Stock Prices Fundamentals

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70

60

50

40

30

20

10

0
1860

1880

1900

1920

1940

1960

1980

2000

6}hi 2G ihUi?|@}i Lu 5|LU! Oi*_ M) W?UL4i ihUi?|*i


G bbDc jG bHb
100
90
80

Fraction of Stocks

70
60
50
40
30
20
10
0
0

10

20

30

40
50
60
Income Percentile

e2

70

80

90

100

6}hi G ihUi?|@}i Lu 5|LU! Oi*_ M) `i@*| ihUi?|*i


G bbDc jG bHb
100
90
80

Fraction of Stocks

70
60
50
40
30
20
10
0
0

10

20

30

40
50
60
Wealth Percentile

70

80

90

100

6}hi eG 6Lhi}? i| W?it|4i?| @?_ +i|h?t

15000

0.3

10000

0.2

5000

0.1

5000
1988

1990

1992

1994
Date

ee

1996

1998

0.1
2000

Returns

Net Stock Investment

6Lhi}? i| 5|LU! W?it|4i?|


5: Dff +i|h?

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