A

1
2
3
4
5
6
7
8
9
10
11

B131-Dec-91
B131-Dec-92
B131-Dec-93
B131-Dec-94
B131-Dec-95
B131-Dec-96
B131-Dec-97
B131-Dec-98
B131-Dec-99
B131-Dec-00

HighTech Corp.
Stock price

LowTech Corp.
Stock price

75.00
86.25
125.32
91.64
100.80
145.93
151.21
196.57
226.05
89.00

40.00
45.20
55.60
48.37
32.88
61.64
75.82
97.05
109.66
122.99

B131-Dec-91
B131-Dec-92
B131-Dec-93
B131-Dec-94
B131-Dec-95
B131-Dec-96
B131-Dec-97
B131-Dec-98
B131-Dec-99
B131-Dec-00

HighTech Corp.
Stock price

LowTech Corp.
Stock price

75.00
86.25
125.32
91.64
100.80
145.93
151.21
196.57
226.05
89.00

40.00
45.20
55.60
48.37
32.88
61.64
75.82
97.05
109.66
122.99

Share returns
B131-Dec-91
B131-Dec-92
B131-Dec-93
B131-Dec-94
B131-Dec-95
B131-Dec-96
B131-Dec-97
B131-Dec-98
B131-Dec-99
B131-Dec-00

HighTech Corp.
Stock price
75.00
86.25
125.32
91.64
100.80
145.93
151.21
196.57
226.05
89.00

15.00%
45.30%
-26.87%
10.00%
44.77%
3.62%
30.00%
15.00%
-60.63%

Mean
Variance
Standard deviation

8.46%
0.10303
32.10%

Covariance
Correlation

0.0473
0.4787
0.4787

LowTech Corp.
Stock price
40.00
45.20
55.60
48.37
32.88
61.64
75.82
97.05
109.66
122.99

13.00%
23.00%
-13.00%
-32.02%
87.47%
23.00%
28.00%
13.00%
12.15%
17.18%
0.09464
30.76%

#VALUE!
#VALUE!
#VALUE!

#VALUE!
#VALUE!

#VALUE!
#VALUE!
#VALUE!

A
1

DATA ON THREE MUTUAL FUNDS

2
3
4
5
6
7
8
9
10
11
12
13

Date
4-Jan-93
3-Jan-94
3-Jan-95
2-Jan-96
2-Jan-97
2-Jan-98
4-Jan-99
3-Jan-00
2-Jan-01
2-Jan-02
2-Jan-03

Scudder
Value Line
Development
Leveraged
Fund
Growth Fund
24.34
17.47
24.2
20.32
20.87
19.15
30.35
24.45
30.94
26.95
31.28
32.08
33.32
47.19
36.06
49.12
33.89
47.23
20.01
37.31
13.79
26.87

Fidelity
Fund
9.47
11.39
11.19
15.25
18.46
23.44
31.04
35.36
33.82
28.46
21.55

A
1

0.7670
0.8609
0.9454

10.47%
19.77%

60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
Scudder
Development Fund
Fidelity
Fund

2-Jan-98

Correlations
Scudder, VL
Scudder, Fidelity
VL, Fidelity

6.58%
21.38%

2-Jan-97

-2.92%
22.28%

3-Jan-96

Average
Standard deviation

Fidelity
Fund
20.27%
-1.76%
36.28%
21.05%
26.98%
32.42%
13.92%
-4.36%
-15.85%
-24.28%

3-Jan-95

Scudder
Value Line
Development
Leveraged
Fund
Growth Fund
-0.58%
16.31%
-13.76%
-5.76%
45.42%
27.68%
1.94%
10.22%
1.10%
19.04%
6.52%
47.10%
8.22%
4.09%
-6.02%
-3.85%
-40.96%
-21.00%
-31.08%
-27.98%

3-Jan-94

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Date
3-Jan-94
3-Jan-95
2-Jan-96
2-Jan-97
2-Jan-98
4-Jan-99
3-Jan-00
2-Jan-01
2-Jan-02
2-Jan-03

1-Jan-03

Value Line
Leveraged Growth Fund

1-Jan-02

1-Jan-01

2-Jan-00

2-Jan-99

2-Jan-98

2-Jan-97

3-Jan-96

3-Jan-95

2
3
4
5
6
7
8
9
10
Scudder
11
Development Fund
12
Fidelity
13
Fund
14
15
16
17
18
19

Date
FFTYX
SCDVX
VALLX
FFIDX
3-Feb-03
15.63
13.6
26.34
21.15
2-Jan-03
15.93
13.79
26.87
21.55
2-Dec-02
16.04
13.95
27.68
22.26
1-Nov-02
17.27
15.52
29.26
23.64
1-Oct-02
15.59
13.86
28.75
22.5
3-Sep-02
14.4
12.44
27.73
20.72
1-Aug-02
16.22
13.85
29.87
22.99
1-Jul-02
15.74
13.94
29.47
22.97
3-Jun-02
17.18
15.4
32.71
25.03
1-May-02
18.54
17.44
35.74
26.7
1-Apr-02
18.21
18.06
36.4
26.8
1-Mar-02
17.96
19.71
37.89
28.42
1-Feb-02
16.9
17.98
36.4
27.79
2-Jan-02
16.31
20.01
37.31
28.46
3-Dec-01
16.12
20.91
37.9
28.88
1-Nov-01
15.52
21.59
39.4
28.34
1-Oct-01
16.01
19.02
35.99
26.71
4-Sep-01
15.75
16.96
35.49
25.97
1-Aug-01
16.21
21.07
39.26
28.79
2-Jul-01
16.59
23.35
42.11
30.25
1-Jun-01
16.8
25.46
42.88
31.84
1-May-01
18.87
25.78
42.59
31.99
2-Apr-01
18.56
27.38
42.07
31.83
1-Mar-01
16.95
22.81
38.98
28.12
1-Feb-01
17.45
27.59
42
30.65
2-Jan-01
17.34
33.89
47.23
33.82
1-Dec-00
18.5
31.16
45
32.76
1-Nov-00
16.42
29.39
45.3
32.01
2-Oct-00
16.52
38.2
50.29
35.81
1-Sep-00
17.55
40.58
52.62
35.92
1-Aug-00
18
43.52
56.01
37.96
3-Jul-00
20.22
37.9
53.52
35.52
1-Jun-00
21.38
39.34
53.16
36.25
1-May-00
21.77
33.96
50.78
34.29
3-Apr-00
21.58
37.67
53.39
35.92
1-Mar-00
23.16
42.39
55.54
38.13
1-Feb-00
23.1
45.01
50.02
36.57
3-Jan-00
21.84
36.06
49.12
35.36
1-Dec-99
22.49
37.04
52.18
36.95
1-Nov-99
20.26
37.65
52.87
33.42
1-Oct-99
19.45
35.54
50.31
32.1
1-Sep-99
18.77
33.1
47.33
30.76
2-Aug-99
19.03
32.85
47.98
31.5
1-Jul-99
19
34.01
47.95
31.98
1-Jun-99
19.6
35.5
49.23
33.01
3-May-99
18.77
33.76
45.65
31.33

1-Apr-99
1-Mar-99
1-Feb-99
4-Jan-99
1-Dec-98
2-Nov-98
1-Oct-98
1-Sep-98
3-Aug-98
1-Jul-98
1-Jun-98
1-May-98
1-Apr-98
2-Mar-98
2-Feb-98
2-Jan-98
1-Dec-97
3-Nov-97
1-Oct-97
2-Sep-97
1-Aug-97
1-Jul-97
2-Jun-97
1-May-97
1-Apr-97
3-Mar-97
3-Feb-97
2-Jan-97
2-Dec-96
1-Nov-96
1-Oct-96
3-Sep-96
1-Aug-96
1-Jul-96
3-Jun-96
1-May-96
1-Apr-96
1-Mar-96
1-Feb-96
2-Jan-96
1-Dec-95
1-Nov-95
2-Oct-95
1-Sep-95
1-Aug-95
3-Jul-95
1-Jun-95
1-May-95
3-Apr-95

19.88
19.55
17.1
17.5
15.45
13.99
13.06
12.02
11.68
15
15.17
14.85
15.58
15.43
14.48
13.43
13.38
13.11
12.95
13.95
13.18
14.84
13.74
13.12
12.15
11.56
12.31
12.43
11.83
11.92
11.1
10.87
10.42
10.2
11
11.2
10.99
10.77
10.74
10.45
10.2
10.24
9.83
10.1
9.78
9.79

34.08
33.32
31.63
33.32
31.77
30.79
28.66
28.14
26.16
33.04
35.16
33.92
36.38
36.26
34.34
31.28
32.52
31.86
32.36
34.41
32.22
31.86
29.77
29.13
25.47
25.64
28.56
30.94
30.36
30.44
30.02
31.31
32.21
30.21
34.74
36.91
35.99
32.6
32.35
30.35
30.61
31.23
30.15
30.82
29.09
29.35
26.86
24.12
23.42

