What is the difference between a primary and secondary market?

 What is the difference between a primary and secondary market? (should be at least 50 words)
2. You've just stumbled on a new dataset that enables you to compute historical rates of return on U.S. stocks all the way back to 1880. What are the advantages and disadvantages in using these data to help estimate the expected rate of return on U.S. stocks over the coming year? (should be at least 50 words)
3. When adding a risky asset to a portfolio of many risky assets, which property of the asset is more important, its standard deviation or its covariance with the other assets? Explain. (should be at least 50 words)
4. “If all securities are fairly priced, all must offer equal expected rates of return.” Comment. (should be at least 50 words)
5. Why do bond prices go down when interest rates go up? Don’t bond investors like to receive high interest rates?
6. In what circumstances is it most important to use multistage dividend discount models rather than constant growth models? (should be at least 50 words)
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