You can update the riskfree rate and equity risk premium Cost of Debt Lookup Table (based

Riskfree Rate = 2.45% Standard Deviation

Equity Risk Premium = 5.69% 0.00%
Marginal tax rate = 40.00% 25.00%
Global default spread = 0.00% 40.00%
65.00%
75.00%
90.00%
100.00%
Annual
Average
Revenue
Number of growth - Last COGS as % of SG&A as % of
Industry name firms 5 years Revenue Revenues
Advertising 41 11.92% 70.55% 17.41%
Aerospace/Defense 96 4.85% 82.70% 6.70%
Air Transport 18 3.54% 79.35% 3.63%
Apparel 58 16.20% 50.77% 37.82%
Auto & Truck 15 14.98% 87.16% 7.50%
Auto Parts 63 5.23% 84.16% 7.32%
Bank (Money Center) 10 4.37% 47.85% 52.15%
Banks (Regional) 645 10.86% 49.10% 50.90%
Beverage (Alcoholic) 25 8.57% 50.65% 25.16%
Beverage (Soft) 36 48.94% 43.73% 37.52%
Broadcasting 30 7.72% 53.28% 23.72%
Brokerage & Investment Banking 45 4.45% 53.32% 46.37%
Building Materials 41 10.09% 73.52% 16.29%
Business & Consumer Services 165 7.75% 69.20% 20.54%
Cable TV 14 0.63% 50.72% 29.98%
Chemical (Basic) 45 3.25% 81.81% 7.83%
Chemical (Diversified) 8 -2.27% 77.59% 9.83%
Chemical (Specialty) 100 2.00% 66.02% 20.06%
Coal & Related Energy 38 -4.00% 109.73% 5.60%
Computer Services 117 9.64% 76.47% 15.12%
Computers/Peripherals 55 -2.42% 70.83% 9.32%
Construction Supplies 51 8.94% 81.26% 9.66%
Diversified 24 5.42% 78.39% 7.83%
Drugs (Biotechnology) 426 16.88% 46.65% 25.21%
Drugs (Pharmaceutical) 164 22.30% 47.43% 28.46%
Education 36 -3.90% 53.21% 39.11%
Electrical Equipment 119 0.06% 68.01% 19.91%
Electronics (Consumer & Office) 24 -0.77% 78.04% 19.64%
Electronics (General) 164 3.97% 77.19% 14.68%
Engineering/Construction 48 7.18% 89.64% 6.57%
Entertainment 79 2.50% 61.32% 17.01%
Environmental & Waste Services 89 16.05% 75.53% 12.87%
Farming/Agriculture 37 5.52% 90.26% 5.33%
Financial Svcs. (Non-bank & Insurance) 258 11.16% 61.53% 30.58%
Food Processing 87 9.91% 70.68% 15.81%
Food Wholesalers 16 10.36% 84.32% 12.89%
Furn/Home Furnishings 30 6.62% 73.98% 16.35%
Green & Renewable Energy 25 12.16% 62.89% 15.60%
Healthcare Products 254 9.88% 52.12% 32.21%
Healthcare Support Services 121 11.95% 87.18% 8.26%
Heathcare Information and Technology 125 6.52% 58.32% 28.40%
Homebuilding 33 23.18% 79.81% 10.25%
Hospitals/Healthcare Facilities 38 8.29% 86.11% 3.81%
Hotel/Gaming 69 6.27% 63.11% 18.15%
Household Products 129 6.76% 49.28% 32.41%
Information Services 64 6.11% 55.74% 21.26%
Insurance (General) 19 3.02% 77.83% 13.81%
Insurance (Life) 22 2.06% 77.15% 10.38%
Insurance (Prop/Cas.) 50 9.75% 77.80% 10.89%
Investments & Asset Management 156 12.04% 48.64% 33.08%
Machinery 127 1.81% 67.19% 19.74%
Metals & Mining 97 18.83% 90.77% 4.21%
Office Equipment & Services 24 0.15% 64.94% 25.18%
Oil/Gas (Integrated) 7 -11.75% 97.38% 5.98%
Oil/Gas (Production and Exploration) 330 0.18% 114.96% 14.83%
Oil/Gas Distribution 78 11.08% 81.39% 4.91%
Oilfield Svcs/Equip. 148 0.10% 92.70% 4.74%
Packaging & Container 26 1.69% 79.16% 10.92%
Paper/Forest Products 23 13.35% 85.63% 9.51%
Power 68 0.54% 78.14% 3.13%
Precious Metals 109 2.39% 79.55% 6.01%
Publishing & Newspapers 37 -2.38% 69.12% 23.90%
R.E.I.T. 238 13.35% 64.72% 8.84%
Real Estate (Development) 18 19.38% 83.38% 9.84%
Real Estate (General/Diversified) 11 12.47% 58.19% 20.61%
Real Estate (Operations & Services) 54 24.17% 58.82% 33.43%
Recreation 66 2.95% 65.33% 22.62%
Reinsurance 3 25.27% 88.27% 0.34%
Restaurant/Dining 86 23.23% 75.92% 8.88%
Retail (Automotive) 25 14.36% 78.89% 14.89%
Retail (Building Supply) 6 6.20% 67.81% 20.56%
Retail (Distributors) 88 8.10% 73.29% 18.64%
Retail (General) 19 3.07% 75.00% 20.26%
Retail (Grocery and Food) 14 2.73% 77.84% 18.73%
Retail (Online) 57 11.44% 69.29% 25.56%
Retail (Special Lines) 108 4.34% 72.61% 20.73%
Rubber& Tires 4 -4.77% 73.47% 15.23%
Semiconductor 80 4.77% 66.63% 12.71%
Semiconductor Equip 45 -2.76% 71.59% 11.63%
Shipbuilding & Marine 11 -9.08% 82.72% 11.61%
Shoe 10 7.60% 55.45% 32.26%
Software (Entertainment) 13 1.19% 55.05% 27.67%
Software (Internet) 297 18.37% 50.76% 27.15%
Software (System & Application) 236 9.50% 58.72% 25.69%
Steel 38 -6.99% 91.76% 7.78%
Telecom (Wireless) 17 -0.36% 64.97% 29.49%
Telecom. Equipment 107 5.64% 60.14% 21.80%
Telecom. Services 67 4.90% 58.47% 22.34%
Tobacco 22 10.42% 41.65% 18.21%
Transportation 17 17.49% 88.02% 2.22%
Transportation (Railroads) 7 4.26% 67.52% 0.09%
Trucking 30 5.45% 84.36% 7.07%
Utility (General) 18 -0.56% 79.72% 0.45%
Utility (Water) 22 4.42% 64.16% 5.73%
Total Market 7330 8.36% 73.17% 16.45%
Total Market (without financials) 6100 7.98% 74.53% 14.66%
ost of Debt Lookup Table (based on std dev in stock prices)
Standard Deviation Basis Spread
25.00% 0.60%
40.00% 1.05%
65.00% 1.25%
75.00% 1.60%
90.00% 2.75%
100.00% 3.75%
1000.00% 4.50%