47.9
48.19
45.27
47.19
43.58
39.37
36.79
34.14
31.83
38.55
39.36
36.66
37.72
36.78
35.63
32.08
32.02
32.32
31.59
32.95
31.17
32.61
28.81
27.94
25.73
24.33
25.87
26.95
25.91
29.67
28.08
28.24
26.04
24.71
26.03
27.05
25.96
25.19
25.21
24.45
23.44
26.93
26.02
26.18
25.31
25.09
23.28
21.81
21.19

32.34
31.66
30.39
31.04
29.95
27.97
26.32
24.52
23.53
27.68
27.56
26.34
26.5
26.31
25.06
23.44
23.33
22.8
21.83
22.46
21.32
22.49
20.74
19.77
18.75
17.72
18.64
18.46
17.71
18.1
17.07
16.8
15.98
15.53
16.23
16.23
15.92
15.67
15.44
15.25
14.89
14.52
13.94
14.1
13.7
13.48
12.89
12.49
12.28

1-Mar-95
1-Feb-95
3-Jan-95
1-Dec-94
1-Nov-94
3-Oct-94
1-Sep-94
1-Aug-94
1-Jul-94
1-Jun-94
2-May-94
4-Apr-94
1-Mar-94
1-Feb-94
3-Jan-94
1-Dec-93
1-Nov-93
1-Oct-93
1-Sep-93
2-Aug-93
1-Jul-93
1-Jun-93
3-May-93
1-Apr-93
1-Mar-93
1-Feb-93
4-Jan-93
1-Dec-92
6-Nov-92

22.82
22.18
20.87
21.24
20.82
21.6
20.78
22.1
20.15
19.68
21.2
22.08
22.64
24.64
24.2
23.92
23.86
25.12
24.8
25.39
23.97
24.69
24.94
22.85
23.99
22.55
24.34
23.97
23

20.68
20.21
19.15
19.06
18.75
19.35
19.02
19.36
18.23
17.71
18.54
18.63
18.75
19.64
20.32
19.8
19.11
20.15
20.42
19.76
18.69
18.4
17.8
17.2
17.72
16.98
17.47
17.04
16.51

11.99
11.57
11.19
11.21
11.07
11.47
11.23
11.47
11
10.64
10.9
10.91
10.66
11.17
11.39
10.93
10.56
10.85
10.68
10.58
10.1
10.1
10.08
9.84
9.84
9.56
9.47
9.23
9.03

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

PRICES FOR FORD AND GM STOCK

Date
8-Nov-99
1-Dec-99
3-Jan-00
1-Feb-00
1-Mar-00
3-Apr-00
1-May-00
1-Jun-00
3-Jul-00
1-Aug-00
1-Sep-00
2-Oct-00
1-Nov-00
1-Dec-00
2-Jan-01
1-Feb-01

Ford
24.44
25.79
24.32
20.35
22.45
27.00
23.95
22.08
24.17
21.95
23.14
23.98
20.89
21.52
26.16
25.30

GM
66.08
65.09
72.14
68.54
74.63
84.37
64.02
52.63
51.61
63.97
59.40
56.77
45.64
46.96
49.51
51.77

A
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

PRICES FOR FORD AND GM STOCK

Date
8-Nov-99
1-Dec-99
3-Jan-00
1-Feb-00
1-Mar-00
3-Apr-00
1-May-00
1-Jun-00
3-Jul-00
1-Aug-00
1-Sep-00
2-Oct-00
1-Nov-00
1-Dec-00
2-Jan-01
1-Feb-01

Ford
24.44
25.79
24.32
20.35
22.45
27.00
23.95
22.08
24.17
21.95
23.14
23.98
20.89
21.52
26.16
25.30

GM
66.08
65.09
72.14
68.54
74.63
84.37
64.02
52.63
51.61
63.97
59.40
56.77
45.64
46.96
49.51
51.77

Returns
Date
1-Dec-99
3-Jan-00
1-Feb-00
1-Mar-00
3-Apr-00
1-May-00
1-Jun-00
3-Jul-00
1-Aug-00
1-Sep-00
2-Oct-00
1-Nov-00
1-Dec-00
2-Jan-01
1-Feb-01

Ford
5.52%
-5.70%
-16.32%
10.32%
20.27%
-11.30%
-7.81%
9.47%
-9.18%
5.42%
3.63%
-12.89%
3.02%
21.56%
-3.29%

GM
-1.50%
10.83%
-4.99%
8.89%
13.05%
-24.12%
-17.79%
-1.94%
23.95%
-7.14%
-4.43%
-19.61%
2.89%
5.43%
4.56%

GM versus Ford Stock Returns

30.00%
20.00%
GM return

-20.00%

10.00%
f(x) = 0.454278951x - 0.0117926796
0.00%
R = 0.1644874504
-10.00%
0.00%
10.00%
-10.00%
-20.00%
-30.00%
Ford return

20.

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20 Returns
sus Ford Stock
21
0.00%
22
23
0.00%
24
25
0.00%
26
78951x - 0.0117926796
0.00%
74504
27
0.00%
20.00%
2810.00%
0.00%
29
30
0.00%
31
0.00%
32
33
Ford return
34
35
36

30.00%

A
1

KELLOGG PRICE
AND DIVIDEND DATA

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

Price
64.62
78.00
56.75
62.12
53.75
55.00
76.62
69.62
46.38
40.62
24.25
26.20
30.86
33.40

Dividend
during
year
1.44
2.15
1.16
1.32
1.40
1.50
1.62
1.28
0.90
0.98
1.00
1.00
1.00

KELLOGG PRICE
AND DIVIDEND DATA

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

Price
64.62
78.00
56.75
62.12
53.75
55.00
76.62
69.62
46.38
40.62
24.25
26.20
30.86
33.40

Dividend
during
year
1.44
2.15
1.16
1.32
1.40
1.50
1.62
1.28
0.90
0.98
1.00
1.00
1.00

Mean
Standard deviation

Total
return

Dividend
yield

22.93%
-24.49%
11.51%
-11.35%
4.93%
42.04%
-7.02%
-31.54%
-10.48%
-37.89%
12.16%
21.60%
11.47%

2.23%
2.76%
2.04%
2.12%
2.60%
2.73%
2.11%
1.84%
1.94%
2.41%
4.12%
3.82%
3.24%

0.30%
22.38%

2.61%
0.69%

#VALUE!
#VALUE!

KELLOGG PRICE AND DIVIDEND DATA

Date
3-Jan-03
2-Dec-02
2-Nov-02
2-Nov-02
2-Oct-02
2-Sep-02
2-Aug-02
2-Aug-02
2-Jul-02
2-Jun-02
2-May-02
2-May-02
2-Apr-02
2-Feb-02
2-Mar-02
2-Feb-02
2-Jan-02
1-Dec-01
1-Nov-01
1-Nov-01
1-Oct-01
1-Sep-01
1-Aug-01
1-Aug-01
1-Jul-01
1-Jun-01
1-May-01
1-May-01
1-Apr-01
1-Mar-01
1-Feb-01
1-Feb-01
1-Jan-01
1-Dec-00
1-Nov-00
1-Nov-00
1-Oct-00
1-Sep-00
1-Aug-00
1-Aug-00
1-Jul-00
1-Jun-00
1-May-00
1-May-00
1-Apr-00
1-Mar-00
1-Feb-00
1-Feb-00
1-Jan-00

Open
34.28
33.37

High
35.2
35.06

32.11
33.33
31.86

34.98
36.3
33.9

34.45
35.65
36.55

35.23
36.1
37

36
33.5

37
36.75

34.3
30.36
29.85
29.2

34.88
35.45
31.75
30.91

30.45
29.75
31.74

32
30.95
32.6

30.05
29.3
26.55

34
31
29.36

25.3
26.9
26.35

26.74
27.2
28

26.21
26.06
24.5

28.23
27.06
26.69

25.12
24
23.25

28.75
26.25
25.19

26
29.62
30.13

27.19
30.75
30.69

24.31
25.62
24.62

32
28
27.88

24.5
30.12

25.62
30.5

Low
Close
31.48
33.4
32.7
34.27
$0.25 Cash Dividend
31.34
33.37
31.28
31.86
31.44
33.25
$0.25 Cash Dividend
32.07
32.16
29.35
34.44
34.07
35.86
$0.25 Cash Dividend
35
36.7
32.75
35.92
$0.25 Cash Dividend
32.3
33.57
29.39
34.55
29.02
30.86
29
30.1
$0.25 Cash Dividend
29.11
29.49
28.5
30.5
27.98
30
$0.25 Cash Dividend
29.69
31.99
28.7
30.07
26.1
29
$0.25 Cash Dividend
25
26.72
25
25.5
25.35
27.03
$0.25 Cash Dividend
26.17
26.59
24.25
26.2
23.19
26.25
$0.25 Cash Dividend
23.75
24.62
21.56
25.37
22.62
24.19
$0.25 Cash Dividend
23
23.19
25.88
25.94
26.38
29.75
$0.25 Cash Dividend
24.31
30.38
23.31
24.25
22.25
25.75
$0.25 Cash Dividend
20.75
25.31
23.38
24.25

