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3
880

                     36,500     3,000

          12%   30            880




4
8

8

    2000

2




           5
10                          2%                 30



    12%        30

                                        (1+2%)30-1
                               10                          405
                                           2%
                                        (1+12%)30-1
                               10                          2,413
                                           12%




    72

                               72

                                    8%     9                     (72    8=9)

                        12%     6

          12        4     18        8      24         16




6
A   25                                                                       60

              p.195       5     12%       12           6.3528=76.23

                           60                                55               1296

              p.192       25    12%        76.23             17=1296

B   25                                                              35

                    20                240               (1   12   20=240

              12%     55                   864

              p.195       20    12%        12           72.05=864

A            10                   B             1/4

             50%


                    A                          B
         1          1      12
         2          1      12         A            1    12    5
         3          1      12                          60
         4          1      12
         5          1      12
         6
                         60

     10                                        1       12
                                                              B     1     12 20
     11                                        1       12
                                                                         240

     30                                        1 12
                    1296                       864


                                                                                     7
1     2         3        4     5      6         7    8      9    10

        A     30%   50%       -30%     30%   -40%   30%    50%     -40%   20%   30%

        100   130   195       136.5 177.45 106.47 138.41 207.62 124.57 149.49 194.33

        B     8%     8%        8%       8%    8%    8%     8%      8%     8%    8%

        100   3108 116.64 125.97 136.05 146.93 158.69 171.38 185.09 199.9 215.89



    A         100         10                         3

                                       30%   50%

    10        100         194

              100         10                              8%
    B

    10        100         215

                         8%            30%   50%
              B

                         A




                    10             B




8
4.6%


                      1.8%
91.5%

               2.1%




              90

        90%

                          10%




                                9
10,000      6          10000 6 60,000

                         18 20         4,228       10000 / 10+10000 / 12+10000 / 14…..
                    16
                                  6              84,560       20 4,228
               14
     10   12
                                                 24,560       84,560 60,000




                                      10,000      6         10000 6 60,000
                             10
                                        8,500      10000 / 10+10000 / 8+10000 / 5…..
     10   8              8
               5    5             6                          10 8,500
                                                 85,000
                                                             85,000 60,000
                                                 25,000




                                      10,000      6         10000 6 60,000
                                        26,250        10000 / 10+10000 / 8+10000 / 5…..
     10   8
               5             5
                                  6              131,250        5 26,250
                    1    1
                                                 71,250        131,250 60,000




10
10%

 10%                    60

     10%

60                           10%

                       10%         10%



                 10%




                                         11
12
                            10%
                                   15%
                                         20%
                                                25%
                                                         30%
                                                               35%
                                                                      40%




             0%
                  5%
     19
        74
     19
        76
     19
        78
     19
        80
     19
        82
     19
        84
     19
        86
     19
        88
     19
        90
     19
        92
     19
        94
     19
        96
     19
        98
     20
        00
     20
        02
     20
        04
             0%
                  1%
                       2%
                              3%
                                   4%
                                         5%
                                               6%
                                                    7%
                                                          8%
                                                               9%
                                                                     10%
4%                     2%                     6%

                35       30        25        20       15        10

                6,973    5,129     3,672     2,522    1,627     934
15,840
                 23%      19%       15%       11%         8%        5%

               10,583    7,786     5,573     3,828    2,468    1,414
24,000
                 23%      19%       15%       11%         8%        5%

               13,369    9,837     7,042     4,839    3,121    1,790
30,300
                 23%      19%       15%       11%         8%        5%

               16,836   12,388     8,867     6,091    3,926    2,249
38,200
                 23%      19%       15%       11%         8%        5%

               21,240   15,628    11,180     7,683    4,953    2,838
48,200
                 23%      19%       15%       11%         8%        5%

               26,841   19,744    14,132     9,714    6,272    3,591
60,800
                 23%      19%       15%       11%         8%        5%

               32,135   23,629    16,914   11,629     7,497    4,295
72,800
                 23%      19%       15%       11%         8%        5%

