Modern Portfolio Theory and 3 Asset Portfolio Analysis

Table of Contents
Portfolio Selection ..................................................................................................................... 2

Calculations................................................................................................................................ 3
Results ........................................................................................................................................ 5
My Suggestion to 28 year old Investor .................................................................................. 5
My Suggestion to 60 year old Investor .................................................................................. 5
Comments on 3 Assets Portfolio............................................................................................ 5
Appendix .................................................................................................................................... 6
Portfolio Assignment # 3
Page 1
Portfolio Selection
The Portfolio Theory also known as Modern Portfolio Theory was first developed by Harry
Markowitz. He had introduced the theory in his paper Portfolio Selection which was
published in the Journal of Finance in 1952.
The theory suggests a hypothesis on the basis of which, expected return on a portfolio for a
given amount of portfolio risk is attempted to be maximized or alternately the risk on a given
level of expected return is attempted to be minimized. This is done so by choosing the
quantities of various securities cautiously taking mainly into consideration the way in which
the price of each security changes in comparison to that of every other security in the
portfolio, rather than choosing securities individually.
In other words, the theory uses mathematical models to construct an ideal portfolio for an
investor that gives maximum return depending on his risk appetite by taking into
consideration the relationship between risk and return.
According to the theory, each security has its own risks and that a portfolio of diverse
securities shall be of lower risk than a single security portfolio. Simply put, the theory
emphasizes on the importance of diversifying to reduce risk.
Page 2
Calculations
All the calculations are done in excel. However finals results are shown below. Excel file will
be provided on request. However Data is also shown in at the end Appendix.
S&P
Harris
Urban
Maya
Average
0.75
0.58
0.83
1.08
Variance
18.82
33.62
67.96
158.74
4.3376
5.7985
8.2441
12.5992
Standard Deviation
Covariance
Harris & Maya
Urban & Maya
Harris & Urban
5.828606
23.667598
14.462250
Beta
Harris & Maya
Urban & Maya
Harris & Urban
0.173400
0.149100
0.212800
Alpha
Harris & Maya
Urban & Maya
Harris & Urban
0.977700
0.955700
60.810100
Correlation Coefficient
Harris & Maya
Urban & Maya
Harris & Urban
0.079800
0.227900
0.302500
Page 3
Portfolio Return of Harris & Maya

Weights
50% in Harris
50% in Maya
Return
0.831
Portfolio Variance
Portfolio S.D
124.059
11.138
Portfolio Return of Urban & Maya

Weights
50% in Urban
50% in Maya
Return
0.95
Portfolio Variance
Portfolio S.D
68.51
8.28
Portfolio Return of Harris & Urban

Weights
50% in Harris
50% in Urban
Return
0.70
Portfolio Variance
Portfolio S.D
32.63
5.71
Three Asset Portfolio Return

Weights
Harris
Urban
Maya
0.33
0.33
0.33
3 Asset Portfolio Return
0.831
3 Asset Portfolio Variance

3 Asset Portfolio S.D
10.01
3.16
Page 4
Results
Average Return of Maya is 1.08 which is higher than other 3 stocks, and we know that,
Higher the risk, higher the return, so its risk (S.D) is also higher that is 12.59.
My Suggestion to 28 year old Investor

He is quite young and easily takes risk. So, I suggest him to Invest in Maya stock because he
can get highest risk as we know that Higher the Risk, Higher the Return
My Suggestion to 60 year old Investor

Mostly old people cant take risk, so I suggest him to invest in S&P stock or in Urban Stock.
Less Risk is there
Comments on 3 Assets Portfolio

