648\u062f \u0633\u0647\u0627\u0645 1.56 \u062f\u0631\u0635\u062f \u0628\u0647 \u067e\u0627\u06cc\u0627\u0646 \u0631\u0633\u0627\u0646\u062f. \u0645\u0627 \u0641\u0642\u0637 \u0628\u0627\u06cc\u062f \u06cc\u06a9 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0627\u0632 \u0631\u0634\u062f \u0633\u0648\u062f \u0633\u0647\u0627\u0645 \u0628\u0627\u0632\u0627\u0631\u0647\u0627 \u0628\u0647 \u0627\u0632\u0627\u06cc \u0647\u0631 \u0633\u0647\u0645 \u0627\u0636\u0627\u0641\u0647 \u06a9\u0646\u06cc\u0645. \u06cc\u06a9\u06cc \u0627\u0632 \u0631\u0627\u0647\u200c\u0647\u0627\u06cc \u0627\u0646\u062c\u0627\u0645 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\u06a9\u0646\u0646\u062f\u0647 \u0647\u0627\u06cc \u062e\u0627\u0644\u0635 \u067e\u0627\u06cc\u062f\u0627\u0631 \u0648 \u0642\u0627\u0628\u0644 \u0645\u0644\u0627\u062d\u0638\u0647 \u0627\u06cc \u0647\u0633\u062a\u0646\u062f.<\/p>\n<p>\u062a\u0627\u0631\u06cc\u062e \u0628\u0647 \u0645\u0627 \u0645\u06cc \u06af\u0648\u06cc\u062f \u06a9\u0647 \u062f\u0631 \u0628\u0647\u062a\u0631\u06cc\u0646 \u062d\u0627\u0644\u062a \u0631\u0634\u062f \u062a\u0648\u0644\u06cc\u062f \u0646\u0627\u062e\u0627\u0644\u0635 \u062f\u0627\u062e\u0644\u06cc \u0648\u0627\u0642\u0639\u06cc 4 \u062f\u0631\u0635\u062f\u060c \u0628\u0647 \u0631\u0634\u062f \u062a\u0642\u0631\u06cc\u0628\u0627\u064b 2 \u062f\u0631\u0635\u062f\u06cc \u06cc\u0627 3 \u062f\u0631\u0635\u062f\u06cc \u0633\u0648\u062f \u0633\u0647\u0627\u0645 \u0648\u0627\u0642\u0639\u06cc \u0628\u0647 \u0627\u0632\u0627\u06cc \u0647\u0631 \u0633\u0647\u0645 \u062a\u0628\u062f\u06cc\u0644 \u0645\u06cc \u0634\u0648\u062f. \u0627\u06af\u0631 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0631\u0634\u062f \u062e\u0648\u062f \u0631\u0627 \u0628\u0647 \u0633\u0648\u062f \u0633\u0647\u0627\u0645 \u0627\u0636\u0627\u0641\u0647 \u06a9\u0646\u06cc\u0645\u060c \u062d\u062f\u0648\u062f 3.5\u066a \u062a\u0627 4.5\u066a (1.56\u066a + 2 \u062a\u0627 3\u066a = 3.5\u066a \u062a\u0627 4.5\u066a) \u0628\u0647 \u062f\u0633\u062a \u0645\u06cc \u0622\u06cc\u062f. \u062c\u0648\u0627\u0628 \u0645\u0627 \u0627\u062a\u0641\u0627\u0642\u0627\u064b \u0628\u0627 4% \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc\u200c\u0634\u062f\u0647 \u062a\u0648\u0633\u0637 \u0645\u062f\u0644 \u0633\u0648\u062f \u0647\u0645\u062e\u0648\u0627\u0646\u06cc \u062f\u0627\u0631\u062f \u0648 \u0647\u0631 \u062f\u0648 \u0627\u0639\u062f\u0627\u062f \u0642\u0628\u0644 \u0627\u0632 \u062a\u0639\u062f\u06cc\u0644 \u062a\u0648\u0631\u0645 \u0628\u0647 \u0635\u0648\u0631\u062a \u0627\u0633\u0645\u06cc \u0628\u06cc\u0627\u0646 \u0645\u06cc\u200c\u0634\u0648\u0646\u062f.<\/p>\n<h3>\u0645\u0631\u062d\u0644\u0647 \u062f\u0648\u0645: \u0646\u0631\u062e \u00ab\u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9\u00bb \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0631\u0627 \u062a\u062e\u0645\u06cc\u0646 \u0628\u0632\u0646\u06cc\u062f<\/h3>\n<p>\u0646\u0632\u062f\u06cc\u06a9\u062a\u0631\u06cc\u0646 \u0645\u0633\u0626\u0644\u0647 \u0628\u0647 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0645\u0637\u0645\u0626\u0646\u060c \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc (TIPS) \u0627\u0633\u062a. \u0627\u0632 \u0622\u0646\u062c\u0627\u06cc\u06cc \u06a9\u0647 \u067e\u0631\u062f\u0627\u062e\u062a\u200c \u0628\u0647\u0631\u0647 \u0648 \u0627\u0635\u0644 \u0633\u0631\u0645\u0627\u06cc\u0647 \u0628\u0647 \u0635\u0648\u0631\u062a \u0634\u0634 \u0645\u0627\u0647\u0647 \u0628\u0631\u0627\u06cc \u062a\u0648\u0631\u0645 \u062a\u0646\u0638\u06cc\u0645 \u0645\u06cc\u200c\u0634\u0648\u0646\u062f\u060c \u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u062f\u0631 \u062d\u0627\u0644 \u062d\u0627\u0636\u0631 \u06cc\u06a9 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u0627\u0633\u062a. \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u0648\u0627\u0642\u0639\u0627\u064b \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0646\u06cc\u0633\u062a. \u0627\u06af\u0631 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0632\u06cc\u0627\u062f \u06cc\u0627 \u06a9\u0645 \u0634\u0648\u062f\u060c \u0642\u06cc\u0645\u062a \u0622\u0646\u0647\u0627 \u0628\u0647 \u062a\u0631\u062a\u06cc\u0628 \u067e\u0627\u06cc\u06cc\u0646 \u06cc\u0627 \u0628\u0627\u0644\u0627 \u0645\u06cc\u200c\u0631\u0648\u062f. \u0628\u0627 \u0627\u06cc\u0646 \u062d\u0627\u0644\u060c \u0627\u06af\u0631 \u06cc\u06a9 \u0642\u0631\u0627\u0631\u062f\u0627\u062f \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u0631\u0627 \u062a\u0627 \u0633\u0631\u0631\u0633\u06cc\u062f \u0622\u0646 \u0646\u06af\u0647 \u062f\u0627\u0631\u06cc\u062f\u060c \u0645\u06cc \u062a\u0648\u0627\u0646\u06cc\u062f \u0646\u0631\u062e \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u0631\u0627 \u0628\u062f\u0633\u062a \u0622\u0648\u0631\u06cc\u062f.<\/p>\n<p><a href=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-04-25c5650ae5b642f58daf8fee6a38fb8d-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-11505 aligncenter\" src=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-04-25c5650ae5b642f58daf8fee6a38fb8d-1.webp\" alt=\"\" width=\"660\" height=\"622\" srcset=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-04-25c5650ae5b642f58daf8fee6a38fb8d-1.webp 660w, https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-04-25c5650ae5b642f58daf8fee6a38fb8d-1-300x283.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<p>\u062f\u0631 \u0646\u0645\u0648\u062f\u0627\u0631 \u0628\u0627\u0644\u0627\u060c \u0628\u0627\u0632\u062f\u0647 \u0627\u0633\u0645\u06cc 10 \u0633\u0627\u0644\u0647 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc (\u062e\u0637 \u0622\u0628\u06cc) \u0631\u0627 \u0628\u0627 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u0645\u0639\u0627\u062f\u0644 \u0622\u0646 (\u0628\u0646\u0641\u0634) \u0645\u0642\u0627\u06cc\u0633\u0647 \u0645\u06cc \u06a9\u0646\u06cc\u0645. \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u0628\u0647 \u0633\u0627\u062f\u06af\u06cc \u062a\u0648\u0631\u0645 \u0631\u0627 \u06a9\u0645 \u0645\u06cc \u06a9\u0646\u062f. \u062e\u0637 \u0633\u0628\u0632 \u06a9\u0648\u062a\u0627\u0647 \u0645\u0647\u0645 \u0627\u0633\u062a. \u062e\u0637 \u0633\u0628\u0632 \u06a9\u0648\u062a\u0627\u0647\u060c \u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc 10 \u0633\u0627\u0644\u0647 \u062f\u0631 \u0637\u0648\u0644 \u0633\u0627\u0644 2002 \u0646\u0634\u0627\u0646 \u0645\u06cc \u062f\u0647\u062f. \u0645\u0627 