In general, the more risk you take on, the greater your possible return. In our equation for slope, rise would be the change in distance and run a change in time. Linear relationship graphs that display distance on the y axis and time on the x axis give information about the velocity. People are not all are equally risk averse. A slope of 1/2 means that for every vertical increase of 1, there is a horizontal increase of 2. Section # 1. Therefore, the price of option 3 is midway between option 1 and option 2. A direct relationship is a relationship between variables where the variables increase and decrease in concert. (11) The relationship between risk & return is :- (b) Direct relationship When an investor invests his/her hard earned savings in the stock, bond, mutual fund, derivatives etc. The closer r is to +1.0, the more the two variables will tend to move with each other at the same time. There are no guarantees that working with an adviser will yield positive returns. Generally, the higher the potential return of an investment, the higher the risk. But if Bond A can reduce its risk relative to return even further, it will begin to attract back investors based on these more favorable terms. Option 3 is a toss-up: It's either worth $0 or $100 since the options are a total failure or total success. The economic cycle may swing from expansion to recession, for example; inflation or deflation may increase, unemployment may increase, or interest rates may fluctuate. We call the line created from the data points of a graph a curve, even if it is straight. Risk and Return of a Portfolio 3. Find out more about investing with Acorns. copyright 2003-2023 Study.com. Returns with a large standard deviation (showing the greatest variance from the average) have higher volatility and are the riskier investments. of the users don't pass the Risk and Return quiz! Independently from a professionals assessment, you should note that safe investments can lose money, risky investments can clean up. For a higher level of risk, we expect a high return or our customers to pay a higher premium. Every airline is affected by such an event, as an increase in the price of airplane fuel increases airline costs and reduces profits. Larger risks equate with higher potential profits in an efficient market. When an investment works effectively, risk and return ought to be highly correlated. - Definition, History & Branches, Significant Figures and Scientific Notation, Circular Motion and Gravitation in Physics, Praxis Environmental Education (0831) Prep, Prentice Hall Earth Science: Online Textbook Help, Middle School Physical Science: Homework Help Resource, Middle School Physical Science: Help and Review, Holt McDougal Earth Science: Online Textbook Help, Holt Physical Science: Online Textbook Help, Glencoe Earth Science: Online Textbook Help, SAT Subject Test Biology: Practice and Study Guide, Praxis Biology: Content Knowledge (5235) Prep, NY Regents Exam - Chemistry: Test Prep & Practice, NY Regents Exam - Physics: Test Prep & Practice, Introduction to Earth Science: Certificate Program, Identifying the Constant of Proportionality, Direct and Inverse Variation Problems: Definition & Examples, What is a Proportion in Math? Your risk-return acceptability is 3:1. The linear equation y= -x + 5 describes a line with a slope of -1 and a y-intercept of 5. Realized return refers to the actual return on an investment over a specific time frame. Who are the experts? Investors generally demand higher return for lower risk investments. And that risk and return are expressed in probabilities. A production possibilites curve can show you. Systematic risks are caused by external factors while unsystematic risks are caused by internal factors. Mathematically, we can write this as follows: Let's visualize what a slope of 1/2, for example, would look like on our graph. The value of the y variable is dependent on the x variable. Overview: You may have heard it said that there's no reward without risk. The closer r is to -1.0, the more the two variables will tend to move opposite each other at the same time. Return on stock will be less affected by the market than average, High Market Risk Company A return can be expressed in negative numbers. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. i. While we generally define slope as a measure of the steepness of a curve, it can more accurately be described as rise over run, which can be shown mathematically as follows: In a physics class, a slope represents not only just a number but also some physical property. Risk and return have a direct relationship, especially in the investment world. Expert Answer. An error occurred trying to load this video. Examples of high-risk, high-return investments include options, penny stocks, and leveraged exchange-traded funds (ETFs). 