Volume
1,334,776
949,457

Adj.
Close*
33.4
34.27

1,207,510
1,495,108
1,206,340

33.37
31.62
33

1,235,340
1,683,018
1,481,160

31.92
33.92
35.32

932,022
1,026,463

36.15
35.14

1,113,795
1,664,694
973,709
922,155

32.84
33.8
29.96
29.22

860,119
976,030
1,517,380

28.63
29.36
28.88

1,090,008
838,961
914,152

30.79
28.72
27.7

657,086
815,435
741,354

25.52
24.12
25.57

808,994
998,852
823,115

25.15
24.55
24.6

1,234,690
839,031
643,760

23.07
23.55
22.45

549,791
530,645
779,350

21.52
23.83
27.33

1,028,963
983,126
974,313

27.9
22.09
23.46

1,211,140
987,075

23.06
21.85

1-Dec-99
1-Nov-99
1-Nov-99
1-Oct-99
1-Sep-99
1-Aug-99
1-Aug-99
1-Jul-99
1-Jun-99
1-May-99
1-May-99
1-Apr-99
1-Mar-99
1-Feb-99
1-Feb-99
1-Jan-99
1-Dec-98
1-Nov-98
1-Nov-98
1-Oct-98
1-Sep-98
1-Aug-98
1-Aug-98
1-Jul-98
1-Jun-98
1-May-98
1-May-98
1-Apr-98
1-Mar-98
1-Feb-98
1-Feb-98
1-Jan-98
1-Dec-97
1-Nov-97
1-Nov-97
1-Oct-97
1-Sep-97
1-Aug-97
1-Aug-97
1-Aug-97
1-Jul-97
1-Jun-97
1-May-97
1-May-97
1-Apr-97
1-Mar-97
1-Feb-97
1-Feb-97
1-Jan-97
1-Dec-96
1-Nov-96
1-Nov-96
1-Oct-96

33.75

34.19

39.56
37.19
35.56

39.69
40.94
39

34.56
32.75
34.5

36.44
35.75
34.87

36.88
33.31
36.12

37.44
38.13
39.06

40.38
34.19
37.25

41.38
42.25
37.88

33.13
32
30.62

36.94
37.88
34.94

33
37.75
41.19

33.06
39.19
41.62

41.37
43.19
42.37

42.5
43.62
44.81

46.12
49.38
47

46.56
50.19
50.38

43.06
43
44.75

47.5
45.38
48.5

96
85
72.75

101
93.75
86.88

69.5
66.5
67.25

73.75
70.5
69.87

69.37
65.37
67.63

72.75
71
68.63

63.5
68.62

69
69.12

30
30.81
$0.25 Cash Dividend
33
33.88
36.62
39.81
34.81
37.44
$0.25 Cash Dividend
33.37
35.56
31.5
34.81
31.37
33
$0.23 Cash Dividend
34.44
34.69
32.31
37
33.69
33.81
$0.23 Cash Dividend
36.19
37
33.88
40.62
32.69
34.12
$0.23 Cash Dividend
32.56
36.62
31.75
33
29.94
32.94
$0.23 Cash Dividend
28.5
30.5
32.94
33.25
36.75
37.69
$0.22 Cash Dividend
39.06
41.31
39.25
41.25
41.25
43.12
$0.22 Cash Dividend
41.81
42.62
45.12
46.38
46.5
49.62
$0.22 Cash Dividend
42.37
46.38
40
43.06
42
42.12
$0.22 Cash Dividend
2:1 Stock Split
44.25
44.75
84.5
91.88
72.75
85.62
$0.42 Cash Dividend
68.63
73.75
64
69.62
66.5
67.25
$0.42 Cash Dividend
67.75
68.5
64.12
69.62
64.63
65.62
$0.42 Cash Dividend
63.5
67.88
62.88
63.5

660,431

27.76

650,414
718,066
734,533

30.52
35.61
33.49

515,145
646,066
497,695

31.81
30.93
29.32

502,060
719,876
567,065

30.82
32.66
29.84

564,300
975,394
623,068

32.66
35.63
29.93

608,965
590,559
643,704

32.12
28.75
28.69

896,319
654,668
537,577

26.57
28.75
32.59

649,835
613,128
634,063

35.72
35.47
37.08

757,557
445,960
348,977

36.65
39.67
42.45

458,242
676,430
628,990

39.67
36.65
35.85

634,504
426,127
613,438

38.09
38.91
36.26

341,795
362,659
435,670

31.23
29.32
28.32

500,936
553,127
367,533

28.84
29.14
27.47

556,330
401,626

28.41
26.42

1-Sep-96
1-Aug-96
1-Aug-96
1-Jul-96
1-Jun-96
1-May-96
1-May-96
1-Apr-96
1-Mar-96
1-Feb-96
1-Feb-96
1-Jan-96
1-Dec-95
1-Nov-95
1-Nov-95
1-Oct-95
1-Sep-95
1-Aug-95
1-Aug-95
1-Jul-95
1-Jun-95
1-May-95
1-May-95
1-Apr-95
1-Mar-95
1-Feb-95
1-Feb-95
1-Jan-95
1-Dec-94
1-Nov-94
1-Nov-94
1-Oct-94
1-Sep-94
1-Aug-94
1-Aug-94
1-Jul-94
1-Jun-94
1-May-94
1-May-94
1-Apr-94
1-Mar-94
1-Feb-94
1-Feb-94
1-Jan-94
1-Dec-93
1-Nov-93
1-Nov-93
1-Oct-93
1-Sep-93
1-Aug-93
1-Aug-93
1-Jul-93
1-Jun-93

66.75

69.87

74.75
73.5
72.62

77.38
76.38
75.25

71
75.37
76.25

74.63
75.75
79.87

76.62
76.75
76.75

80.62
79.25
79.5

72.25
72.13
67

77.25
76.25
73.62

72.12
71.13
66.87

72.37
73.63
73.88

63
58
54.25

67.37
64.75
60.38

55
57.87
57

55.88
58.75
60.75

58.5
57.13
56.38

60.75
59.37
57.38

51.75
54.37
52.63

57.5
55.25
57.25

50.12
49.5
50.62

52.75
53.25
51.62

53.25
56.5
60.37

54.12
58
61.38

56.75
49.12
52

61.88
57.5
54.75

48.75
54.88
53.5

53.12
54.88
55.75

65.63
68.87
$0.42 Cash Dividend
67.38
67.5
72.25
74.75
68.88
73.25
$0.39 Cash Dividend
67.38
72.75
69.25
71.38
75.75
75.75
$0.39 Cash Dividend
74.75
75.5
72.5
76.62
75.12
77.25
$0.39 Cash Dividend
71.63
76.38
70.5
72.25
67
72.38
$0.39 Cash Dividend
66.75
67.5
68.12
71.88
66.5
71.38
$0.36 Cash Dividend
61.87
67.12
58
63.63
54.12
58.37
$0.36 Cash Dividend
53.87
54
52.5
55
57
58.12
$0.36 Cash Dividend
56.87
57
55.62
58.75
53.37
57.38
$0.36 Cash Dividend
51.12
56.62
51.5
51.75
52.12
54.38
$0.34 Cash Dividend
49
52.38
47.37
50.38
47.37
50.87
$0.34 Cash Dividend
50
50.5
53.5
53.75
56.75
56.75
$0.34 Cash Dividend
54.75
60.37
48.75
57.13
49.5
49.5
$0.34 Cash Dividend
47.25
52
48.25
48.75
51
54.88

417,740

28.65

380,604
499,127
548,610

28.08
30.91
30.29

363,550
385,338
217,842

30.09
29.36
31.16

254,145
224,981
202,915

31.06
31.36
31.62

181,266
195,340
227,145

31.26
29.42
29.47

256,782
238,260
306,609

27.49
29.1
28.9

356,740
362,436
389,943

27.18
25.62
23.5

257,273
412,114
264,566

21.74
22
23.25

227,204
254,771
237,504

22.8
23.36
22.81

256,873
215,695
302,031

22.51
20.44
21.48

238,142
346,242
433,630

20.69
19.77
19.96

371,642
325,447
273,586

19.82
20.95
22.12

293,185
412,242
316,709

23.54
22.15
19.19

327,772
265,052
269,259

20.16
18.78
21.14

1-May-93
1-May-93
1-Apr-93
1-Mar-93
1-Feb-93
1-Feb-93
1-Jan-93
1-Dec-92
1-Nov-92
1-Nov-92
1-Oct-92
1-Sep-92
1-Aug-92
1-Aug-92
1-Jul-92
1-Jun-92
1-May-92
1-May-92
1-Apr-92
1-Mar-92
1-Feb-92
1-Feb-92
1-Jan-92
1-Dec-91
1-Dec-91
1-Nov-91
1-Nov-91
1-Oct-91
1-Sep-91
1-Aug-91
1-Aug-91
1-Jul-91
1-Jun-91
1-May-91
1-May-91
1-Apr-91
1-Mar-91
1-Feb-91
1-Feb-91
1-Jan-91
1-Dec-90
1-Nov-90
1-Nov-90
1-Oct-90
1-Sep-90
1-Aug-90
1-Aug-90
1-Jul-90
1-Jun-90
1-May-90
1-May-90
1-Apr-90
1-Mar-90