As we seen above that we have reduced our risk to just 3.16 by diversifying our portfolio into
3 securities
Page 5
Appendix
Year
1
2
3
4
5
6
7
Mon
th
1990
1990
1990
1990
1990
1990
1990
1990
1990
12
13
14
15
16
-6.54
0.63
-0.51
2.49
9.75
-4.22
1.53
0.67
0.32
9.04
2.49
0.32
-9.39
4.87
11
6.71
1.29
Harris
2.65
10
S&P
-0.10
0.43
6.46
5.56
1990
10
1990
11
1990
12
2.79
4.36
1991
6.38
1.38
16.1
2
13.8
3
S&P
Harri
s
Urban
Maya
R-R
R-R
R-R
R-R
-9.68
-7.47
-7.12
-1.14
-10.76
76.66
12.23
8.09
-9.99
0.53
0.05
7.39
-11.07
-0.51
-81.79
0.34
3.90
1.90
-1.09
11.40
2.82
-3.08
32.17
-12.46
-5.78
-3.25
-4.80
-3.71
-6.86
32.91
25.47
17.81
18.37
9.00
0.95
17.71
17.30
16.40
306.34
16.79
-3.42
-1.43
1.90
5.55
-4.50
-8.57
-24.98
10.56
3.42
-1.08
-0.26
-2.21
2.34
-0.62
-5.17
0.58
-26.63
-9.79
-9.97
-16.94
-27.71
276.31
469.47
168.94
-12.04
-5.62
-0.68
-14.66
-13.12
8.96
192.32
10.01
4.98
6.58
-0.12
-0.60
-0.79
32.76
Maya
5
Harris
&
Maya
2*4
Urban
& Maya
Harris &
Urban
3*4
2*3
-1.18
2.94
18.75
5.71
2.35
-1.48
17.67
41.57
-26.22
-3.49
-0.98
2.44
3.51
2.03
-1.57
1.62
2.43
-3.81
3.93
-2.54
-1.89
8.72
1.87
2.69
2.76
5.03
3.60
-2.47
7.89
3.95
-9.75
31.16
-19.48
0.31
6.40
5.14
-2.70
-0.77
-3.96
2.08
-13.85
5.24
1.67
1.51
-3.52
4.17
6.29
-14.65
-5.31
4.15
-0.52
1.03
-3.58
3.07
3.17
-11.00
-3.71
-0.47
3.56
-1.61
6.45
-1.55
2.49
-9.99
-10.39
14.54
5.72
8.21
12.2
3
2.89
18.5
4
0.96
2.42
1991
0.31
7.41
0.66
7.15
1991
Urb
an
2.09
0.24
1991
1991
4.31
-1.03
1991
-1.40
-20.10
-5.34
-1.99
-7.32
-21.18
42.09
155.02
19
1991
4.58
4.66
7.28
6.49
4.31
1.27
0.37
3.91
3.72
0.44
-0.71
-2.65
-0.31
1.64
20
1991
2.37
3.61
7.72
6.88
1.61
3.03
6.89
5.80
17.57
39.95
20.88
1991
1.67
1.34
1.56
-0.88
-2.43
0.98
1.08
-1.96
-1.92
-2.13
1.06
1991
10
-0.54
0.59
2.17
-3.88
-1.62
-3.52
6.29
-8.44
2.20
1.91
3.06
9.74
-7.18
-4.78
1.62
-10.57
-8.26
-13.37
87.29
-17.11
8.20
7.81
10.47
10.68
7.62
6.98
9.39
71.55
65.61
53.20
-5.57
-15.68
-2.62
-6.16
5.62
-16.76
103.22
-94.19
-34.60
25.54
0.54
-3.46
-10.02
24.46
-84.71
-245.02
34.68
-2.47
-2.70
-1.09
-5.54
-3.55
3.86
19.67
6.03
17
18
21
22
23
24
25
26
1991
11
1991
12
1992
1992
1.62
2.76
4.03
11.4
4
1.86
1.30
-0.50
6.44
9.19
4.72
-2.88
1992
28
1992
1.94
2.94
3.97
0.18
-5.98
2.18
3.38
-0.64
-7.06
-23.88
4.52
-2.17
29
1992
0.49
0.60
-1.89
-0.26
0.02
-0.64
-2.96
-0.06
1.90
-0.01
1992
0.69
-10.46
-2.24
0.11
-10.04
-11.54
-1.24
115.91
-1.08
1992
1.49
4.09
0.18
9.22
8.92
0.21
0.92
3.33
8.34
-0.61
-0.16
-1.32
0.10
-5.10
27
30
31
Page 6
32
33
34
35
36
6.84
6.35
1.44
2.14
1.84
14.1
3
12.2
5
1.87
2.11
3.41
1.72
18.41
1.36
2.83
0.89
17.33
48.97
15.47
2.52
1993
0.58
8.47
-0.10
-3.17
0.00
7.65
-1.18
0.01
-9.01
-0.04
1993
2.42
2.68