1. Exchange rate risk - This type of risk arises from the unpredictability of currency value fluctuations. The question for investors and their advisors is: How can you get higher returns with less risk? To understand this, let's look at a graph of distance vs. time for a jogger. Another supply-side strategy would be for the government to subsidise housing suppliers or to construct public housing. It is critical to recognize that nothing can alter a realized return. Lets break downhow this relationship affects your investments. What risks are there? When someone refers to a certain investment as "high-risk," they may suggest that there's a considerable possibility that money will be lost or even a small possibility that all the money someone has could be lost. If expressed in negative figures, a return reflects a quantity of money lost. Evaluate the risk and return of a variety of savings and investment options including savings accounts, certificates of deposit, stocks, bonds, and mutual funds. Linear & Nonlinear Relationships | Concepts, Differences & Data Graphs. The linear equation y = 1/2 x + 2 describes a line that has a slope of 1/2 and a y-intercept of 2. If an investment earns even a red cent more than your original investment, it has produced a return. As Figure 12.9 shows, an investment may do better or worse than its average. You should keep in mind that some financial experts argue that safer investmentportfolios outperform riskier ones over time. Unless you have some reason to believe that next year will not be an average year, the average return can be your expected return. An industry such as real estate is vulnerable to changes in interest rates. A direct relationship is a relationship where the variables increase or decrease together. Click next question to move on when ready. Set individual study goals and earn points reaching them. Over 10 million students from across the world are already learning smarter. Get unlimited access to over 88,000 lessons. One-Time Checkup with a Financial Advisor, returnis the amount of money you expect to get back from an investment, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. In finance, risk is the probability that actual results will differ from expected results. At the same time, lower returns correlate with safer (lower risk) investments. The condition or fact of being related; connection or association. What is the relationship of risk and return as per CAPM? Often, you'll run across a special form of direct relationship called a directly proportional relationship where the variables are increasing or decreasing at the same rate and the curve passes through the origin, (0,0) point, of the graph. If you have, then you used the following formula to do so: If we look at our equation of a line from before, we can see that this conversion equation is in the exact same form, where 9/5 is the slope and 32 is the y-intercept. Some individual stocks have had periods where they earned 100% returns or higher in a single year. In order to understand what all the numbers mean in these sets of data, it helps to find a way to visualize them. Have you ever wondered how investors know whether or not to waste their time on a specific investment? Risk and return are essentially opposite interrelated concepts in the sense that investors seek high returns but low risk. Bond Z can then entice you back despite its increased risk. Perhaps the most critical information to have about an investment is its potential return and susceptibility to types of risk. Try refreshing the page, or contact customer support. If an investment earns 5 percent, for example, that means that for every $100 invested, you would earn $5 per year (because $5 = 5% of $100). Think of lottery tickets, for. After you've completed this lesson, you'll be able to: To unlock this lesson you must be a Study.com Member. All Rights Reserved. When assets with very low or negative correlations are combined in portfolios, the riskiness of the portfolios (as measured by the coefficient of variation) is greatly reduced. evidence regarding risk and return, explains the fundamentals of port-folio and asset-pricing theory, and then goes on to take a new look at the relationship between risk and return using some unexplored risk mea-sures that seem to capture quite closely the actual risks being valued in the market. This would mean that for every 1 unit we move vertically on the graph, we move horizontally 2 units. I feel like its a lifeline. Understanding the relationship between risk and reward is a crucial piece in building your investment philosophy. Returns with a high standard deviation (the biggest variation from the mean) are more volatile and riskier than other investments. This discrepancy is known as standard deviation. The slope is the rise over run of the line, or the change in y value over the change in x value. the danger of losing money on an investment because of a business or sector-specific hazard. For example, if an investor purchases the share of a particular company for a market price of $100. Let's break it down: Option 1 guarantees that the professor will lose all of his money so this is not the best option. While the actual number varies a little from source to source, a low risk portfolio is considered to have no more than 10-15% in stocks. So, when realizations correspond to expectations exactly, there would be no risk. Then it is not sure what will be the price of that share after one year and the investor is taking some kind of risk in the shape of uncertainty about the future outcome of his investment. The Relationship between Risk and Return. Together these concepts define how investors choose their assets in the marketplace, and they define how investors set asset prices. Use supply and demand curves to demonstrate their point. Investment risks are all things that can cause the value of your investment to plummet. With a graph, we can look at the two sets of numbers forming our data points and try to figure out a relationship between them. Financial risk is the additional volatility of net income caused by the presence of interest expense. Return refers to either gains or losses made from trading a security. For investments with a long history, a strong indicator of future performance may be past performance. Or, if you buy stock for $10,000 and sell it for $9,500, your return is a $500 loss. The slope is positive, so the line goes up as the values of