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CLOSING ANNUAL
DATE DIVIDEND
PRICE RETURN
29-Dec-89 42.2500 -
31-Dec-90 34.3750 3.00 -11.54%
31-Dec-91 28.8750 1.60 -11.35%
31-Dec-92 32.2500 1.40 16.54%
31-Dec-93 54.8750 0.80 72.64%
30-Dec-94 42.1250 0.80 -21.78%
29-Dec-95 52.8750 1.10 28.13%
31-Dec-96 55.7500 1.60 8.46%
31-Dec-97 60.7500 5.59 19.00%
31-Dec-98 71.5625 2.00 21.09%
31-Dec-99 72.6875 14.15 21.34%
Average Return 14.2537%
Variance of Return 0.0638
Standard Deviation of Return 25.2547%
N
ACCIONES Y RETORNO
CUMULATIVE
ADJUSTED ANNUAL
ADJUSTMENT
PRICE RETURN
FACTOR
1 87.00
2 150.50 72.99%
3 333.75 121.76%
4.5 384.19 15.11%
4.5 362.81 -5.56%
9 550.13 51.63%
9 789.75 43.56%
18 1,487.25 88.32%
18 2,326.50 56.43%
36 4,992.75 114.60%
72 8,406.00 68.36%
rage Return 62.72%
nce of Return 14.43%
Deviation of Return 37.99%
DOWNLOADED ADJUSTED DATA FROM
YAHOO FOR MICROSOFT
MSFT ADJUST
DATE
PRICE
29-Dec-89 1.2083
31-Dec-90 2.0903 73.00%
31-Dec-91 4.6354 121.76%
31-Dec-92 5.3359 15.11%
31-Dec-93 5.0391 -5.56%
30-Dec-94 7.6406 51.63%
29-Dec-95 10.9688 43.56%
31-Dec-96 20.6562 88.32%
31-Dec-97 32.3125 56.43%
31-Dec-98 69.3438 114.60%
31-Dec-99 116.75 68.36%
Average Return 62.72%
Variance of Return 14.43%
Standard deviation of return 37.99%
Calculando la covarianza
DATE GM RETURN
31-Dec-90 -11.54%
31-Dec-91 -11.35%
31-Dec-92 16.54%
31-Dec-93 72.64%
31-Dec-94 -21.78%
31-Dec-95 28.13%
31-Dec-96 8.46%
31-Dec-97 19.00%
31-Dec-98 21.09%
31-Dec-99 21.34%
Average Return 14.25%
Variance of return 6.38%
Standard deviation of return 25.26%
Covariance of returns -0.0552
-0.5756
Correlation of returns
-0.5756
N DATA
MSFT
RETURN
72.99%
121.76%
15.11%
-5.56%
51.63%
43.56%
88.32%
56.43%
114.60%
68.36%
62.72%
14.43%
37.98%
Calculando la covarianza Forma Larga
GM
GM MSFT RETURN MSFT RETURN
DATE
RETURN RETURN MINUS MINUS AVERAGE
AVERAGE
31-Dec-90 -11.54% 72.99% -25.79% 10.27%
31-Dec-91 -11.35% 121.76% -25.60% 59.04%
31-Dec-92 16.54% 15.11% 2.29% -47.61%
31-Dec-93 72.64% -5.56% 58.39% -68.28%
30-Dec-94 -21.78% 51.63% -36.03% -11.09%
29-Dec-95 28.13% 43.56% 13.88% -19.16%
31-Dec-96 8.46% 88.32% -5.79% 25.60%
31-Dec-97 19.00% 56.43% 4.75% -6.29%
31-Dec-98 21.09% 114.60% 6.84% 51.88%
31-Dec-99 21.34% 68.36% 7.09% 5.64%
Average Return 14.25% 62.72% Covariance
Covariance
Correlation
Correlation
ga
PRODUCT
-0.026489411
-0.151160112
-0.010888407
-0.398666436
0.039960597
-0.026588332
-0.01483008
-0.002985863
0.035470356
0.003997068