-5.55
4.12
1.92
-6.14
4.01
3.04
-18.66
12.19
-24.60
-2.45
-0.46
8.74
-7.55
-3.53
-30.82
26.63
-65.97
1992
1992
2.05
1.18
-4.85
1.44
0.35
1992
10
-1.62
3.40
1992
11
-2.48
1.23
1992
12
6.33
0.84
37
1993
38
39
40
41
42
43
44
45
46
47
48
49
2.16
1.36
1993
1993
1993
1993
1993
10
1993
11
1993
12
-7.18
-6.23
33.83
44.70
38.97
15.96
0.42
0.86
-2.27
14.89
12.74
-33.76
-1.94
-2.40
-0.41
-2.20
-2.97
-3.48
7.66
10.33
6.52
13.11
2.65
-3.07
-2.66
12.03
-36.90
-32.01
8.16
-0.43
0.47
5.74
13.31
-1.51
-8.68
-20.13
76.43
-11.44
0.08
1.58
-13.07
-12.52
-19.80
163.73
-20.68
-4.84
0.61
6.25
-2.70
-5.92
-37.01
15.97
-16.88
9.32
1.56
6.32
-4.68
-1.16
0.97
5.49
-5.76
-5.60
-31.65
5.34
2.44
5.58
3.04
1.86
0.34
4.50
8.36
1.55
0.64
0.77
2.07
-0.75
1.17
3.25
2.38
22.71
-1.52
-1.33
-4.08
21.63
-28.73
-88.25
5.42
10.37
1.31
-0.68
-3.21
9.29
-6.35
-29.79
2.19
3.57
11.8
7
0.10
11.52
-1.71
-5.29
2.74
10.44
-55.27
28.62
-14.51
8.72
0.45
2.09
11.05
7.64
15.94
84.44
23.04
-3.64
2.65
-3.38
-0.93
-4.71
15.92
4.36
3.12
-13.19
-3.47
-7.33
7.75
-14.27
104.53
-110.51
-56.74
-7.27
8.57
4.91
-12.39
-5.11
-7.85
-5.74
-13.47
105.76
77.28
45.06
-0.10
0.95
1.21
-4.71
2.67
3.40
1994
-5.43
0.40
3.79
1993
-2.80
4.83
6.72
0.29
1993
-5.15
-2.79
1994
52
1994
2.71
4.36
1.28
5.59
1.02
-8.72
0.53
5.01
0.20
-9.80
-49.08
-1.94
0.99
53
1994
1.64
-9.41
12.73
0.89
-9.99
2.69
11.65
-116.40
31.29
-26.83
1994
2.45
3.28
-2.26
-7.39
-3.21
-2.85
-1.19
-8.47
24.12
10.12
3.40
1994
3.51
0.37
3.61
8.23
2.53
7.28
-4.44
7.16
52.10
-31.76
-32.32
1994
4.10
5.15
7.59
3.35
4.56
1.60
6.51
29.72
10.39
7.28
1994
-0.50
7.10
-3.20
-1.08
-5.87
6.03
-6.51
-35.38
6.34
1994
10
2.45
2.25
2.42
5.05
1.89
1.35
2.81
1.49
1.31
0.52
1.73
2.27
0.90
0.68
4.90
2.75
3.57
-4.40
4.32
1.92
2.49
10.75
4.79
8.30
-0.48
4.63
5.42
9.28
0.73
-1.06
3.81
8.20
-8.71
31.23
-4.04
50
51
54
55
56
57
58
59
60
61
62
1994
1994
11
1994
12
1995
1995
-6.74
7.86
3.64
1.48
2.59
6.36
3.90
-11.60
1.84
5.78
-6.24
-12.67
-73.27
79.15
-36.10
1.03
3.14
-2.18
3.29
-0.05
0.11
-0.16
-7.18
-108.54
1995
-6.37
4.12
16.4
3
7.01
2.20
-6.96
15.60
5.93
-41.23
92.48
64
1995
2.94
3.05
2.23
3.56
2.19
2.47
1.40
2.48
6.12
3.48
3.45
65
1995
4.00
6.31
7.40
-5.65
3.24
5.73
6.58
-6.73
-38.56
-44.26
37.68
66
1995
2.32
2.45
6.27
11.24
1.57
1.87
5.44
10.17
19.03
55.34
10.19
67
1995
3.32
-1.88
14.36
2.56
-2.46
6.06
13.28
-32.70
80.46
-14.92
1995
6.88
4.20
4.53
-0.50
-0.03
-5.03
3.46
-0.11
-17.38
0.15
1995
4.22
6.49
-2.03
3.47
5.91
5.72
-3.10
-18.35
-17.74
33.78
1995
10
0.36
4.39
4.71
-18.83
-1.11
4.13
-4.95
-19.90
-82.17
98.62
-20.45
1995
11
6.54
4.13
11.5
4
-3.64
3.64
-0.09
10.72
-4.72
0.44
-50.58
-0.99
63
68
69
70
71
-1.60
2.95
0.25
0.55
0.49
