In the early 1970s, many investors were infatuated by the Nifty 50—a group of 50 growth stocks that were thought to be so appealing that they should be bought and never sold, regardless of price. Table 3.4 shows the price/earnings (P/E) ratio in December 1972 and the annualized stock return (R) from December 31, 1972, through December 31, 2001, for each of these 50 stocks. Calculate the mean and median values of the returns. Explain why these are not equal.

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P/E R P/E R P/E R P/E R 90.74 -14.68 50.47 2.45 40.77 9.78 29.34 15.55 85.67 10.50 50.37 13.19 39.00 10.30 28.97 16.99 83.26 -6.84 50.00 12.36 38.85 13.13 27.60 15.35 81.64 8.97 49.45 10.37 38.66 6.68 26.12 15.57 78.52 10.10 48.82 -1.64 38.32 3.19 26.07 12.40 75.75 5.66 48.77 0.89 37.36 9.68 25.93 17.68 65.43 6.04 48.17 1.72 36.89 7.62 25.86 14.12 62.11 -1.37 47.60 13.15 34.10 4.83 25.59 4.91 61.85 13.35 46.28 11.27 33.87 14.21 25.50 10.80 59.97 0.93 46.03 13.14 32.04 11.94 22.37 13.36 54.31 -1.07 45.94 14.27 31.90 13.55 16.28 9.99 53.12 -1.47 41.11 9.95 30.77 6.94 51.82 11.17 41.00 10.96 30.05 14.66