-0.0552
-0.0552
-0.5756
-0.5756
MSFT
GM ANNUAL
DATE ANNUAL
RETURN
RETURN
29-Dec-89
31-Dec-90 -11.54 72.99
31-Dec-91 -11.35 121.76
31-Dec-92 16.54 15.11
31-Dec-93 72.64 -5.56
30-Dec-94 -21.78 51.63
29-Dec-95 28.13 43.56
31-Dec-96 8.46 88.32
31-Dec-97 19.00 56.43
31-Dec-98 21.09 114.60
31-Dec-99 21.34 68.36
Average Return 14.25 62.72
Variance of Return 637.91 1,442.84
Standard deviation of return 25.26 37.98
Covariance of return -552.18
Correlation of returns -0.5756
-0.5756
40%
30%
Morgan Sausage
20%
10%
0%
10% 20% 30% 40% 50% 60% 70%
Adams Farm
Proportion of GM 0.5
Proportion of MSFT 0.5
CALCULATING PORTFOLIO RETURN AND THEIR STADISTICS
General
Microsoft Portfolio
Date Motors
MSFT Return
GM
Dec-90 -11.54% 72.99% 30.73%
Dec-91 -11.35% 121.76% 55.21%
Dec-92 16.54% 15.11% 15.83%
Dec-93 72.64% -5.56% 33.54%
Dec-94 -21.78% 51.63% 14.93%
Dec-95 28.13% 43.56% 35.85%
Dec-96 8.46% 88.32% 48.39%
Dec-97 19% 56.43% 37.72%
Dec-98 21.09% 114.60% 67.85%
Dec-99 21.34% 68.36% 44.85%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
13.00% 18.00% 23.00% 28.00% 33.00% 38.00% 43.00%
MIRAGE
S&P 500
DATE
INDEX SPX
RESORTS
MIR
MIR
Jan-97 6.13% 16.18%
Feb-97 0.59% 0.00%
Mar-97 -4.26% -15.42%
Apr-97 5.84% -5.29%
May-97 5.86% 18.63% f(x) = 1.4693398809x
Jun-97 4.35% 5.76% R = 0.5002397353
Jul-97 7.81% 5.94%
-16.00% -11.00%
Aug-97 -5.75% 0.23%
Sep-97 5.32% 12.35%
Oct-97 -3.45% -17.01%
Nov-97 4.46% -5%
Dec-97 1.57% -4.21%
Jan-98 1.02% 1.37%
Feb-98 7.04% -0.54%
Mar-98 4.99% 5.99%
Apr-98 0.91% -9.25%
May-98 -1.88% -5.67%
Jun-98 3.94% 2.40%
Jul-98 -1.16% 0.88%
Aug-98 -14.58% -30.81%
Sep-98 6.24% 12.61%
Oct-98 8.03% 1.12%
Nov-98 5.91% -12.18%
Dec-98 5.64% 0.42%
SLOPE 1.4693
1.4693
Intercept -0.0424
-0.0424
R-SQUARE 0.5002
0.5002
MIR Returns vs. S&P500 Returns
19.00%
9.00%
f(x) = 1.4693398809x - 0.0423674489
R = 0.5002397353
-11.00%
-21.00%
-31.00%
s
4.00% 9.00%
GENERAL
YEAR MICROSOFT
MOTORS HEINZ HNZ
ENDING MSFT
GM
Dec-90 -11.54% 72.99% 2.46%
Dec-91 -11.35% 121.76% 14.54%
Dec-92 16.54% 15.11% 16.89%
Dec-93 72.64% -5.56% -15.95%
Dec-94 -21.78% 51.63% 6.55%
Dec-95 28.13% 43.56% 39.81%
Dec-96 8.46% 88.32% 11.56%
Dec-97 19.00% 56.43% 45.89%
Dec-98 21.09% 114.60% 14.11%
Dec-99 21.34% 68.36% -27.44%
Covariances
Cov(rGM,rMSF -0.0552
Cov(rGM,rHNZ -0.0096
Cov(rMSFT,rH 0.0092
PORFOLIO
RETURN
34.93%
62.97%
15.93%
6.96%
23.42%
39.35%
49.32%
45.78%
65.75%
30.22%
Average 37.46%
Variance 0.0331
Sigma 18.21%
Average 37.46%
Variance 0.0331
Sigma 18.21%