Page 7
72
73
74
75
76
1995
12
1.93
7.18
1996
9.16
7.45
1.22
-7.93
2.65
8.58
-2.04
-9.01
-77.23
18.40
-17.52
1996
0.93
-1.85
4.90
14.28
0.17
-2.43
4.08
13.20
-32.13
53.80
-9.92
0.96
-2.72
6.07
0.21
-3.31
5.85
4.99
-16.51
29.23
-19.36
12.06
0.72
-3.38
-6.12
10.98
-37.09
-67.20
20.67
3.40
1996
1996
1996
78
1996
1.17
6.60
6.62
-13.63
-89.95
-90.22
43.72
-2.79
6.68
5.29
2.58
0.15
4.04
3.99
1.82
-0.44
3.22
2.92
-1.27
9.39
-1.41
0.38
6.13
2.10
-12.00
-0.37
5.55
1.28
-13.08
-72.54
-16.67
7.07
-2.74
1.48
-10.92
-5.17
-3.32
0.65
-11.99
39.85
-7.82
-2.17
1.35
2.48
4.34
1.35
0.76
1.65
3.26
2.49
5.38
1.26
-8.15
4.87
-2.79
3.49
-9.23
25.76
-32.25
-9.75
1.47
77
-12.55
1996
80
1996
4.42
2.11
81
1996
5.63
-2.21
4.32
82
1996
10
2.76
2.36
0.83
-6.91
2.00
1.78
0.00
-7.98
-14.20
-0.01
0.00
83
1996
11
7.56
1.04
4.39
12.19
6.80
0.46
3.56
11.11
5.09
39.58
1.63
1996
12
-1.00
7.07
4.51
-2.74
-1.59
6.24
3.43
-5.44
21.43
-9.90
1997
1.98
6.25
0.51
2.75
5.49
-0.07
-0.34
1.67
-0.12
-0.56
0.03
11.22
0.03
1.67
-5.68
10.14
16.98
-57.64
-9.51
-0.20
-4.86
-1.88
-4.00
-1.27
2.40
5.09
7.51
79
84
85
86
87
88
89
90
91
92
93
1997
1997
-1.92
0.49
4.86
3.17
0.10
4.63
5.22
-2.50
-0.93
3.55
-8.89
-3.29
2.31
1997
6.09
1.69
7.03
2.76
5.33
1.11
6.20
1.68
1.86
10.41
6.87
4.48
3.13
3.97
3.73
2.55
-0.21
2.90
7.38
-0.62
-0.54
6.04
7.20
6.02
9.68
4.96
29.90
48.03
58.27
11.57
-6.36
-1.72
-7.82
10.49
-17.99
-82.06
13.42
1.52
4.72
3.46
-1.04
0.44
1.53
-0.46
-3.60
2.13
-4.09
3.16
-12.75
1.05
3.33
-13.41
-40.34
25.35
3.87
5.48
10.04
24.28
133.08
243.80
55.06
-10.45
0.96
3.48
-8.81
-11.53
-40.08
101.50
-30.63
0.38
0.35
-5.16
-3.61
-0.70
3.59
2.51
18.62
14.74
6.46
-2.13
13.28
13.66
-29.08
181.40
-28.27
5.74
4.37
4.00
-4.84
4.66
18.68
-22.58
-19.39
5.75
0.25
-5.66
-4.88
4.67
-26.44
-22.81
27.62
-11.16
-2.47
-4.40
-5.27
-12.23
53.83
64.42
23.17
20.04
3.31
-0.68
-7.60
18.97
-12.95
-144.13
5.19
6.97
-1.82
-6.05
-13.83
5.89
-35.64
-81.42
83.71
-4.06
-15.21
6.10
-20.85
-5.14
-31.34
107.17
-127.19
-1.87
5.65
7.19
9.98
-2.95
-21.18
-29.41
71.79
0.78
1997
1997
1997
7.77
0.61
10.5
0
7.00
0.21
11.9
3
10.8
7
7.98
2.78
14.1
0
4.02
4.06
4.44
6.77
13.0
0
20.0
3
10.8
1
10
8.13
0.16
9.37
-7.46
7.38
-0.43
8.55
-8.54
3.64
-72.95
-3.65
11
6.06
-4.11
-9.18
5.31
-4.69
7.60
-10.26
48.15
-77.95
-35.67
1997
1997
97
98
99
100
101
102
-1.13
4.05
10
3.75
4.63
1997
11
6.07
1.72
1997
12
4.06
1.11
1998
-4.58
7.21
1998
-1.55
5.12
1998
4.59
1.01
1998
1998
1998
-5.08
1.72
4.06
-3.82
-0.10
1.06
103
1998
104
105
6.61
5.60
5.48
3.34
1997
96
-1.30
7.96
94
95
2.26
4.11
5.97
1998
1998
106
1998
107
1998
-5.47
14.4
6
6.41
6.68
1998
12
1.38
8.42
19.7
9
-8.48
5.01
0.80
-20.62
-9.56
-7.65
197.06
-16.51