57.62
60.88
64

60.25
61
67.88

62
67
68

64.25
67.25
71

74.87
71.62
67.75

75.37
75.13
73.38

65
66.38
58.63

69.63
67.25
66.87

56.75
57.25
57

60.25
61
58.5

56.75
64.5

58.87
67

106.25

112.87

101.5
108.87
108.37

110.75
113
109.25

104.87
98.88
97.87

111.25
107
100.75

90.75
93
83

99.37
98.62
95

78
75.62
72.75

84.38
79
77.5

68.5
63.75
62.5

73.13
74
64.88

69
65
65.5

69
71
73

61.38
61.13
60.75

67.87
66.13
62.37

$0.32 Cash Dividend

53.12
54
55
57.75
60.25
60.5
$0.32 Cash Dividend
59.38
64
61.13
62.12
66.75
67
$0.32 Cash Dividend
65.87
68
68.12
75
66.63
71.38
$0.28 Cash Dividend
64.63
68.12
62.75
64.62
57.75
66.38
$0.28 Cash Dividend
54.62
58.5
55.37
56.62
55.25
57.62
$0.28 Cash Dividend
54.75
57
54.37
56.75
2:1 Stock Split
55.5
65.38
$0.56 Cash Dividend
99.12
107
100.75
101.5
103.38
108.38
$0.53 Cash Dividend
102
108.38
98.5
104.88
94.13
98.38
$0.53 Cash Dividend
89.25
98.38
87.75
91
82.25
93.37
$0.53 Cash Dividend
76.5
83.38
70
78
72.5
75.88
$0.48 Cash Dividend
68
72.25
62.87
68.5
61
62.88
$0.48 Cash Dividend
60.25
63
64
68.75
63.13
65.62
$0.48 Cash Dividend
61.38
65.25
60.13
61.38
58.75
61.12

343,770
439,485
290,434

20.8
22.11
23.16

308,973
408,555
208,018

24.5
23.66
25.52

254,470
172,495
226,300

25.9
28.43
27.05

174,233
209,181
287,622

25.82
24.39
25.05

222,055
230,114
236,627

22.08
21.27
21.64

289,642
473,981

21.41
21.21

222,390

24.43

143,495
185,265
98,160

19.99
18.86
20.14

95,422
147,650
126,480

20.14
19.39
18.19

159,363
175,181
180,585

18.19
16.74
17.17

168,384
152,945
111,675

15.33
14.25
13.87

179,866
227,639
106,905

13.2
12.43
11.41

107,786
168,419
168,938

11.44
12.38
11.82

164,777
134,245
150,981

11.75
10.97
10.93

1-Feb-90
1-Feb-90
1-Jan-90
1-Dec-89
1-Nov-89
1-Nov-89

64.87
67.37
71

64.87
69
71.62

67.5

72.87

$0.48 Cash Dividend

61
61
63.13
64.62
65.25
67.63
$0.43 Cash Dividend
66.75
71

164,821
230,581
243,585

10.91
11.46
12

185,517

12.6

A
1

IBM PRICE, DIVIDEND AND SPLIT

DATA
Closing
price

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

98.62
126.75
90.00
51.50
56.50
72.12
108.50
156.88
98.75
183.25
112.25
112.00
107.89
78.20

Dividend
during
year

Other information

2 for 1 split (May 97)

2 for 1 split (May 99)

0.30

IBM PRICE, DIVIDEND AND SPLIT

DATA

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

Closing
price
98.62
126.75
90.00
51.50
56.50
72.12
108.50
156.88
98.75
183.25
112.25
112.00
107.89
78.20

Dividend
during
year

Other information

2 for 1 split (May97)

2 for 1 split (May99)

0.30
Mean
Standard deviation

Adjusted
price
24.655
31.688
22.500
12.875
14.125
18.030
27.125
39.220
24.688
91.625
56.125
112.000
107.890
78.500

Return
28.52%
-28.99%
-42.78%
9.71%
27.65%
50.44%
44.59%
-37.05%
271.14%
-38.74%
99.55%
-3.67%
-27.24%

#VALUE!
#VALUE!

27.16%
81.50%

#VALUE!
#VALUE!

IBM RAW DATA, FROM YAHOO--SOMEWHAT MANIPULATED

Date
3-Jan
2-Dec

Open
78.8
88.6

High
88.95
89.46

Low
77.02
75.6

Close
78.2
77.5

2-Nov
2-Nov
2-Oct
2-Sep

$0.15
Cash
Dividend
78.9
59.2
74.2

88.11
79.79
77.5

76.7
54.01
57.99

86.92
78.94
58.31

2-Aug
2-Aug
2-Jul
2-Jun
2-May
2-Apr
2-Mar
2-Feb
2-Jan
1-Dec
1-Nov
1-Oct
1-Sep
1-Aug
1-Jul
1-Jun
1-May
1-Apr
1-Mar
1-Feb
1-Jan
Dec-00
Nov-00
Oct-00
Sep-00
Aug-00
Jul-00
Jun-00
May-00
Apr-00
Mar-00
Feb-00
Jan-00
Dec-99
Nov-99
Oct-99
Sep-99
Aug-99

$0.15
Cash
Dividend
70.4
72.01
80.75
83.85
104
98.6
107.64
120.6
114.8
107.25
91.72
100.15
105.35
113.5
112.5
115.85
97.45
99.3
112.4
84.5
94.44
98.44
112.62
133.06
112
108.75
107.56
112.5
120
102
112.37
112.44
102.56
98.5
121
125.62
124

82.85
74.2
80.95
86.49
104
108.85
109.3
126.39
124.7
117
112.1
103.13
110.09
115.4
119
119.9
118.05
108.4
118.64
116.75
104.75
104.37
119.62
134.94
134.25
117.81
122.31
113.62
128
128.25
119.75
124.75
122.12
109.87
123.25
137.69
129.63

65.85
65.7
66.1
75.92
83.34
98.5
95.76
101
113.21
106.9
91.34
87.49
98.86
101.56
111.1
110.96
90.05
87.65
99.1
83.75
80.06
91.62
86.94
110.25
110.25
100
105.5
102
101.25
99.5
100.94
109.62
102.25
90
89
119.62
117.56

75.38
70.4
72
80.45
83.76
104
98.12
107.89
120.96
115.59
108.07
91.72
99.95
105.21
113.5
111.8
115.14
96.18
99.9
112
85
93.5
98.5
112.62
132.02
112.25
109.56
107.31
111.5
118.37
102.75
112.25
107.87
103.06
98.25
121
124.56

Jul-99
Jun-99

130
113.62

139.19
132

122.62
109.44

125.69
129.25

2:1 Stock
May-99 Split
May-99
208
Apr-99
177.31
Mar-99
169.5
Feb-99
184.5
Jan-99
185
Dec-98
163.5
Nov-98
148.44
Oct-98
125.06
Sep-98
113
Aug-98
134
Jul-98
116
Jun-98
117.37
May-98
115.94
Apr-98
103.87
Mar-98
104.19
Feb-98
100
Jan-98
104.5
Dec-97
110
Nov-97
99.12
Oct-97
106.12
Sep-97
101.37
Aug-97
105.5
Jul-97
90.25
Jun-97
87.75

246
215.25
185.94
184.5
199.25
189.94
170.56
149.81
136.19
134.88
138.13
120
129.31
120
106.69
105.87
108.37
113.5
109.94
107.25
107.44
109.44
108.44
93.75

112.62
163
164
161.75
173.5
162.25
145.75
116.81
110.75
112.62
112.75
106
115.5
103.31
95.87
97.5
95.62
96.37
95.25
88.62
96.12
99.69
90.12
81.75

116
209.19
177.25
169.75
183.25
184.38
165.13
148.5
128.5
112.62
132.5
114.81
117.5
115.87
103.87
104.44
98.75
104.62
109.5
98.5
106
101.37
105.75
90.25

