What is the Probability of a Stock Selected at Random Rising or Falling in Price? How Many Companies on the NYSE in 1926 Were Still There in 1996? Is it True that Both Buyer and Seller May Expect to Gain in a Flat Market, the One in Price the Other in Shares? What it the Best Measure of the Co-Movement of Stocks? An Arithmetic Average Like the Dow-Jones Average? The Median Return? Or, the Mean Logarithmic Return? What Percent of Stocks Are Not Likely to Change in Price? On a Daily Basis? Monthly? Annually? What is the Best Measure of Return? Of All Investors? Of the Typical Investor? Why Does the Sum of Price Increases Exceed the Sum of Price Decreases When Measured in Dollars But Not In the Natural Logarithms of Prices? Do Stocks that Rise More Often than Not Achieve Better than Average Returns? Are There Significant Differences Among Stocks in the Percent of the Time That They Rise, or Fall, in Price?

Joseph E. Murphy has more than twenty-five years experience in the investment industry. He is the former Chairman of Midwest Communications, Inc. He is also a former Vice President of Norwest Bank, where he specialized in investments and a former member of the CFA Digest's editorial board.

Murphy is the author of nine books on investments including With Interest - How to Profit from Interest Rate Fluctuations (Dow-Jones Irwin, 1987), the Random Character of Interest Rates (Probus, 1990) and Stock Market Probability (Probus, 1988, 199e). He is a frequent contributor of articles on financial topics. Murphy is a graduate of Princeton University.

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