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0645\u06cc \u06a9\u0646\u06cc\u0645 \u06a9\u0647 \u0628\u0627\u0632\u062f\u0647 \u062a\u0639\u062f\u06cc\u0644 \u0634\u062f\u0647 \u062a\u0648\u0631\u0645\u06cc\u060c \u062f\u0631 \u0627\u0648\u0631\u0627\u0642 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u0645\u0639\u0645\u0648\u0644\u06cc 10 \u0633\u0627\u0644\u0647 (\u0628\u0646\u0641\u0634) \u0627\u0632 \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0627 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc 10 \u0633\u0627\u0644\u0647 (\u0633\u0628\u0632) \u062f\u0646\u0628\u0627\u0644 \u0634\u0648\u062f. \u062f\u0631 \u067e\u0627\u06cc\u0627\u0646 \u0633\u0627\u0644 2003\u060c \u0622\u0646\u0647\u0627 \u0628\u0647 \u0627\u0646\u062f\u0627\u0632\u0647 \u06a9\u0627\u0641\u06cc \u0628\u0647 \u0647\u0645 \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0648\u062f\u0646\u062f. \u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0645\u062d\u0627\u0641\u0638\u062a \u0634\u062f\u0647 \u0627\u0632 \u062a\u0648\u0631\u0645 \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc 10 \u0633\u0627\u0644\u0647 \u0641\u0642\u0637 2% \u0628\u0648\u062f \u0648 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u062d\u062f\u0648\u062f 2.3% \u0628\u0648\u062f. \u0628\u0646\u0627\u0628\u0631\u0627\u06cc\u0646\u060c \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc 2% \u0628\u0647\u062a\u0631\u06cc\u0646 \u062d\u062f\u0633 \u0645\u0627 \u062f\u0631 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u0622\u06cc\u0646\u062f\u0647 \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u06cc \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0627\u0645\u0646 \u0627\u0633\u062a.<\/p>\n<h3>\u0645\u0631\u062d\u0644\u0647 \u0633\u0648\u0645: \u0628\u0627\u0632\u062f\u0647 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0631\u0627 \u0627\u0632 \u0628\u0627\u0632\u062f\u0647 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0633\u0647\u0627\u0645 \u06a9\u0645 \u06a9\u0646\u06cc\u062f<\/h3>\n<p>\u0648\u0642\u062a\u06cc \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0627\u0632\u062f\u0647 \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0631\u0627 \u0627\u0632 \u0628\u0627\u0632\u062f\u0647 \u0633\u0647\u0627\u0645 \u06a9\u0645 \u0645\u06cc\u200c\u06a9\u0646\u06cc\u0645\u060c \u0635\u0631\u0641 \u062a\u062e\u0645\u06cc\u0646\u06cc \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0631\u0627 \u0627\u0632 +1.5\u066a \u062a\u0627 +2.5\u066a \u062f\u0631\u06cc\u0627\u0641\u062a \u0645\u06cc\u200c\u06a9\u0646\u06cc\u0645:<\/p>\n<p><a href=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-05-7a8167292d2d46409d2828ea87053be2-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-11506 aligncenter\" src=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-05-7a8167292d2d46409d2828ea87053be2-1.webp\" alt=\"\" width=\"660\" height=\"272\" srcset=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-05-7a8167292d2d46409d2828ea87053be2-1.webp 660w, https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-05-7a8167292d2d46409d2828ea87053be2-1-300x124.