1999
4.18
-7.01
6.22
31.01
3.43
-7.59
5.40
29.93
-227.10
161.55
-40.96
3.11
-3.72
3.00
2.91
-3.86
-4.31
2.18
1.83
-7.89
3.99
-9.39
5.76
108
109
110
1999
Page 8
111
112
113
114
115
116
117
118
4.00
1999
4.31
4.66
19.3
9
-4.75
3.87
1999
1999
1999
1999
1999
1999
1999
10
2.36
5.55
3.12
0.49
2.74
6.33
121
11
1999
12
2000
2000
2000
122
123
124
125
126
127
128
129
130
131
132
2000
2000
2000
2000
2000
2000
2000
10
2000
11
2000
12
5.89
5.02
1.89
9.78
3.01
2.05
2.47
1.56
6.21
134
2001
2001
135
136
137
2001
2001
139
2001
2001
140
2001
142
143
144
145
10
2001
11
66.49
36.17
16.10
64.13
-51.82
-5.92
3.03
4.89
-3.88
-6.51
2.20
3.81
-24.79
8.38
-14.31
4.25
0.07
6.03
-8.02
-1.25
3.66
-0.75
-9.10
-33.34
6.85
-2.76
9.40
-3.50
-6.71
-6.86
8.32
-55.81
-57.05
46.00
21.79
5.57
0.42
7.14
20.71
8.61
147.85
2.97
-7.42
7.97
11.6
0
21.53
1.28
-8.00
-12.43
20.45
-163.62
-254.11
99.44
2.29
1.90
-35.84
5.14
1.71
1.08
-36.91
-63.03
-39.72
1.84
4.18
-0.74
-5.78
3.60
6.46
-1.82
-6.53
-11.73
23.25
-14.35
7.29
16.7
8
-22.35
-2.65
-14.94
-17.60
-23.43
349.96
412.45
262.94
5.90
2.27
33.60
9.03
5.32
1.44
32.52
172.96
46.94
7.68
22.75
4.86
1.32
12.22
-3.76
22.17
4.03
11.14
246.85
44.92
89.40
-6.13
1.00
-1.36
-25.32
-2.81
-1.94
-2.15
-26.40
51.33
56.69
4.18
11.17
1.71
-17.38
6.11
10.09
-175.43
61.72
-106.27
18.90
-2.32
10.08
15.82
17.82
179.58
281.82
159.40
4.61
5.46
8.19
9.22
3.53
28.94
32.57
75.52
11.11
6.94
16.6
4
10.0
4
17.6
2
9.47
-6.03
10.53
16.79
8.39
88.34
140.88
176.78
6.14
7.33
-7.84
-1.18
5.56
6.50
-8.92
-49.53
-57.96
36.12
12.19
1.95
4.54
11.4
6
-21.48
-8.64
11.61
1.12
-22.56
-261.87
-25.37
13.05
-8.65
-0.27
0.40
-5.36
-9.73
-3.93
52.14
-2.17
28.46
2.79
-7.67
-12.29
27.38
-210.06
-336.48
94.28
6.52
10.5
3
10.8
3
-22.34
-9.87
10.62
5.69
-23.42
-248.77
-133.24
60.45
-14.25
-7.09
-1.82
-11.36
-15.33
27.87
174.09
20.66
-16.62
7.02
4.30
10.01
-17.70
-76.02
-177.07
42.99
1.94
11.6
9
-11.20
-0.08
2.28
1.11
-12.28
-27.95
-13.67
2.53
12.11
-3.19
-8.71
-12.52
11.03
-96.10
-138.09
109.03
5.17
12.3
3
34.6
7
2.79
-7.54
-1.74
-3.22
4.34
-8.62
27.73
-37.46
-13.98
-17.21
-7.01
2.36
-13.16
-18.29
-43.19
240.64
-31.07
3.77
-8.83
-6.23
-35.50
2.69
-16.76
-95.44
221.22
-16.80
10.66
11.21
2.86
-2.63
-5.65
-3.18
2.95
1.15
-3.76
-3.61
1.87
-7.04
-6.76
13.58
15.79
6.92
-0.80
7.26
14.71
-11.80
106.85
-5.83
5.43
8.09
10.3
8
3.84
0.12
4.84
9.56
2.76
13.36
26.36
46.31
-4.21
5.50
4.62
-2.21
-4.79
4.67
3.54
-16.97
16.53
-22.39
-0.22
0.88
2001
2002
12
1
1.46
69.16
-245.42
2.94
7.67
238.02
17.43
1.91
2001
47.79
12.22
-8.13
12.82
3.68
8.08
141
18.56
2.96
4.88
0.98
6.26
3.73
5.44
-1.24
3.12
-14.08
2.43
138
13.90
4.80
-7.09
0.67
29.28
-3.12
7.77
2001
-75.28