2:1 Stock
May-97 Split
May-97
160.5
Apr-97
137
Mar-97
143.75
Feb-97
157.38
Jan-97
153.75
Dec-96
159.63
Nov-96
128.88
Oct-96
124
Sep-96
113.25
Aug-96
108
Jul-96
99.25
Jun-96
106.37
May-96
107.75
Apr-96
112.12
Mar-96
121.62
Feb-96
108.75
Jan-96
91.37
Dec-95
97
Nov-95
97.25
Oct-95
95
Sep-95
102.75

179.25
161.13
149.75
157.38
170.13
166
160.75
135.38
127.87
115.75
108.87
106.62
112.5
120.87
125.5
128.88
109.87
97.25
102.37
99.25
104.5

84.5
127.12
130
137.13
145
147.25
127.12
123.12
112.56
107.25
89.12
96.12
103.62
103.37
107.62
108.12
83.12
87.75
93
89.12
91.62

86.5
160.5
137.25
143.75
156.88
151.5
159.38
129
124.5
114.37
107.5
99
106.75
107.75
111.25
122.62
108.5
91.37
96.62
97.25
94.5

Aug-95
Jul-95
Jun-95
May-95
Apr-95
Mar-95
Feb-95
Jan-95
Dec-94
Nov-94
Oct-94
Sep-94
Aug-94
Jul-94
Jun-94
May-94
Apr-94
Mar-94
Feb-94
Jan-94
Dec-93
Nov-93
Oct-93
Sep-93
Aug-93
Jul-93
Jun-93
May-93
Apr-93
Mar-93
Feb-93
Jan-93
Dec-92

109.12
96.25
93.5
93.87
82.25
75.12
72.37
73.5
70.62
74.37
69.37
66.87
61.88
59
63
57.5
53
52.88
56.88
56.88
54.75
46
42.13
45.75
44.38
49.63
53.25
49.13
51.5
54.75
52
51.75
68.37

114.62
111.25
99.37
97.87
96.87
85.12
76.25
78
74.62
75.25
76.37
71.37
70.12
63.13
65
64.12
59.5
58.88
57.38
60
59.88
56.13
46.63
46.38
45.88
49.75
54.38
54
53.13
57.13
54.88
53.25
68.87

98.62
95.75
88.37
91.5
82.25
75.12
72.25
70.25
68.87
68
67.37
66.62
61.5
54.5
58.13
56.25
51.38
51.38
52
54.75
52.75
45.75
42.13
41.25
40.63
41.13
48.5
47.13
47.38
49.88
48.75
45.88
48.75

103.37
108.87
96
93
94.62
82.12
75.25
72.12
73.5
70.75
74.5
69.62
68.5
61.88
58.75
63
57.5
54.63
52.88
56.5
56.5
53.88
46
42
45.75
44.5
49.38
52.75
48.63
50.88
54.38
51.5
50.38

Nov-92
Nov-92
Oct-92
Sep-92

$0.00
Cash
Dividend
67
81
86.62

69.87
81.12
88.75

60.88
65
80

68.25
66.87
80.75

Aug-92
Aug-92
Jul-92
Jun-92

$0.00
Cash
Dividend
94.5
97.87
90.5

95.25
100.37
98.62

85
92.37
88.25

86.62
94.75
97.87

May-92
May-92
Apr-92
Mar-92

$0.00
Cash
Dividend
91.25
83.5
86.87

94.37
90.75
90.25

90.12
81.62
83.12

90.75
90.75
83.5

Feb-92
Feb-92
Jan-92
Dec-91

$0.00
Cash
Dividend
90
89
91.12

93.25
98.12
92.37

86.62
88.87
83.5

86.87
90
89

Nov-91
Nov-91
Oct-91
Sep-91

$0.00
Cash
Dividend
98.37
103.62
97.75

101.37
104.75
106.37

92.37
96.75
97.62

92.5
98.25
103.62

Aug-91
Aug-91
Jul-91
Jun-91

$0.00
Cash
Dividend
101
97.62
106

101.75
103
107.37

92
95.62
96.62

96.87
101.25
97.12

May-91
May-91
Apr-91
Mar-91

$0.00
Cash
Dividend
102.5
113.87
128.25

106.5
114.75
135

100.5
102.12
111

106.12
103
113.87

Feb-91
Feb-91
Jan-91
Dec-90

$0.00
Cash
Dividend
126.5
112.87
114.5

139.75
127.12
116

125.62
105.5
110.62

128.75
126.75
113

Nov-90
Nov-90
Oct-90
Sep-90

$0.00
Cash
Dividend
105.37
107.12
101

115.12
110.37
109.25

104.87
96.25
100.75

113.62
105.5
106.37

Aug-90
Aug-90
Jul-90
Jun-90

$0.00
Cash
Dividend
111.87
117.5
120.5

112.37
123.12
122.25

96.5
110.5
116.25

101.87
111.5
117.5

May-90
May-90
Apr-90
Mar-90

$0.00
Cash
Dividend
109.5
105.12
103.75

122.12
111.25
109.37

107.87
105
103.37

120
109
106.12

$0.00
Cash
Feb-90 Dividend
Feb-90
98.62
Jan-90
94.75

105.5
101.62

97.5
94.5

103.87
98.62

Dec-89

97.62

101.87

93.37

94.12

$0.00
Cash
Nov-89 Dividend
Nov-89
100.25

100.75

96

97.62

IBM AND KELLOGG

IBM

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

Closing
price
98.62
126.75
90.00
51.50
56.50
72.12
108.50
156.88
98.75
183.25
112.25
112.00
107.89
78.20

Dividend
during
year

Other information

2 for 1 split (May97)

2 for 1 split (May99)

0.30
Mean
Standard deviation
Covariance
Correlation

KELLOGG
Adjusted
price
24.655
31.688
22.500
12.875
14.125
18.030
27.125
39.220
24.688
91.625
56.125
112.000
107.890
78.500

Return
28.52%
-28.99%
-42.78%
9.71%
27.65%
50.44%
44.59%
-37.05%
271.14%
-38.74%
99.55%
-3.67%
-27.24%
27.16%
81.50%
0.0247 #VALUE!
0.1356 #VALUE!

31-Dec-89
31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
31-Dec-00
31-Dec-01
31-Dec-02

KELLOGG
Price
64.62
78.00
56.75
62.12
53.75
55.00
76.62
69.62
46.38
40.62
24.25
26.20
30.86
33.40

Dividend
during
year
1.44
2.15
1.16
1.32
1.40
1.50
1.62
1.28
0.90
0.98
1.00
1.00
1.00

Mean
Standard deviation

Total
return
22.93%
-24.49%
11.51%
-11.35%
4.93%
42.04%
-7.02%
-31.54%
-10.48%
-37.89%
12.16%
21.60%
11.47%
0.30%
22.38%

A
1

HEAVYSTEEL
CORPORATION

2
3
4
5
6
7
8
9
10
11
12

31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99

Closing stock Stock

price
splits
11.24
11.98
10.23
11.02 2 for 1
12.56
13.45
15.36 1.5 for 1
16.01
17.23
15.23

Young Corp.

Share price

Share price

Dividend per
share

32.56
34.50
38.98
44.50
40.20
39.50
38.45
37.50
43.58
50.30

78.50
82.50
84.50
81.60
79.60
80.96
82.65
83.69
82.79
81.97

0.00
0.00
1.00
0.00
1.50
1.50
0.00
2.00
2.00
0.00

3
4
5
6
7
8
9
10
11
12

31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99

Mature Corp.

A
1

CORRELATION -1
Chicken Feed and Poultry Delight Stocks

2
3
4
5
6
7
8
9
10
11
12
13
14

Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Correlation

Poultry
Chicken
Delight
Feed stock
stock
return
return
30.73%
55.21%
15.82%
33.54%
14.93%
35.84%
48.39%
37.71%
67.85%
44.85%

CORRELATION -1
Chicken Feed and Poultry Delight Stocks

Poultry
Delight
Chicken
stock
Feed stock
return
return
30.73%
25.42%
55.21%
5.83%
15.82%
37.34%
33.54%
23.17%
14.93%
38.06%
35.84%
21.33%
48.39%
11.29%
37.71%
19.83%
67.85%
-4.28%
44.85%
14.12%

2
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Correlation

-1.00

#VALUE!

#VALUE!