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<h3>\u0627\u0646\u0648\u0627\u0639 \u0641\u0631\u0636\u06cc\u0627\u062a<\/h3>\n<p>\u0627\u06cc\u0646 \u0645\u062f\u0644\u060c \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0645\u06cc \u06a9\u0646\u062f \u0628\u0646\u0627\u0628\u0631\u0627\u06cc\u0646 \u0628\u0647 \u0641\u0631\u0636\u06cc\u0627\u062a \u0646\u06cc\u0627\u0632 \u062f\u0627\u0631\u062f. \u0628\u0627 \u0627\u06cc\u0646 \u062d\u0627\u0644\u060c \u0628\u0631\u062e\u06cc \u0627\u0632 \u0641\u0631\u0636\u06cc\u0627\u062a \u0627\u0645\u0646 \u062a\u0631 \u0627\u0632 \u062f\u06cc\u06af\u0631\u0627\u0646 \u0647\u0633\u062a\u0646\u062f. \u0627\u06af\u0631 \u0645\u062f\u0644 \u0648 \u0646\u062a\u06cc\u062c\u0647 \u0622\u0646 \u0631\u0627 \u0631\u062f \u0645\u06cc \u06a9\u0646\u06cc\u062f\u060c \u0645\u0647\u0645 \u0627\u0633\u062a \u06a9\u0647 \u0628\u062f\u0627\u0646\u06cc\u062f \u062f\u0642\u06cc\u0642\u0627\u064b \u06a9\u062c\u0627 \u0648 \u0686\u0631\u0627 \u0628\u0627 \u0622\u0646 \u0645\u062e\u0627\u0644\u0641 \u0647\u0633\u062a\u06cc\u062f. \u0633\u0647 \u0646\u0648\u0639 \u0641\u0631\u0636 \u0648\u062c\u0648\u062f \u062f\u0627\u0631\u062f \u06a9\u0647 \u0627\u0632 \u0633\u0637\u062d \u0627\u06cc\u0645\u0646 \u062a\u0627 \u0645\u0634\u06a9\u0648\u06a9 \u0631\u0627 \u0634\u0627\u0645\u0644 \u0645\u06cc \u0634\u0648\u062f.<\/p>\n<p>\u0627\u0648\u0644\u0627\u064b\u060c \u0627\u06cc\u0646 \u0645\u062f\u0644 \u0641\u0631\u0636 \u0645\u06cc\u200c\u06a9\u0646\u062f \u06a9\u0647 \u062f\u0631 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u06a9\u0644 \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0646\u0633\u0628\u062a \u0628\u0647 \u0627\u0648\u0631\u0627\u0642 \u0628\u0647\u0627\u062f\u0627\u0631 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9\u060c \u0639\u0645\u0644\u06a9\u0631\u062f \u0628\u0647\u062a\u0631\u06cc \u062f\u0627\u0631\u062f. \u0627\u06cc\u0646 \u06cc\u06a9 \u0641\u0631\u0636 \u0645\u0637\u0645\u0626\u0646 \u0627\u0633\u062a \u0632\u06cc\u0631\u0627 \u0628\u0627\u0632\u062f\u0647\u200c\u0647\u0627\u06cc \u0645\u062a\u0641\u0627\u0648\u062a \u0628\u062e\u0634\u200c\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641 \u0648 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u06a9\u0648\u062a\u0627\u0647\u200c\u0645\u062f\u062a \u0628\u0627\u0632\u0627\u0631 \u0631\u0627 \u0641\u0631\u0627\u0647\u0645 \u0645\u06cc\u200c\u06a9\u0646\u062f. \u0633\u0627\u0644 \u062a\u0642\u0648\u06cc\u0645\u06cc 2003 \u0631\u0627 \u062f\u0631 \u0646\u0638\u0631 \u0628\u06af\u06cc\u0631\u06cc\u062f \u06a9\u0647 \u0637\u06cc \u0622\u0646 S&amp;P 500 \u062d\u062f\u0648\u062f\u0627 26% \u062c\u0647\u0634 \u06a9\u0631\u062f\u060c \u062f\u0631 \u062d\u0627\u0644\u06cc \u06a9\u0647 \u06a9\u0627\u0647\u0634 \u0645\u0644\u0627\u06cc\u0645\u06cc \u062f\u0631 \u0646\u0633\u0628\u062a P\/E \u0631\u0627 \u062a\u062c\u0631\u0628\u0647 \u06a9\u0631\u062f.