18.51
133
9.12
6.34
-73.22
13.30
0.99
13.72
4.51
3.55
2001
-5.49
3.78
8.77
5.28
0.42
7.88
0.49
-5.34
6.02
119
1999
3.25
-13.50
2.03
120
14.80
Page 9
146
147
148
149
150
151
2002
2002
2002
2002
2002
2002
2002
1.93
3.76
6.06
0.74
7.12
7.80
0.66
6.39
5.01
-0.73
-5.49
-6.44
-17.87
152
153
2002
2002
10
5.34
10.8
7
8.80
-16.49
154
155
156
157
2002
11
2002
12
2003
2003
158
159
160
161
162
163
164
165
166
2003
2003
2003
2003
2003
177
178
179
180
181
182
-165.58
68.11
36.72
33.66
17.96
3.76
-6.82
-1.31
-8.49
2.68
-3.52
-22.78
11.14
9.64
-1.49
-6.08
-4.92
8.56
-52.04
-42.11
29.87
5.41
7.83
10.4
1
-12.31
-7.88
-7.03
4.58
-13.39
94.04
-61.37
-32.21
-14.94
-8.55
-18.45
-8.66
-16.02
295.47
138.68
159.74
-14.98
-0.10
4.76
-11.23
-16.06
-76.39
180.43
-53.43
-8.04
-11.62
-17.08
-8.86
-9.12
155.70
80.75
151.23
4.09
8.05
-10.75
-13.76
3.01
-32.34
-41.40
147.90
14.59
5.13
12.50
13.93
13.51
168.87
188.22
174.14
-21.19
-6.63
-4.52
-3.90
-22.27
100.64
86.78
17.60
6.36
-3.37
-14.26
-5.17
5.28
-75.25
-27.28
73.70
-1.65
-2.25
-5.93
-13.14
-2.73
16.21
35.92
77.98
13.39
0.22
4.23
-10.00
12.31
52.09
-123.10
-42.28
6.27
7.48
14.77
7.93
5.19
76.66
41.19
117.14
1.54
4.51
10.73
12.12
0.47
5.00
5.65
130.06
9.07
0.52
2.04
10.98
7.99
16.28
87.71
22.36
0.89
1.01
-6.62
-4.42
-0.19
1.26
0.84
29.26
14.31
1.20
1.46
12.48
13.24
19.26
165.19
18.16
-6.65
-1.82
5.29
-9.11
-7.72
-40.84
70.37
-48.16
5.46
4.90
-6.72
11.19
4.38
-29.43
49.05
-75.17
8.03
12.9
3
14.7
6
3.07
4.34
12.3
2
9.17
-0.63
0.08
3.77
0.13
-1.21
-0.74
2.69
-3.27
-2.00
0.90
10.08
9.67
1.03
-0.81
4.49
9.50
8.84
-1.89
-17.91
-16.67
84.02
6.09
1.08
6.33
-1.85
5.01
31.75
-9.28
-11.72
5.98
0.64
6.06
3.36
4.90
29.66
16.47
20.36
-4.68
4.19
5.40
-4.15
-2.26
-5.26
-6.23
-5.23
27.52
32.57
32.78
-7.63
3.84
-7.34
-2.32
-8.22
3.02
-8.42
69.15
-25.41
-24.81
5.42
7.65
11.4
5
0.77
-1.30
0.62
4.84
6.83
-2.38
-11.52
-16.26
33.02
-5.89
1.19
0.04
10.62
-6.97
-0.29
-74.06
0.44
-2.48
-4.06
-3.46
-1.59
-3.55
12.31
5.65
5.51
3.19
1.25
3.43
-3.71
-0.35
5.65
2.37
-4.79
-27.07
-11.34
13.36
6.21
0.33
-3.04
-2.07
5.13
-15.58
-10.64
6.30
4.40
0.77
2.35
-4.26
3.33
7.82
-14.16
-10.01
6.21
3.29
4.15
6.83
5.14
21.29
35.08
28.31
4.05
2.65
-0.19
-4.29
2.97
-0.55
-12.73
0.79
2.55
7.66
3.46
2.36
0.63
-3.19
1.97
-3.19
-0.45
-0.88
1.43
-6.27
-4.36
9.03
-10.85
1.35
-4.94
8.21
-11.93
58.90
-97.87
-40.52
10
2.04
1.06
5.66
5.87
1.84
2004
2004
2004
6.91
1.39
1.51
1.57
1.37
6.64
1.94
6
2004
2004
0.62
3.31
0.40
-2.88
6.23
1.08
9
-2.45
1.53
2004
10
2004
11
2.94
4.05
4.73
3.40
2004
-82.05
8.30
5.24
2003
2004
-14.12
4.06
12
176
11.72
4.43
11
-6.03
2003
2004
5.81
3.01
-6.13
2.62
1.95
2003
-2.68
9.38
0.88
11.31
2004
175
15.35
1.76