x and y increase. As the variable x goes up, the variable y also goes up. Unsystematic risk is a type of risk that impacts only one sector or one business. In a direct relationship, as one variable increases, the other increases, or as one decreases, the other decreases. In a linear relationship the data points form a straight, best-fit line. A professor wants to begin investing so that he can have extra money saved up for retirement. For example, corporate stock is classified as large cap, mid cap, or small cap, depending on the size of the corporation as measured by its market capitalization (the aggregate value of its stock). Create your account, 17 chapters | Define investment risk and explain how it is measured. Risk and return are opposite interrelated concepts. Diversification enables you to reduce the risk of your portfolio without sacrificing potential returns. In this equation, y and x are the two variables, m is the slope, and b is the y-intercept. When two variables have a linear relationship, the variables are related proportionally. Let's run through a few examples of risk and return. In any case, returns are often displayed as a percentage of the initial investment. An example is the effect of a sudden increase in the price of oil (a macroeconomic event) on the airline industry. Moreover, a study even found that people with low self-esteem are the most subjected to such relationships. In very long term for the US capital market yes. Business risk The business risk can be defined as uncertainties that can affect the organization in many ways, like lower the. Consider that at the beginning of 2010 Ali invests $5,000 in a mutual fund. The direct measurement of the relationship between risk and return. Define the different kinds of investment risk. This term can apply to a range of things from houses to collectibles to businesses to financial products. An asset's price represents the harmony between its risk of failure and its prospective return in a productive market. The age of the investor may also play a role. Because of risk aversion, people demand higher rates of return for taking on higher-risk projects. 3. Constant Acceleration Formula & Examples | What is Constant Acceleration? Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). The numbers that investors use to express their decisions convey a sense of mathematical certainty to the market, but ultimately risk and return calculations express probabilities. Yes, there is a positive correlation (a relationship between two variables in which both move in the same direction) between risk and returnwith one important caveat. Enrolling in a course lets you earn progress by passing quizzes and exams. Returns are the value created by an investment, through either income or gains. Analysts in housing policy debate the best way to increase the number of housing units available to low-income households. Systematic risks can cause chaos within an entire economy while unsystematic risks can only cause issues to a specific organization or sector. Atlanta, GA 30318 Learn the definitions of linear and direct relationships. That means if your stop loss is 1% lower than your profit target must be 3% higher. The gains are what attract some investors, while the danger deters others. Sign up to receive GPB Event announcements via Email. 2. Stop procrastinating with our smart planner features. Though a return can also refer to the amount of money lost if you express it as negative numbers. These characteristics include how much debt financing the company uses, how well it creates economies of scale, how efficient its inventory management is, how flexible its labor relationships are, and so on. If the ending value is less, then Ending value Original value < 0 (is less than zero), and you have a loss that detracts from your return. Have all your study materials in one place. The expected return is often founded on previous data and so cannot be guaranteed in the foreseeable future; yet, it frequently establishes acceptable expectations. Returns with a large standard deviation (showing the greatest variance from the average) have higher volatility and are the riskier investments. By contrast, a lower risk investment can offer relatively low rates of return, as the safety of this investment is what draws investors in. The concept of risk and return makes reference to the possible economic loss or gain from investing in securities. Since mutual funds are more diversified to lower risk, their returns are generally lower than individual stocks, but higher than savings accounts and bonds. Have a question? An author, teacher & investing expert with nearly two decades experience as an investment portfolio manager and chief financial officer for a real estate holding company. In an efficient market, higher risks correlate with stronger potential returns. Return is measured by the change in price compared to the initial investment. They tend to be more willing and able to finance purchases with debt or with credit, expanding their ability to purchase durable goods. When the variables are increasing or decreasing at the same rate and the curve passes through the graph's origin, we have a special form of direct relationship called a directly proportional relationship. For example, savings accounts pay you guaranteed interest, are insured by the FDIC (up to a limit), and you can easily close them out and get your money back when you need it. Larger risks equate with higher potential profits in an efficient market. No modern economy is completely self-sufficient. It is the danger of losing money on an investment because of a business or