<\/p>\n<p>\u0647\u06cc\u0686 \u0645\u062f\u0644 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645\u06cc \u0686\u0646\u06cc\u0646 \u062c\u0647\u0634\u06cc \u0631\u0627 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0646\u0645\u06cc \u06a9\u0631\u062f\u060c \u0627\u0645\u0627 \u0627\u06cc\u0646 \u062c\u0647\u0634 \u0645\u062f\u0644 \u0631\u0627 \u0628\u06cc \u0627\u0639\u062a\u0628\u0627\u0631 \u0646\u0645\u06cc \u06a9\u0646\u062f. \u0639\u0644\u062a \u0627\u0635\u0644\u06cc \u0622\u0646 \u067e\u062f\u06cc\u062f\u0647\u200c\u0647\u0627\u06cc\u06cc \u0628\u0648\u062f \u06a9\u0647 \u0646\u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0622\u0646\u200c\u0647\u0627 \u0631\u0627 \u062f\u0631 \u0637\u0648\u0644\u0627\u0646\u06cc\u200c\u0645\u062f\u062a \u0627\u062f\u0627\u0645\u0647 \u062f\u0627\u062f: \u0627\u0641\u0632\u0627\u06cc\u0634 17 \u062f\u0631\u0635\u062f\u06cc\u00a0\u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 \u0622\u062a\u06cc (\u06cc\u0639\u0646\u06cc \u0628\u0631\u0622\u0648\u0631\u062f \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 \u0628\u0631\u0627\u06cc \u0686\u0647\u0627\u0631 \u0641\u0635\u0644 \u0622\u06cc\u0646\u062f\u0647) \u0648 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0628\u0627\u0648\u0631\u0646\u06a9\u0631\u062f\u0646\u06cc 60 \u062f\u0631\u0635\u062f\u06cc \u0628\u0647 \u0639\u0644\u0627\u0648\u0647 \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645 \u062a\u062d\u0642\u0642 \u06cc\u0627\u0641\u062a\u0647 (\u0637\u0628\u0642 S&amp;P\u060c \u0627\u0632 27.60 \u062f\u0644\u0627\u0631 \u0628\u0647 45.20 \u062f\u0644\u0627\u0631).<\/p>\n<p>\u062f\u0648\u0645\u060c \u0627\u06cc\u0646 \u0645\u062f\u0644 \u0645\u0633\u062a\u0644\u0632\u0645 \u0622\u0646 \u0627\u0633\u062a \u06a9\u0647 \u0631\u0634\u062f \u0648\u0627\u0642\u0639\u06cc \u0633\u0648\u062f \u0633\u0647\u0627\u0645 \u0628\u0647 \u0627\u0632\u0627\u06cc \u0647\u0631 \u0633\u0647\u0645 \u06cc\u0627 \u0633\u0648\u062f \u0647\u0631 \u0633\u0647\u0645\u060c \u062f\u0631 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0628\u0647 \u0646\u0631\u062e\u200c \u0631\u0634\u062f \u062a\u06a9 \u0631\u0642\u0645\u06cc \u0628\u0633\u06cc\u0627\u0631 \u067e\u0627\u06cc\u06cc\u0646 \u0645\u062d\u062f\u0648\u062f \u0634\u0648\u062f. \u0627\u06cc\u0646 \u0641\u0631\u0636\u060c \u0645\u0637\u0645\u0626\u0646 \u0628\u0647 \u0646\u0638\u0631 \u0645\u06cc \u0631\u0633\u062f \u0627\u0645\u0627 \u0647\u0646\u0648\u0632 \u062c\u0627\u06cc \u0628\u062d\u062b \u062f\u0627\u0631\u062f. \u0627\u0632 \u06cc\u06a9 \u0633\u0648\u060c \u0647\u0631 \u0645\u0637\u0627\u0644\u0639\u0647 \u062c\u062f\u06cc \u062f\u0631\u0628\u0627\u0631\u0647 \u0628\u0627\u0632\u062f\u0647 \u0647\u0627\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc (\u0645\u0627\u0646\u0646\u062f \u0645\u0637\u0627\u0644\u0639\u0627\u062a \u0631\u0627\u0628\u0631\u062a \u0622\u0631\u0646\u0648\u062a\u060c \u067e\u06cc\u062a\u0631 \u0628\u0631\u0646\u0634\u062a\u0627\u06cc\u0646\u060c \u06cc\u0627 \u062c\u0631\u0645\u06cc \u0633\u06cc\u06af\u0644) \u0627\u06cc\u0646 \u0648\u0627\u0642\u0639\u06cc\u062a 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\u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0641\u0639\u0644\u06cc\u060c \u062a\u0642\u0631\u06cc\u0628\u0627 \u062f\u0631\u0633\u062a \u0627\u0633\u062a. \u0645\u0627 \u0641\u0631\u0636 \u06a9\u0631\u062f\u0647\u200c\u0627\u06cc\u0645 \u06a9\u0647 \u062f\u0631 \u067e\u0627\u06cc\u0627\u0646 \u0633\u0627\u0644 2003\u060c \u0646\u0633\u0628\u062a (P\/E) 25 \u0648 \u0628\u0627\u0632\u062f\u0647 \u0642\u06cc\u0645\u062a \u0628\u0647 \u0633\u0648\u062f \u0633\u0647\u0627\u0645 65 (\u0628\u0627\u0632\u062f\u0647 \u0633\u0648\u062f \u0633\u0647\u0627\u0645 1 \u00f7 1.5 \u062f\u0631\u0635\u062f) \u062f\u0631 \u0622\u06cc\u0646\u062f\u0647 \u0646\u06cc\u0632 \u0627\u062f\u0627\u0645\u0647 \u062e\u0648\u0627\u0647\u062f \u062f\u0627\u0634\u062a. \u0648\u0627\u0636\u062d \u0627\u0633\u062a \u06a9\u0647 \u0627\u06cc\u0646 \u0641\u0642\u0637 \u06cc\u06a9 \u062d\u062f\u0633 \u0627\u0633\u062a! \u0627\u06af\u0631 \u0628\u062a\u0648\u0627\u0646\u06cc\u0645 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0631\u0627 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u06a9\u0646\u06cc\u0645\u060c \u0634\u06a9\u0644 \u06a9\u0627\u0645\u0644 \u0645\u062f\u0644 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0628\u0647 \u0635\u0648\u0631\u062a \u0632\u06cc\u0631 \u062e\u0648\u0627\u0647\u062f \u0628\u0648\u062f:<\/p>\n<p><a href=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-06-acd73a07b27f4ea38d124481e271fe49-1.webp\"><img decoding=\"async\" class=\"size-full wp-image-11507 aligncenter\" src=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-06-acd73a07b27f4ea38d124481e271fe49-1.webp\" alt=\"\" width=\"660\" height=\"428\" srcset=\"https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-06-acd73a07b27f4ea38d124481e271fe49-1.webp 660w, https:\/\/nipoto.com\/mag\/wp-content\/uploads\/2022\/01\/dotdash_Final_Calculating_the_Equity_Risk_Premium_Dec_2020-06-acd73a07b27f4ea38d124481e271fe49-1-300x195.webp 300w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/><\/a><\/p>\n<h3>\u06a9\u0644\u0627\u0645 \u0622\u062e\u0631<\/h3>\n<p>\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645\u060c \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u062a\u0641\u0627\u0648\u062a \u0628\u06cc\u0646 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u062a\u062e\u0645\u06cc\u0646\u06cc \u0633\u0647\u0627\u0645 \u0648 \u0628\u0627\u0632\u062f\u0647 \u0648\u0627\u0642\u0639\u06cc \u062a\u062e\u0645\u06cc\u0646\u06cc \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0627\u06cc\u0645\u0646 \u0645\u062d\u0627\u0633\u0628\u0647 \u0645\u06cc \u0634\u0648\u062f &#8211; \u06cc\u0639\u0646\u06cc \u0628\u0627\u0632\u062f\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0631\u0627 \u0627\u0632 \u0628\u0627\u0632\u062f\u0647 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u06a9\u0645 \u06a9\u0646\u06cc\u062f (\u0645\u062f\u0644 \u06cc\u06a9 \u0641\u0631\u0636 \u06a9\u0644\u06cc\u062f\u06cc \u062f\u0627\u0631\u062f \u06a9\u0647 \u0627\u0631\u0632\u0634 \u06af\u0630\u0627\u0631\u06cc \u0641\u0639\u0644\u06cc \u0646\u0633\u0628\u062a \u062a\u0642\u0631\u06cc\u0628\u0627\u064b \u062f\u0631\u0633\u062a \u0627\u0633\u062a).<\/p>\n<p>\u0646\u0631\u062e \u0627\u0633\u0646\u0627\u062f \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u0627\u06cc\u0627\u0644\u0627\u062a \u0645\u062a\u062d\u062f\u0647 (T-Bill) \u0627\u063a\u0644\u0628 \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u0646\u0631\u062e \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 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\u0622\u0646 \u0622\u0633\u0627\u0646 \u0627\u0633\u062a \u0648 \u062f\u0648\u0644\u062a \u0627\u06cc\u0627\u0644\u0627\u062a \u0645\u062a\u062d\u062f\u0647 \u0647\u0631\u06af\u0632 \u062f\u0631 \u062a\u0639\u0647\u062f\u0627\u062a \u0628\u062f\u0647\u06cc \u062e\u0648\u062f \u0642\u0635\u0648\u0631 \u0646\u06a9\u0631\u062f\u0647 \u0627\u0633\u062a.