174
4.81
8.24
2004
173
-5.35
1.28
2003
172
-13.67
5.27
2003
171
-3.94
-13.04
4.88
7.66
4.09
8.76
12.9
5
11.8
0
3.60
13.3
1
8.28
12.0
2
168
170
13.08
5.87
2.62
1.50
0.97
167
169
-10.17
5.89
12.5
5
12
2005
2005
0.40
2.44
2.10
Page 10
2005
185
2005
1.77
1.90
3.18
186
2005
0.14
183
184
187
188
189
2005
6.25
-17.22
-2.53
1.29
5.42
-18.30
-23.66
-99.23
7.01
3.31
1.71
1.82
-2.65
2.72
0.89
0.74
2.01
0.66
2.42
2.23
7.68
0.66
2.43
1.65
6.85
-0.42
-0.69
-2.86
11.28
3.21
-8.01
-0.61
2.62
2.36
-9.09
-23.84
-21.46
6.19
1.19
2.96
4.28
-0.91
0.12
0.50
-0.11
-3.90
4.86
3.19
0.08
0.91
0.81
-3.12
1.81
6.67
-1.67
-3.71
0.98
5.60
-20.74
5.50
-3.64
6.68
-1.14
0.06
6.09
0.46
-2.22
-13.51
-1.02
2.82
-4.48
1.29
4.97
-10.99
-2.42
-5.07
-5.80
-12.07
61.12
69.94
29.36
-2.87
5.78
4.24
3.03
-3.45
4.95
3.17
-10.92
15.68
-17.08
1.41
-7.90
-0.72
0.82
2.08
-8.98
-7.39
-18.69
1.71
3.72
2005
2005
2005
2005
10
191
2005
11
1.67
3.78
192
2005
12
0.03
190
1.88
2006
0.52
2.91
2.85
5.46
1.89
-0.06
-3.67
4.38
-0.28
-16.11
0.23
194
2006
0.27
-1.31
6.75
-12.04
-0.48
-1.89
5.93
-13.12
24.77
-77.72
-11.19
195
2006
1.24
-6.89
7.11
-1.74
0.49
-7.48
6.28
-2.82
21.05
-17.69
-46.98
1.34
-1.75
6.98
-11.70
0.59
-2.33
6.16
-12.78
29.75
-78.67
-14.34
2006
2.88
0.14
3.43
-1.16
-3.63
2.84
-0.81
-2.24
-6.36
1.80
-2.29
2006
-16.87
-0.62
-0.74
-2.53
-17.94
13.30
45.49
1.88
15.40
-0.14
4.78
-6.41
14.32
68.41
-91.76
-30.61
193
196
197
2.65
2006
2006
1.92
0.02
1.71
5.58
2.97
11.59
1.62
1.34
-3.79
10.51
14.06
-39.86
-5.08
201
2006
2.58
-0.40
5.17
6.77
1.82
-0.98
4.35
5.69
-5.60
24.73
-4.28
202
2006
10
3.26
13.81
-7.66
2.50
13.23
0.36
-8.74
-115.67
-3.11
4.70
198
199
200
-0.16
0.62
2006
5.36
2.38
2006
11
1.03
1.18
11.1
3
-0.44
1.15
0.45
10.31
-1.52
-0.68
-15.62
4.65
204
2006
12
1.40
2.48
0.25
-4.38
0.65
1.89
-0.58
-5.46
-10.34
3.14
-1.09
205
2007
1.51
2.13
31.60
0.76
1.55
-0.11
30.53
47.26
-3.51
-0.18
3.94
0.71
2.28
12.89
-2.71
3.36
-3.10
11.81
39.68
-36.64
-10.43
7.62
203
1.90
2007
207
2007
1.96
1.12
8.47
1.79
8.15
0.36
7.89
0.97
7.07
55.80
6.83
208
2007
4.43
2.92
4.50
7.45
3.67
2.33
3.67
6.37
14.85
23.40
8.57
209
2007
3.49
-4.48
17.34
2.73
-5.06
7.61
16.26
-82.34
123.79
-38.55
2007
8.44
4.50
-3.03
-2.42
-6.12
-5.33
-4.11
25.14
21.89
32.62
2007
-24.27
-3.86
-4.12
6.63
-25.35
104.55
-168.19
-27.36
2007
7.46
6.27
-5.51
0.74
2.49
-7.09
-6.59
-16.41
46.75
-17.67
-13.18
2.99
2.91
7.65
-14.26
-41.56
-109.07
22.29
-0.29
0.84
3.94
-7.02
-1.37
-5.41
9.64
-27.66
-9.17
-4.94
-0.95
-6.71
-10.25
9.76
68.73
6.39
-8.96
-1.45
-3.01
-6.41
-10.04
30.25
64.43
19.32
2.81
-6.75
-8.91
-5.82
1.73
-15.39
-10.05
51.84
0.48
-4.00
-3.96
-0.91
-0.60
2.39
0.55
3.62
-6.98
-1.19
1.05
-11.10