               39,535   29,538    21,321   14,690     9,481    5,435
92,100
                 22%      19%       15%       11%         8%        5%

               48,923   37,254    27,663   19,780    13,301    7,975
150,000
                 17%      14%       12%        9%         7%        5%

          35   38,200                                25
          60              8,867
                          15%




                                                                         13
14
15
72

              8%   9        2

     72   8    9




16
17

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老鼠賽跑 正確的投資觀

  • 1. 3
  • 2. 880 36,500 3,000 12% 30 880 4
  • 3. 8 8 2000 2 5
  • 4. 10 2% 30 12% 30 (1+2%)30-1 10 405 2% (1+12%)30-1 10 2,413 12% 72 72 8% 9 (72 8=9) 12% 6 12 4 18 8 24 16 6
  • 5. A 25 60 p.195 5 12% 12 6.3528=76.23 60 55 1296 p.192 25 12% 76.23 17=1296 B 25 35 20 240 (1 12 20=240 12% 55 864 p.195 20 12% 12 72.05=864 A 10 B 1/4 50% A B 1 1 12 2 1 12 A 1 12 5 3 1 12 60 4 1 12 5 1 12 6 60 10 1 12 B 1 12 20 11 1 12 240 30 1 12 1296 864 7
  • 6. 1 2 3 4 5 6 7 8 9 10 A 30% 50% -30% 30% -40% 30% 50% -40% 20% 30% 100 130 195 136.5 177.45 106.47 138.41 207.62 124.57 149.49 194.33 B 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 100 3108 116.64 125.97 136.05 146.93 158.69 171.38 185.09 199.9 215.89 A 100 10 3 30% 50% 10 100 194 100 10 8% B 10 100 215 8% 30% 50% B A 10 B 8
  • 7. 4.6% 1.8% 91.5% 2.1% 90 90% 10% 9
  • 8. 10,000 6 10000 6 60,000 18 20 4,228 10000 / 10+10000 / 12+10000 / 14….. 16 6 84,560 20 4,228 14 10 12 24,560 84,560 60,000 10,000 6 10000 6 60,000 10 8,500 10000 / 10+10000 / 8+10000 / 5….. 10 8 8 5 5 6 10 8,500 85,000 85,000 60,000 25,000 10,000 6 10000 6 60,000 26,250 10000 / 10+10000 / 8+10000 / 5….. 10 8 5 5 6 131,250 5 26,250 1 1 71,250 131,250 60,000 10
  • 9. 10% 10% 60 10% 60 10% 10% 10% 10% 11
  • 10. 12 10% 15% 20% 25% 30% 35% 40% 0% 5% 19 74 19 76 19 78 19 80 19 82 19 84 19 86 19 88 19 90 19 92 19 94 19 96 19 98 20 00 20 02 20 04 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
  • 11. 4% 2% 6% 35 30 25 20 15 10 6,973 5,129 3,672 2,522 1,627 934 15,840 23% 19% 15% 11% 8% 5% 10,583 7,786 5,573 3,828 2,468 1,414 24,000 23% 19% 15% 11% 8% 5% 13,369 9,837 7,042 4,839 3,121 1,790 30,300 23% 19% 15% 11% 8% 5% 16,836 12,388 8,867 6,091 3,926 2,249 38,200 23% 19% 15% 11% 8% 5% 21,240 15,628 11,180 7,683 4,953 2,838 48,200 23% 19% 15% 11% 8% 5% 26,841 19,744 14,132 9,714 6,272 3,591 60,800 23% 19% 15% 11% 8% 5% 32,135 23,629 16,914 11,629 7,497 4,295 72,800 23% 19% 15% 11% 8% 5% 39,535 29,538 21,321 14,690 9,481 5,435 92,100 22% 19% 15% 11% 8% 5% 48,923 37,254 27,663 19,780 13,301 7,975 150,000 17% 14% 12% 9% 7% 5% 35 38,200 25 60 8,867 15% 13
  • 12. 14
  • 13. 15
  • 14. 72 8% 9 2 72 8 9 16
  • 15. 17