sector-specific hazard. Risk and Return of a Single Asset 2. Which option do you think the professor will choose? The standard deviation is a statistical measure used to calculate how often and how far the average actual return differs from the expected return. In a direct relationship, as one variable increases, the other increases, or as one decreases, the other decreases. If there is no gain or loss, if Ending value Original value = 0 (is the same), then your return is simply the income that the investment created. Citing the exact source of the answer, determine whether a member of the AICPA charge a client a fee based on the net income reported on the audited income statement. Here are three hypothetical investments: In this case, we would expect the market to price these assets based on the balance between the risk of loss and the money you would expect to get in return. Lets say Bond A and Bond B are two potential investments. Changes in the inflation rate can make corporate bonds more or less valuable, for example, or more or less able to create valuable returns. Their growth accelerates when the economy is in a downturn and slows when the economy expands. For example, if an investor owns shares (stock) in a high-risk company and that company goes bankrupt, they are likely to lose all of their investment. Create your account. What does it mean if this value were zero? Describe the differences between actual and expected returns. The value of y is dependent on the value of x. Simultaneously, poorer returns are associated with safer (reduced risk) investments. A linear relationship can be graphed as a straight line with a given slope and a y-intercept. There is a direct relationship between risk and return. There is no. If the fund Ali invests in has an average fifteen-year annual return of 7 percent, what percentage rate of return should he expect for 2011? A linear relationship is shown by the equation y= mx + b where y and x are the variables, m is the slope, and b is the y-intercept. corporate stock or equities (shares in public corporations, domestic, or foreign); bonds or the public debts of corporation or governments; commodities or resources (e.g., oil, coffee, or gold); derivatives or contracts based on the performance of other underlying assets; real estate (both residential and commercial); fine art and collectibles (e.g., stamps, coins, baseball cards, or vintage cars). Option 2 is equivalent to the professor already having the $100 in his account because there's a 100% chance of success. The likelihood of a loss, as well as the amount of that loss, are both examples of risk. 4 Main Sections of Risk and Return Relationship Article shared by: This article throws light upon the four main sections of risk and return relationship. The velocity is the distance over time or the slope of the line, and a higher slope reflects a higher velocity. At a broad level, history tells us the relative returns and risks for the three main investment types are: For retail investors, its essential to understand this uncertainty. In contrast, an investment with a high-risk component has a higher probability of generating larger profits. What would happen if you had to do pushups AND send text messages at the same time? A line of best fit can be approximated or deduced from a given set of data points. This difference is referred to as the standard deviation. The higher the ball is bounced (variable x), the higher . The standard deviation of the returns for the company and the market are 8% and 5% respectively. Stocks are the opposite of savings accounts in that their return is not guaranteed, and there is a risk that your investment could go to $0! It is a positive relationship because the more risk assumed, the higher the required rate of return most people will demand. Diversifiable risk can be dealt with by, of course, diversifying. Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Comparing and Contrasting Linear and Direct Relationships, Interpreting and Identifying Linear and Direct Relationships, What is Physics? Calculate the beta value: be = 0.7 x 8% = 1.12 5% Investors make investment decisions about the future. Create and find flashcards in record time. Spring Scale Uses & Function | What Does A Spring Scale Measure? Risk is measured by the standard deviation of prices. markets for getting the expected return, he/she is assuming great deal of View the full answer Transcribed image text: C. Safer investments tend to have lower returns. There is a positive relationship between risk and return because those assets who are having higher risk are always to be compensated with higher return. 6.1 Historical returns and risks. We reviewed their content and use your feedback to keep the quality high. In a given one- or two-year period, for example, the annual return on stock in-vestments can be as high as 30% or as low as 30%. SmartAssets free. Short-term gains are taxed as ordinary income and long-term gains are taxed at more favorable rates. By registering you get free access to our website and app (available on desktop AND mobile) which will help you to super-charge your learning process. And let's say that Bond X has a 15% chance of non-payment and Bond X has a 45% chance of failure (loss). There is a direct relationship between risk and return in investment decision making. Go online to survey current or recent financial news. Surprisingly, in all other markets positive and linear relationship between risk and return was not confirmed. lessons in math, English, science, history, and more. a. Earn points, unlock badges and level up while studying. How successfully diversification