-8.06
-8.48
89.38
-11.68
-14.56
4.12
6.52
13.18
-15.64
-102.03
-206.14
85.98
5.30
0.54
-4.92
-2.92
4.22
-20.74
-12.30
14.34
-5.06
8.47
6.20
5.88
5.59
4.99
0.09
10.2
7
14.0
1
2.09
20.7
0
-16.35
-9.18
-5.64
-21.52
-17.42
98.34
375.06
121.48
-1.91
35.84
-1.60
-2.50
-7.94
34.76
-86.82
-276.01
19.83
206
210
211
212
213
214
215
216
217
218
2007
221
2007
-3.54
3.07
3.74
10
2007
11
2007
12
2008
2008
2008
3.50
4.52
4.18
0.69
6.00
3.25
0.43
-0.37
-2.43
-8.33
-3.38
1.64
4.87
2008
7.11
1.30
2008
-4.33
8.43
222
223
-5.54
1.59
219
220
1.66
3.10
1.50
2008
2008
Page 11
0.84
224
2008
2008
226
2008
10
2008
11
227
229
232
233
234
235
236
237
2008
2009
2009
2009
AV
G
VA
R
6.26
8.43
10.6
5
8.76
-5.90
-9.32
-10.05
9.57
2009
4.33
5.59
2009
1.30
0.20
2009
2009
9.58
7.56
7.07
3.61
2009
2009
2.74
3.73
-1.50
11
12
0.69
-0.81
7.01
12.79
-10.35
89.67
-5.68
-9.20
-9.67
-5.83
-13.45
-10.28
59.94
138.24
78.42
-26.84
-17.55
-12.57
-9.52
-27.91
350.75
265.80
119.64
-20.32
-7.93
-3.53
-18.84
-21.40
75.61
403.14
66.56
21.12
0.31
5.68
-0.83
20.04
113.76
-16.66
-4.72
-4.12
-9.18
-6.48
-1.77
-5.20
33.70
9.20
11.47
-36.14
-11.40
-9.90
-25.62
-37.22
368.50
953.65
253.71
16.82
8.00
-10.63
12.24
15.74
-167.29
192.67
-130.13
64.19
8.82
3.75
11.64
63.12
236.75
734.53
43.65
-4.65
4.84
0.72
12.11
-5.72
-4.12
-69.31
8.71
3.77
-0.56
9.00
-6.17
2.69
24.21
-16.59
-55.47
0.86
16.6
3
11.00
6.81
6.48
0.04
9.92
64.33
0.39
0.26
-2.55
2.86
2.16
15.81
-3.63
-7.84
-57.36
34.14
9.42
2.98
-2.08
8.09
8.34
-17.37
67.50
-16.86
1.83
-2.61
-3.17
-12.65
0.75
-2.38
-9.52
40.08
7.78
13.04
5.25
7.19
9.60
11.97
86.06
114.84
69.03
7.98
3.18
3.29
1.18
7.39
2.36
2.21
16.38
5.22
17.42
0.75
18.8
2
0.58
0.83
67.9
6
1.08
1,398.8
7
5,680.22
3,470.94
-2.58
6.00
2009
8.70
18.0
1
0.01
0.94
24.8
0
13.0
7
12.4
6
12.9
3
5.34
13.87
1.93
10
2009
7.84
12.6
2
8.92
11.8
3
10.4
2
1.86
2009
240
-11.98
-2.95
12
238
239
-5.25
16.7
9
7.18
1.06
230
231
-0.23
8.91
225
228
1.45
7.11
33.62
Sum
158.74
Page 12

Modern Portfolio Theory and 3 Asset Portfolio Analysis

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Modern Portfolio Theory and 3 Asset Portfolio Analysis

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Table of Contents

Portfolio Selection ..................................................................................................................... 2

Portfolio Return of Harris & Maya

Portfolio Return of Urban & Maya

Portfolio Return of Harris & Urban

Three Asset Portfolio Return

3 Asset Portfolio Return

3 Asset Portfolio Variance

My Suggestion to 28 year old Investor

My Suggestion to 60 year old Investor

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