Annual Stock Returns, Chicken Fee d and Poultry Delight

50.00%
40.00%
Chicken Feed

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

30.00%
20.00%
10.00%
0.00%
10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%
-10.00%

Poultry Delight

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99

B
Asset 1
12.56%
13.50%
14.23%
15.23%
14.23%
12.23%
10.23%
5.26%
4.25%
2.23%

C
Asset 2
7.56%
8.56%
4.56%
2.12%
1.23%
0.26%
3.25%
4.89%
5.56%
6.45%

Average return
Return variance
Covariance
Proportion of
asset 1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1

Portfolio Portfolio
standard
mean
deviation return

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

31-Dec-90
31-Dec-91
31-Dec-92
31-Dec-93
31-Dec-94
31-Dec-95
31-Dec-96
31-Dec-97
31-Dec-98
31-Dec-99
Average return
Return variance
Covariance
Proportion of
asset 1
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1

B
Asset 1
12.56%
13.50%
14.23%
15.23%
14.23%
12.23%
10.23%
5.26%
4.25%
2.23%
10.40%
0.0020
-0.000366

C
Asset 2
7.56%
8.56%
4.56%
2.12%
1.23%
0.26%
3.25%
4.89%
5.56%
6.45%

2.50%

3.00%

3.50%

4.44%
0.0007

Portfolio Portfolio
standard
mean
deviation return
2.58%
4.44%
2.36%
5.04%
2.23%
5.63%
2.22%
6.23%
2.34%
6.82%
2.56%
7.42%
2.86%
8.01%
3.21%
8.61%
3.61%
9.20%
4.04%
9.80%
4.49%
10.40%

12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2.00%

4.00%

4.

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

3.00%

17
18
19
20
21
22
23
24
25
26
3.50%
27
28

4.00%

4.50%

5.00%

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

MONTHLY RETURNS ON GE, BOEING, S&P500, 2000

Date

GE

GE Return

Boeing

Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02

37.15
38.50
37.40
31.55
31.14
29.05
32.20
30.15
24.65
25.25
27.12
24.35

3.63%
-2.86%
-15.64%
-1.30%
-6.71%
10.84%
-6.37%
-18.24%
2.43%
7.41%
-10.21%

40.22
45.33
47.59
43.99
42.23
44.55
41.11
36.87
33.95
29.59
34.05
32.99

Average return
Standard deviation
Covariances
Cov(GE,Boeing)
Cov(GE,SP)
Cov(Boeing,SP)
Correlations
Correlation(GE,Boeing)
Correlation(GE,SP)
Correlation(Boeing,SP)
Portfolio proportions
GE
Boeing
S&P
Portfolio return
Portfolio standard deviation

0.5
0.3
0.2

#VALUE!

Boeing
return
12.71%
4.99%
-7.56%
-4.00%
5.49%
-7.72%
-10.31%
-7.92%
-12.84%
15.07%
-3.11%

S&P500
1130.20
1106.73
1147.39
1076.92
1067.14
989.82
911.62
916.07
815.28
885.76
936.31
879.82

S&P
return
-2.08%
3.67%
-6.14%
-0.91%
-7.25%
-7.90%
0.49%
-11.00%
8.64%
5.71%
-6.03%

A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

MONTHLY RETURNS ON GE, BOEING, S&P500, 2000

Date

GE

GE Return

Boeing

Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02

37.15
38.50
37.40
31.55
31.14
29.05
32.20
30.15
24.65
25.25
27.12
24.35

3.63%
-2.86%
-15.64%
-1.30%
-6.71%
10.84%
-6.37%
-18.24%
2.43%
7.41%
-10.21%

40.22
45.33
47.59
43.99
42.23
44.55
41.11
36.87
33.95
29.59
34.05
32.99

Average return
Standard deviation
Covariances
Cov(GE,Boeing)
Cov(GE,SP)
Cov(Boeing,SP)

-3.37%
8.76%

Correlations
Correlation(GE,Boeing)
Correlation(GE,SP)
Correlation(Boeing,SP)
Portfolio proportions
GE
Boeing
S&P
Portfolio return
Portfolio standard deviation

0.5
0.3
0.2
-2.51%
21.83%

12.71%
4.99%
-7.56%
-4.00%
5.49%
-7.72%
-10.31%
-7.92%
-12.84%
15.07%
-3.11%
-1.38%
9.04%

0.0028
0.0026
0.0010

#VALUE!
#VALUE!
#VALUE!

0.3511
0.5025
0.1819

#VALUE!
#VALUE!
#VALUE!

#VALUE!

Boeing
return

S&P500
1130.20
1106.73
1147.39
1076.92
1067.14
989.82
911.62
916.07
815.28
885.76
936.31
879.82

S&P
return
-2.08%
3.67%
-6.14%
-0.91%
-7.25%
-7.90%
0.49%
-11.00%
8.64%
5.71%
-6.03%
-2.07%
5.95%

Volume

Adj.
Close*

Cumulative
Adjustment
factor

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

Date
Dec 02
Dec 02
Nov 02
Nov 02
Nov 02
Oct 02
Sep 02
Sep 02
Aug 02
Jul 02
Jun 02
Jun 02
May 02
Apr 02
Mar 02
Mar 02
Feb 02
Jan 02
Dec 01
Dec 01
Nov 01
Oct 01
Sep 01
Sep 01
Aug 01
Jul 01
Jul 01
Jun 01
Jun 01
May 01
Apr 01
Mar 01
Mar 01
Feb 01
Jan 01
Dec 00
Dec 00
Nov 00
Oct 00
Sep 00
Sep 00
Aug 00
Jul 00
Jun 00
Jun 00
May 00
Apr 00

Open

High

28.54

Low
Close
$0.19 Cash Dividend
28.88
25.11
26.11
$8.48 Cash Dividend
1:5 Stock Split

12.94
12.1

28.25
13.64

11.95
10.12
10.5

13.79
12.85
10.55

11.85
13.2
15.74

12.4
14.3
15.85

15.8
17.55
18.48

16.48
17.91
19.25

17.35
15.33
19.15

18.75
17.85
20

19.01
20.32

19.64
20.95

21.75

23

21.16
22.58
21.3

22.16
23.1
23.27

22.8
23.95
17.37

24.6
24.53
25.15

19.44
22.62
29

22.69
22.94
30

31.62
30.94
31.81

32.94
32.94
35.19

34.94
46.31
56.69

37.75
49
58.81

12.84
28.04
10.45
13.04
$0.04 Cash Dividend
11.2
12.01
8.69
12.22
8.2
10.18
$0.04 Cash Dividend
9.09
10.7
11.76
11.97
12.66
13.12
$0.04 Cash Dividend
15
15.7
14.18
15.54
16.65
17.7
$0.04 Cash Dividend
15.8
18.14
14.75
17.49
15.17
15.25
$0.04 Cash Dividend
16.5
19.3
18.66
19.04
$5.52 Cash Dividend
18.1
20.21
$0.04 Cash Dividend
19.82
22
20.48
21.17
19.85
22.28
$0.04 Cash Dividend
20.6
21.3
20.2
23
17.25
23.99
$0.04 Cash Dividend
16.5
17.25
18.25
19.62
21.25
23.19
$0.22 Cash Dividend
27.25
29
29.62
31.62
30.5
30.94
$0.22 Cash Dividend
31.25
31.81
33.63
34.94
45.88
45.88

4,932,428

26.11

13,146,915
14,453,869

28.04
65.2

15,095,745
17,147,918
18,639,136

60.05
61.1
50.9

29,520,930
17,814,400
15,936,609

53.5
59.85
65.6

11,042,700
16,401,442
11,919,185

78.5
77.7
88.5

14,846,490
10,987,857
15,015,643

90.7
87.45
76.25

15,798,733
7,457,491

96.5
95.2

16,556,647

101.05

11,332,052
15,562,513
12,075,000

110
105.85
111.4

12,662,459
12,220,989
20,407,609

106.5
115
119.95

23,385,210
20,863,095
24,254,945

86.25
98.1
115.95

19,280,690
17,828,760
19,562,070

145
158.1
154.7

20,312,436
25,649,081
12,616,194

159.05
174.7
229.4

49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

A
Mar 00
Mar 00
Feb 00
Jan 00
Dec 99
Dec 99
Nov 99
Oct 99
Sep 99
Sep 99
Aug 99
Jul 99
Jun 99
Jun 99
May 99
Apr 99
Apr 99
Mar 99
Mar 99
Feb 99
Jan 99

49.38
52.75
50.81

61
53
56

55.88
47.13
43.5

58.69
61
49.06

45.38
52.13
55.94

48.81
52.81
59

55.5
51

56.88
63

79.81

89.5

82.12
91.94
76.5

89
95.12
96.12

D
E
$0.22 Cash Dividend
47.5
56.31
44.31
49.38
47.5
52.75
$0.22 Cash Dividend
49.88
50.81
44.94
55.88
41.5
46.75
$0.22 Cash Dividend
41.81
43.5
44.25
45
51.75
52.13
$0.22 Cash Dividend
52.38
55.81
50.88
55.5
3:2 Stock Split
50.06
50.5
$0.33 Cash Dividend
75.87
79.81
82.12
82.12
76.5
90.75