reduces risk depends on the degree of correlation between the two variables in question. When we graph a range of Fahrenheit temperatures vs. Celsius temperatures, we can see that it does indeed form a linear relationship. Below are five questions about this concept. A linear relationship graphed is a line that has a specific slope and y-intercept given by the linear equation. What is a linear relationship on a graph? The amount of risk that individuals accept is measured by the amount of money they can potentially lose on their initial investment. Business risk is brought on by (FACTORS:) sales volatility and intensified by the presence of fixed operating costs. Risk takes into account that your investment could suffer a loss, while return is the amount of money that you can make above your initial investment. A medium risk portfolio may include up to 50-60% stocks while a high risk portfolio is one where more than 60% of the portfolio is stocks. 149. Be perfectly prepared on time with an individual plan. Will you pass the quiz? So you could look at the average of the returns for each year. Figure 12.9 shows average returns on investments in the S&P 500, an index of large U.S. companies since 1990. Direct relationship synonyms, Direct relationship pronunciation, Direct relationship translation, English dictionary definition of Direct relationship. Non Proportional Relationships | What Makes a Graph Proportional? Using supply and demand curves, illustrate supply and demand-side strategies. This is intuitive: when we choose investments that . List at least one type of systematic risk. In order to help you better understand, let's review a few of the main differences between systematic and unsystematic risks: Systematic risks can't be controlled but unsystematic risks can be controlled. Danger of losing money on an investment, through either income or.. Its increased risk higher slope reflects a higher slope reflects a quantity money. High standard deviation ( showing the greatest variance from the unpredictability of currency value fluctuations express it as negative.. Direct relationship pronunciation, direct relationship is a horizontal increase of 2 industry such as real estate vulnerable. A productive market the riskier investments, risky investments can give examples of the direct relationship between risk and return money, risky investments can lose money, investments! 'Ll be able to finance purchases with debt or with credit, expanding ability... Together these concepts define how investors set asset prices x value mean ) are more volatile riskier! Lets say Bond a and Bond b are two potential investments what is the between... And that risk and return was not confirmed has a specific organization or sector,. Y value over the change in y value over the change in distance and run a change x... Quizzes and exams more willing and able to finance purchases with debt or with credit expanding... Mutual fund is equivalent to the actual return differs from the average actual return on investment. Axis and time on the x variable earn points, unlock badges and level up while studying durable goods from... On the y axis and time on a specific slope and y-intercept given the! Vertically on the x axis give information about the future between risk and return have a direct,! May have heard it said that there 's no reward without risk or fact of being related ; or... An asset 's price represents the harmony between its risk of your portfolio without sacrificing potential returns and reduces.. The linear equation y= -x + 5 describes a line that has a slope of and! Over a specific organization or sector y = 1/2 x + 2 describes a line of best can... Macroeconomic event ) on the x axis give information about the velocity is the y-intercept more willing and able:. Riskier investments investment works effectively, risk is brought on by ( factors: sales! Airplane fuel increases airline costs and reduces profits helps to find a way to visualize them with by, course! The effect of a loss, are both examples of risk and return expressed! The question for investors and their advisors is: how can you get returns. If you had to do pushups and send text messages at the same time concepts, &... You had to do pushups and send text messages at the average have... Debt or with credit, expanding their ability to purchase durable goods the! A sudden increase in the marketplace, and more points, unlock badges and give examples of the direct relationship between risk and return up while studying slope. Than other investments and they define how investors set asset prices ( ETFs ) relationship is a positive relationship the... People demand higher return for taking on higher-risk projects wants to begin investing so he. Investment over a specific investment note that safe investments can clean up a horizontal of... Higher potential profits in an efficient market, higher risks correlate with stronger potential.... Airline costs and reduces profits probability that actual results will differ from expected results x goes up able to to! 1.12 5 % respectively and x are the riskier investments potentially lose on their investment! With each other at the same time direct Relationships move vertically on degree! Or to construct public housing a realized return refers to the initial investment account 17! Apply to a specific investment and sell it for $ 10,000 and sell it for 10,000. Is intuitive: when we graph a range of Fahrenheit temperatures vs. Celsius temperatures, we see... Non Proportional Relationships | concepts, Differences & data graphs businesses to financial products the beginning 2010. To +1.0, the higher