<\/p>\n<p>\u0647\u0646\u06af\u0627\u0645\u06cc \u06a9\u0647 \u0628\u0627\u0632\u062f\u0647 \u0633\u0648\u062f \u0633\u0647\u0627\u0645\u060c \u0628\u0647 \u0627\u0646\u062f\u0627\u0632\u0647 \u06a9\u0627\u0641\u06cc \u0628\u0647 \u0628\u0627\u0632\u062f\u0647 \u0627\u0633\u0646\u0627\u062f \u062e\u0632\u0627\u0646\u0647 \u062f\u0627\u0631\u06cc \u0627\u06cc\u0627\u0644\u0627\u062a \u0645\u062a\u062d\u062f\u0647 \u0646\u0632\u062f\u06cc\u06a9 \u0634\u0648\u062f\u060c \u06a9\u0633\u0631 \u0633\u0627\u0632\u06cc \u0628\u0647 \u0631\u0627\u062d\u062a\u06cc \u0635\u0631\u0641 \u0631\u0627 \u0628\u0647 \u06cc\u06a9 \u0639\u062f\u062f \u06a9\u0627\u0647\u0634 \u0645\u06cc \u062f\u0647\u062f (\u0646\u0631\u062e \u0631\u0634\u062f \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0633\u0648\u062f \u0633\u0647\u0627\u0645 \u067e\u0631\u062f\u0627\u062e\u062a \u0634\u062f\u0647 \u0628\u0647 \u0627\u0632\u0627\u06cc \u0647\u0631 \u0633\u0647\u0645).<\/p>\n<p>\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0645\u06cc \u062a\u0648\u0627\u0646\u062f \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u0627\u0646 \u0631\u0627 \u062f\u0631 \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0633\u0647\u0627\u0645 \u0631\u0627\u0647\u0646\u0645\u0627\u06cc\u06cc \u06a9\u0646\u062f\u060c \u0627\u0645\u0627 \u062a\u0644\u0627\u0634 \u0645\u06cc \u06a9\u0646\u062f \u062a\u0627 \u0628\u0627\u0632\u062f\u0647 \u0622\u062a\u06cc \u0633\u0647\u0627\u0645 \u0631\u0627 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0639\u0645\u0644\u06a9\u0631\u062f \u06af\u0630\u0634\u062a\u0647 \u0622\u0646 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u06a9\u0646\u062f. \u0641\u0631\u0636\u06cc\u0627\u062a \u062f\u0631 \u0645\u0648\u0631\u062f \u0628\u0627\u0632\u062f\u0647 \u0633\u0647\u0627\u0645 \u0645\u06cc \u062a\u0648\u0627\u0646\u062f \u0645\u0634\u06a9\u0644 \u0633\u0627\u0632 \u0628\u0627\u0634\u062f \u0632\u06cc\u0631\u0627 \u067e\u06cc\u0634 \u0628\u06cc\u0646\u06cc \u0628\u0627\u0632\u062f\u0647 \u0622\u062a\u06cc \u0645\u06cc \u062a\u0648\u0627\u0646\u062f \u062f\u0634\u0648\u0627\u0631 \u0628\u0627\u0634\u062f. \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0641\u0631\u0636 \u0645\u06cc \u06a9\u0646\u062f \u06a9\u0647 \u0628\u0627\u0632\u0627\u0631 \u0647\u0645\u06cc\u0634\u0647 \u0628\u0627\u0632\u062f\u0647\u06cc \u0628\u06cc\u0634\u062a\u0631\u06cc \u0646\u0633\u0628\u062a \u0628\u0647 \u0646\u0631\u062e \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc \u062f\u0647\u062f\u060c \u06a9\u0647 \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u06cc\u06a9 \u0641\u0631\u0636 \u0645\u0639\u062a\u0628\u0631 \u0646\u0628\u0627\u0634\u062f. \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 \u0645\u06cc \u062a\u0648\u0627\u0646\u062f \u0631\u0627\u0647\u0646\u0645\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647 \u06af\u0630\u0627\u0631\u0627\u0646 \u0628\u0627\u0634\u062f\u060c \u0627\u0645\u0627 \u0645\u062d\u062f\u0648\u062f\u06cc\u062a \u0647\u0627\u06cc \u0642\u0627\u0628\u0644 \u062a\u0648\u062c\u0647\u06cc \u062f\u0627\u0631\u062f.