12. You can find annual holding-period returns for several asset classes at our Web site ( www.

mhhe.com/bkm ); look for links to Chapter 5. Compute the means, standard deviations, skewness, and kurtosis of the annual HPR of large stocks and long-term Treasury bonds using only the 30 years of data between 1976 and 2005. How do these statistics compare with those computed from the data for the period 1926–1941? Which do you think are the most relevant statistics to use for projecting into the future?