13,692,547
10,648,485
11,964,045

281.55
246.9
263.75

9,812,559
13,277,338
11,850,266

254.05
279.4
233.75

10,775,514
12,892,813
9,257,600

217.5
225
260.65

10,673,172
14,542,265

279.05
277.5

13,690,428

252.5

9,906,500
8,755,210
10,024,863

266.03
273.73
302.5

I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

<-- AT&T Spins Off AT&T Broadband To Shareowners And Completes AT&T
Broadband Merger With Comcast
1 to 5 Reverse Split

I
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

Date
Dec 02
Dec 02
Nov 02
Nov 02
Nov 02
Oct 02
Sep 02
Sep 02
Aug 02
Jul 02
Jun 02
Jun 02
May 02
Apr 02
Mar 02
Mar 02
Feb 02
Jan 02
Dec 01
Dec 01
Nov 01
Oct 01
Sep 01
Sep 01
Aug 01
Jul 01
Jul 01
Jun 01
Jun 01
May 01
Apr 01
Mar 01
Mar 01
Feb 01
Jan 01
Dec 00
Dec 00
Nov 00
Oct 00
Sep 00
Sep 00
Aug 00
Jul 00
Jun 00
Jun 00
May 00
Apr 00
Mar 00

Open

High

28.54

Low
Close
$0.19 Cash Dividend
28.88
25.11
26.11
$8.48 Cash Dividend
1:5 Stock Split

12.94
12.1

28.25
13.64

11.95
10.12
10.5

13.79
12.85
10.55

11.85
13.2
15.74

12.4
14.3
15.85

15.8
17.55
18.48

16.48
17.91
19.25

17.35
15.33
19.15

18.75
17.85
20

19.01
20.32

19.64
20.95

21.75

23

21.16
22.58
21.3

22.16
23.1
23.27

22.8
23.95
17.37

24.6
24.53
25.15

19.44
22.62
29

22.69
22.94
30

31.62
30.94
31.81

32.94
32.94
35.19

34.94
46.31
56.69

37.75
49
58.81

12.84
28.04
10.45
13.04
$0.04 Cash Dividend
11.2
12.01
8.69
12.22
8.2
10.18
$0.04 Cash Dividend
9.09
10.7
11.76
11.97
12.66
13.12
$0.04 Cash Dividend
15
15.7
14.18
15.54
16.65
17.7
$0.04 Cash Dividend
15.8
18.14
14.75
17.49
15.17
15.25
$0.04 Cash Dividend
16.5
19.3
18.66
19.04
$5.52 Cash Dividend
18.1
20.21
$0.04 Cash Dividend
19.82
22
20.48
21.17
19.85
22.28
$0.04 Cash Dividend
20.6
21.3
20.2
23
17.25
23.99
$0.04 Cash Dividend
16.5
17.25
18.25
19.62
21.25
23.19
$0.22 Cash Dividend
27.25
29
29.62
31.62
30.5
30.94
$0.22 Cash Dividend
31.25
31.81
33.63
34.94
45.88
45.88
$0.22 Cash Dividend

Volume

Adj.
Close*

Cumulative
Adjustment
factor

4,932,428

26.11

13,146,915
14,453,869

28.04
65.2

1
5

15,095,745
17,147,918
18,639,136

60.05
61.1
50.9

5
5
5

29,520,930
17,814,400
15,936,609

53.5
59.85
65.6

5
5
5

11,042,700
16,401,442
11,919,185

78.5
77.7
88.5

5
5
5

14,846,490
10,987,857
15,015,643

90.7
87.45
76.25

5
5
5

15,798,733
7,457,491

96.5
95.2

5
5

16,556,647

101.05

11,332,052
15,562,513
12,075,000

110
105.85
111.4

5
5
5

12,662,459
12,220,989
20,407,609

106.5
115
119.95

5
5
5

23,385,210
20,863,095
24,254,945

86.25
98.1
115.95

5
5
5

19,280,690
17,828,760
19,562,070

145
158.1
154.7

5
5
5

20,312,436
25,649,081
12,616,194

159.05
174.7
229.4

5
5
5

Mar 00
Feb 00
Jan 00
Dec 99
Dec 99
Nov 99
Oct 99
Sep 99
Sep 99
Aug 99
Jul 99
Jun 99
Jun 99
May 99
Apr 99
Apr 99
Mar 99
Mar 99
Feb 99
Jan 99

49.38
52.75
50.81

61
53
56

55.88
47.13
43.5

58.69
61
49.06

45.38
52.13
55.94

48.81
52.81
59

55.5
51

56.88
63

79.81

89.5

82.12
91.94
76.5

89
95.12
96.12

47.5
56.31
44.31
49.38
47.5
52.75
$0.22 Cash Dividend
49.88
50.81
44.94
55.88
41.5
46.75
$0.22 Cash Dividend
41.81
43.5
44.25
45
51.75
52.13
$0.22 Cash Dividend
52.38
55.81
50.88
55.5
3:2 Stock Split
50.06
50.5
$0.33 Cash Dividend
75.87
79.81
82.12
82.12
76.5
90.75

13,692,547
10,648,485
11,964,045

281.55
246.9
263.75

5
5
5

9,812,559
13,277,338
11,850,266

254.05
279.4
233.75

5
5
5

10,775,514
12,892,813
9,257,600

217.5
225
260.65

5
5
5

10,673,172
14,542,265

279.05
277.5

5
5

13,690,428

252.5

9,906,500
8,755,210
10,024,863

266.03
273.73
302.5

3.3332915675
3.3332927423
3.3333333333

<-- AT&T Spins Off AT&T Broadband To Shareowners And Completes AT&T
Broadband Merger With Comcast
1 to 5 Reverse Split

a. Correct. Diversification gives you lower variability of returns than the average variability of the
stocks, as long as the correlation is not +1 or -1
b. Correct. The expected return is the weighted average return (what else can you say?).
c. Wrong. This is the right answer if the correlation between the stock returns is +1

rA
A
Correlation

5% rB
0.4 B

15%
0.1

-1

To find the riskless rate, we have to find a portfolio of A and B

which has zero variance. Suppose the portfolio proportions
are represented by x for A and (1-x) for B:
Proportion of A, x
Proportion of B, 1-x
Expected portfolio return
Variance of portfolio return

0.33801
0.66199 #VALUE!
11.62% #VALUE!
0.0006 #VALUE!

We now use Goal Seek to search for x so that the variance of

the portfolio is zero. The screen is given below, and the
answer is given above.
The risk-free rate is the corresponding portfolio return.

Security A
Security B
Return
Probability Return
Probability
-10%
0.5
-20%
0.5
50%
0.5
60%
0.5
Expected return
20%
20%
Return variance
0.09
0.16
Return standard deviation
30%
40%

b. Mixed portfolio
Proportion of A
Proportion of B

0.3
0.7 #VALUE!
Return
-15%
55%

Expected return
Return variance
Return standard deviation

c. 75% A, 25% B
Proportion of A
Proportion of B

0.25
0.75 #VALUE!
Return
-8%
28%

Expected return
Return variance
Return standard deviation

Probability
0.5
0.5
20%
0.1225
35%

Probability
0.5
0.5
10%
0.0306
18%

Probability

#VALUE!
#VALUE!
#VALUE!

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Stock

A
B
C

1.00

0.80
1.00

0.10
0.15
1.00

a.
Proportion of A
Proportion of B
Proportion of C
Expected return
Variance
Standard deviation

0.25
0.25
0.5
14.50% #VALUE!
0.031681 #VALUE!
17.80% #VALUE!

b.
Proportion in
above portfolio
Proportion in risk-free
risk-free return

50%
50%
5%

Expected portfolio return 9.7500% #VALUE!

Standard deviation
8.90% #VALUE!

Stock expected
Standard
returns
deviation
A
16%
25%
B
12%
22%
C
15%
25%

Date
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
1)
Portfolio:
Mean
Variance
Std

ORCL
28.01
16.95
11.89
11.38
9.12
9.52
9.28
6.2
6.76
6.59
9.31
9.23
7.19
5.71
4.93
4.85
3.32
4.42
4.09
3.94
4.31
5.26
4.1
3.88

return
65.3%
42.6%
4.5%
24.8%
-4.2%
2.6%
49.7%
-8.3%
2.6%
-29.2%
0.9%
28.4%
25.9%
15.8%
1.6%
46.1%
-24.9%
8.1%
3.8%
-8.6%
-18.1%
28.3%
5.7%

MSFT
116.75
91.05
92.56
90.56
92.56
85.81
90.19
80.69
81.31
89.62
75.07
87.5
69.35
61
52.94
55.03
47.97
54.97
54.19
42.4
45.06
44.75
42.38
37.3

return
28.2%
-1.6%
2.2%
-2.2%
7.9%
-4.9%
11.8%
-0.8%
-9.3%
19.4%
-14.2%
26.2%
13.7%
15.2%
-3.8%
14.7%
-12.7%
1.4%
27.8%
-5.9%
0.7%
5.6%
13.6%