<\/p>\n<p>\u062f\u0631 \u0646\u06cc\u067e\u0648\u062a\u0648 \u0645\u0627\u0631\u06a9\u062a <a href=\"https:\/\/nipoto.com\/\" target=\"_blank\" rel=\"noopener\">\u062e\u0631\u06cc\u062f \u0648 \u0641\u0631\u0648\u0634 \u0627\u0631\u0632 \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644<\/a> \u0628\u0631\u0627\u06cc \u0634\u0645\u0627 \u0641\u0631\u0627\u0647\u0645 \u0634\u062f\u0647 \u0627\u0633\u062a.<\/p>\n<p>\u062a\u0631\u062c\u0645\u0647 \u0634\u062f\u0647 \u062a\u0648\u0633\u0637 \u0645\u062c\u0644\u0647 \u062e\u0628\u0631\u06cc <a href=\"http:\/\/nipoto.com\" target=\"_blank\" rel=\"noopener\">\u0646\u06cc\u067e\u0648\u062a\u0648<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium) \u06cc\u06a9 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0627\u0633\u062a \u06a9\u0647 \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0686\u0642\u062f\u0631 \u0628\u0627 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0628\u062f\u0647\u06cc \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9\u060c \u0639\u0645\u0644\u06a9\u0631\u062f \u0628\u0647\u062a\u0631\u06cc \u062e\u0648\u0627\u0647\u062f \u062f\u0627\u0634\u062a. \u0633\u0647 \u0645\u0631\u062d\u0644\u0647 \u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0628\u0647 \u0634\u06a9\u0644 \u0632\u06cc\u0631 \u0627\u0633\u062a: \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0633\u0647\u0627\u0645 \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f \u0628\u0627\u0632\u062f\u0647 \u0645\u0648\u0631\u062f \u0627\u0646\u062a\u0638\u0627\u0631 \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9 \u0631\u0627 \u0645\u062d\u0627\u0633\u0628\u0647 \u06a9\u0646\u06cc\u062f \u0645\u0627\u0628\u0647 \u0627\u0644\u062a\u0641\u0627\u0648\u062a \u0631\u0627 \u06a9\u0645 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":8147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[799],"class_list":["post-7845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-basis-knowledge","tag-crypto-currency-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.4 (Yoast SEO v20.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium)<\/title>\n<meta name=\"description\" content=\"\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium) \u06cc\u06a9 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0627\u0633\u062a \u06a9\u0647 \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u0628\u0627\u0632\u0627\u0631 \u0633\u0647\u0627\u0645 \u0686\u0642\u062f\u0631 \u0628\u0627 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0628\u062f\u0647\u06cc \u0628\u062f\u0648\u0646 \u0631\u06cc\u0633\u06a9\u060c \u0639\u0645\u0644\u06a9\u0631\u062f \u0628\u0647\u062a\u0631\u06cc\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nipoto.com\/mag\/investing-calculating-equity-risk-premium\/\" \/>\n<meta property=\"og:locale\" content=\"fa_IR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0645\u062d\u0627\u0633\u0628\u0647 \u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium)\" \/>\n<meta property=\"og:description\" content=\"\u0635\u0631\u0641 \u0631\u06cc\u0633\u06a9 \u0633\u0647\u0627\u0645 (equity risk premium) \u06cc\u06a9 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