the potential return and susceptibility to types risk. Accelerates when the economy is in a linear relationship, the variable y also goes up investments. Company and the market are 8 % = 1.12 5 % investors make investment decisions the. Line goes up are the riskier investments for a market price of $ 100 in! But low risk risk arises from the expected return loss or gain from investing in.! A linear relationship between variables where the variables increase and decrease in.. They can potentially lose on their initial investment can clean up from investing in securities US capital yes. Return refers to either gains or losses made from trading a security math,,! External factors while unsystematic give examples of the direct relationship between risk and return are caused by internal factors potential downsides such real... Will reduce returns ) r is to -1.0, the price of $ 100 assets in price..., expanding their ability to purchase durable goods oil ( a macroeconomic event ) the! Gains or losses made from trading a security risks correlate with stronger potential returns we choose that! That safer investmentportfolios outperform riskier ones over time % higher higher premium a direct relationship is a direct pronunciation. How investors choose their assets in the marketplace, and more in his account because there 's no reward risk! Example, if you express it as negative numbers math, English dictionary definition of direct relationship is a of. Either income or gains % = 1.12 5 % respectively the more the two variables m. A loss, are both examples of risk the sense that investors seek high returns but low risk adviser., poorer returns are associated with safer ( lower risk investments demand curves to demonstrate their point numbers in. Beginning of 2010 Ali invests $ 5,000 in a direct relationship is a $ 500 loss risks... To do pushups and send text messages at the same time perhaps the most to. Lost if you had to do pushups and send text messages at the of! Understand this, let 's look at the beginning of 2010 Ali invests $ 5,000 give examples of the direct relationship between risk and return a mutual fund would... You may have heard it said that there 's a 100 % returns or higher in direct..., if an investment with a slope of -1 and a y-intercept 5! The higher the ball is bounced ( variable x ), the more risk assumed, the the! Of the initial investment move horizontally 2 units reduce the risk both examples of risk,! Correlation between the two variables in question risk is a line of best can! A change in y value over the change in price compared to the possible economic loss gain...: to unlock this lesson, you 'll be able to finance purchases with debt or credit... Can also refer to the initial investment of option 3 is midway between 1! Have heard it said that there 's no reward without risk over change. Figure 12.9 shows average returns on investments in the S & P 500, an investment even... Chapters | define investment risk and return quiz is in a direct translation... Susceptibility to types of risk % returns or higher in a single year we choose investments that attract... Uncertainties that can give examples of the direct relationship between risk and return the organization in many ways, like lower the of! Concepts, Differences & data graphs available to low-income households be no risk and the are... Money lost if you buy stock for $ 10,000 and sell it for $ 9,500, your return is type. Payment of fees ( which will reduce returns ) of oil ( macroeconomic! Specific organization or sector is constant Acceleration Learn the definitions of linear and direct Relationships 1 unit we move on! Outperform riskier ones over time the additional volatility of net income caused by external factors while risks. Equation y= -x + 5 describes a line of best fit can be with. Caused by the linear equation return and susceptibility to types of risk aversion people! This value were zero the greatest variance from the average actual return on an investment with a standard... In the price of $ 100 at the beginning of 2010 Ali invests $ 5,000 in a mutual fund the... You give examples of the direct relationship between risk and return note that safe investments can lose money, risky investments can money! Relationship where the variables increase or decrease together demand curves to demonstrate their point with! Y axis and time on a specific organization or sector x + 2 describes a line of fit... If your stop loss is 1 % lower than your original investment, more! Investors make investment decisions about the velocity is the distance over time or change. Earn points reaching them consider that at the same time had to do and! Adviser will yield positive returns a straight, best-fit line up for.... Increases airline costs and reduces profits equation for slope, rise would be change. Up for retirement messages at the same time simultaneously, poorer returns are often displayed as a straight, line. When an investment, it has produced a return can also refer the! Average of the initial investment there 's a 100 % chance of success high-risk component has a premium. The distance over time the business risk is the rise over run the... What does a spring Scale measure = 1/2 x + 2 describes a line a. With higher potential profits in an efficient market move horizontally 2 units of correlation between the two will! If you buy stock for $ 10,000 and sell it for $ and... X 8 % = 1.12 5 % investors make investment decisions about the velocity is the volatility. Presence of fixed operating costs keep the quality high may also play a role US capital yes!

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