DELL
51
43
40.13
41.81
48.81
40.88
37
34.44
41.19
40.88
40.06
50
36.6
30.41
32.75
32.88
25
27.15
23.2
20.6
20.19
16.94
17.49
12.43

return
18.6%
7.2%
-4.0%
-14.3%
19.4%
10.5%
7.4%
-16.4%
0.8%
2.0%
-19.9%
36.6%
20.4%
-7.1%
-0.4%
31.5%
-7.9%
17.0%
12.6%
2.0%
19.2%
-3.1%
40.7%

GTW
72.06
76.37
66.06
44
48.47
38.06
29.53
30.41
33.1
34.28
36.35
38.62
25.59
28.07
27.91
26.16
23.66
27
25
22.53
29.41
23.38
22
18.84

return
-5.6%
15.6%
50.1%
-9.2%
27.4%
28.9%
-2.9%
-8.1%
-3.4%
-5.7%
-5.9%
50.9%
-8.8%
0.6%
6.7%
10.6%
-12.4%
8.0%
11.0%
-23.4%
25.8%
6.3%
16.8%

^SPX
1469.25
1388.91
1362.93
1282.71
1320.41
1328.72
1372.71
1301.84
1335.18
1286.37
1238.33
1279.64
1229.23
1163.63
1098.67
1017.01
957.28
1120.67
1133.84
1090.82
1111.75
1101.75
1049.34
980.28

8.07%
1.53%
12.37%

2)
S&P500 Index
Mean
1.91%
Variance
0.25%
Std
5.03%

In the simple sense, yes, you would be better off by investing in the portfolio rather than in
since 1.91%<8.07%
However, an investment in the portfolio was considerably more risky than an investment in
since 12.37%>5.03%
Thus, the answer would depend on the preferences of each investor.
Some investors who hate risk, will invest in S&P500, get lower return, but will be exposed
lower risk.
Other investors, who love risk, will invest in this portfolio, will receive higher return, but will
bear much higher risk.

3)

Portfolio vs. SP500 index

40.00%
30.00%

Portfolio

20.00%
f(x) = 1.509505417x + 0.0518860227
10.00%
R = 0.3770081242
0.00%

40.00%
30.00%

Portfolio

20.00%

-20.0%

f(x) = 1.509505417x + 0.0518860227

10.00%
R = 0.3770081242

-15.0%

-10.0%

0.00%
-5.0%
0.0%
-10.00%

SP500

-20.00%

5.0%

10.0%

return
5.8%
1.9%
6.3%
-2.9%
-0.6%
-3.2%
5.4%
-2.5%
3.8%
3.9%
-3.2%
4.1%
5.6%
5.9%
8.0%
6.2%
-14.6%
-1.2%
3.9%
-1.9%
0.9%
5.0%
7.0%

Portfolio
Return
26.61%
15.92%
13.20%
-0.24%
12.60%
9.28%
16.50%
-8.39%
-2.34%
-3.37%
-9.77%
35.52%
12.78%
6.12%
1.04%
25.72%
-14.48%
8.63%
13.80%
-8.96%
6.90%
9.25%
19.19%

Weights
ORCL
MSFT
DELL
GTW

ng in the portfolio rather than in the S&P500 index,

more risky than an investment in S&P 500 index,

wer return, but will be exposed to

ill receive higher return, but will

25%
25%
25%
25%

0%

10.0%

Chirps per
second
20.0
16.0
19.8
18.4
17.1
15.5
14.7
17.1
15.4
16.2
15.0
17.2
16.0
17.0
14.4

Temperature
in Farenheit
88.60
71.60
93.30
84.30
80.60
75.20
69.70
82.00
69.40
83.30
79.60
82.60
80.60
83.50
76.30

1
2
3

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

Cricket Chirps and Temperature

Temperature

90.00
88.00
86.00
84.00
82.00
80.00
78.00
76.00
74.00
72.00
70.00
14.0

f(x) = 3.291094089x + 25.2323131041

R = 0.6974651446

15.0

16.0

17.0

Chirps per second

18.0

19.0

1
2
3

s and Temperature
4

5
9x + 25.2323131041
6
46

7
8
9
10
11
12
13
14
15
0
17.0 16 18.0
17
rps per second
18
19
20
21
22
23
24
25
26

19.0

20.0

MONEY GROWTH AND BOND

INTEREST RATES
Average
money growth
US
5.65%
Austria
6.82%
Belgium
5.20%
Denmark
9.43%
France
8.15%
Germany
8.00%
Italy
12.07%
Netherlands
7.89%
Norway
10.64%
Switzerland
5.53%
Canada
8.99%
Japan
9.07%
Ireland
9.43%
Portugal
12.91%
Spain
10.38%
Australia
9.15%
New Zealand
10.29%
South Africa
14.14%
Honduras
16.20%
Jamaica
19.88%
Netherlands Antilles
4.36%
Trinidad & Tobago
12.14%
Korea
15.12%
Nepal
15.55%
Pakistan
12.79%
Thailand
10.86%
Malawi
20.80%
Zimbabwe
13.49%
Solomon Islands
15.89%
Western Samoa
12.90%
Venezuela
28.47%
Country

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

Average longterm
bond interest
rate
7.40%
7.80%
8.22%
10.36%
8.49%
7.20%
10.66%
7.31%
8.00%
4.54%
8.52%
6.16%
10.38%
10.79%
12.72%
8.95%
8.81%
11.11%
15.57%
15.35%
9.40%
9.10%
16.53%
8.59%
7.88%
10.62%
17.62%
12.01%
12.12%
13.17%
28.92%

Period
1960:1-1998:1
1965:1-1997:1
1960:1-1997:1
1960:1-1998:1
1960:1-1997:1
1960:1-1998:1
1960:1-1997:1
1960:1-1997:1
1960:1-1998:1
1960:1-1998:1
1960:1-1998:1
1960:1-1998:1
1960:1-1996:1
1960:1-1997:1
1979:1-1997:1
1960:1-1998:1
1960:1-1997:1
1960:1-1998:1
1983:1-1998:1
1962:1-1997:1
1983:1-1998:1
1967:1-1992:1
1974:1-1998:1
1981:1-1997:1
1960:1-1997:1
1976:1-1998:1
1981:1-1997:1
1968:1-1992:1
1981:1-1998:1
1979:1-1998:1
1984:1-1998:1

Money
35.00%
Long-te rm inte rest rate

30.00%
25.00%
20.00%
15.00%
10.00%

31

38

MONEY GROWTH AND BOND INTEREST RATES

39

Average longterm
Average
bond interest
money growth
rate

Country

Country

Average
money growth

5.00%
0.00%
0.00%

5.0

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

A
US
Austria
Belgium
Denmark
France
Germany
Italy
Netherlands
Norway
Switzerland
Canada
Japan
Ireland
Portugal
Spain
Australia

B
5.65%
6.82%
5.20%
9.43%
8.15%
8.00%
12.07%
7.89%
10.64%
5.53%
8.99%
9.07%
9.43%
12.91%
10.38%
9.15%

C
7.40%
7.80%
8.22%
10.36%
8.49%
7.20%
10.66%
7.31%
8.00%
4.54%
8.52%
6.16%
10.38%
10.79%
12.72%
8.95%

E
New Zealand
South Africa
Honduras
Jamaica
Netherlands Antilles
Trinidad & Tobago
Korea
Nepal
Pakistan
Thailand
Malawi
Zimbabwe
Solomon Islands
Western Samoa
Venezuela

F
10.29%
14.14%
16.20%
19.88%
4.36%
12.14%
15.12%
15.55%
12.79%
10.86%
20.80%
13.49%
15.89%
12.90%
28.47%

Money Growth and Bond Interest Rates

Long-te rm inte rest rate

3 35.00%
4
30.00%
5
6 25.00%
7 20.00%
8
9 15.00%
10 10.00%
11
5.00%
12
13 0.00%
0.00%
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

T RATES

38
39

Average longterm
bond interest
rate

f(x) = 0.7772649597x + 0.0170405918

R = 0.7596559878

5.00%

10.00%

15.00%

M oney growth

20.00%

25.00%

30.00%

G
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

8.81%
11.11%
15.57%
15.35%
9.40%
9.10%
16.53%
8.59%
7.88%
10.62%
17.62%
12.01%
12.12%
13.17%
28.92%

A
1

PERFECTLY NEGATIVELY CORRELATED

Mabelberry Fruit and Sawyer's Jam

2
3
4
5
6
7
8
9
10
11
12
13
14

Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Correlation

Mabelberry Sawyer's
Fruit stock Jam stock
return
return
30.73%
-6.10%
15.00%
17.50%
-9.00%
53.50%
12.00%
22.00%
13.00%
20.50%
22.00%
7.00%
30.00%
-5.00%
12.00%
22.00%
43.00%
-24.50%
16.00%
16.00%
-1.00

#VALUE!

#VALUE!