Capital
Expenditure Non-cash WC Average Asset Equity
EBIT as % of as % of as % of effective tax (Unlevered) Unlevered (Levered)
Revenue Revenue Revenue rate Beta cost of equity Beta
12.04% 2.36% -3.57% 5.10% 0.91 7.63% 1.36
10.60% 2.85% 25.99% 10.86% 0.94 7.78% 1.07
17.02% 11.67% 0.66% 22.99% 0.76 6.78% 1.12
11.41% 3.66% 26.03% 10.95% 0.71 6.46% 0.88
5.34% 11.06% -2.43% 8.14% 0.38 4.61% 0.85
8.52% 4.19% 12.00% 10.40% 0.94 7.78% 1.12
0.00% 0.86% NA 27.90% 0.41 4.76% 0.86
0.00% 5.53% NA 25.43% 0.36 4.52% 0.47
24.19% 9.27% 24.01% 10.86% 0.71 6.49% 0.79
18.75% 4.92% -3.04% 5.87% 0.78 6.88% 0.91
23.00% 2.71% 22.03% 18.54% 0.70 6.43% 1.22
0.31% 4.47% NA 13.59% 0.42 4.85% 1.08
10.20% 3.11% 14.69% 23.39% 0.87 7.40% 1.01
10.26% 2.62% 15.86% 12.61% 0.85 7.28% 1.07
19.30% 11.44% 2.85% 20.28% 0.82 7.12% 1.12
10.36% 7.23% 20.55% 7.71% 0.68 6.31% 1.00
12.58% 7.30% 21.62% 6.59% 1.22 9.39% 1.52
13.92% 6.33% 20.93% 9.58% 0.98 8.03% 1.20
-15.34% 8.09% 7.42% 0.48% 0.61 5.89% 1.36
8.42% 1.99% 11.88% 11.18% 0.83 7.18% 0.99
19.85% 5.00% -1.68% 5.68% 0.94 7.82% 1.06
9.07% 6.46% 15.72% 18.44% 1.02 8.28% 1.31
13.78% 5.77% 7.07% 11.55% 0.63 6.03% 0.76
28.14% 3.83% 15.51% 1.44% 1.25 9.54% 1.40
24.11% 4.41% 20.01% 2.54% 0.93 7.72% 1.02
7.68% 4.79% 9.38% 9.29% 1.05 8.41% 1.23
12.09% 3.90% 20.98% 5.87% 1.04 8.34% 1.14
2.33% 3.06% 18.04% 3.81% 0.97 7.98% 1.08
 8.13% 4.45% 17.86% 8.85% 0.83 7.15% 0.86
3.78% 1.53% 15.08% 15.15% 1.01 8.19% 1.18
21.67% 4.90% 11.29% 5.50% 0.97 7.95% 1.20
11.60% 7.67% 10.63% 5.07% 0.63 6.02% 0.85
4.41% 3.83% 10.00% 7.89% 0.62 5.95% 0.92
7.90% 7.44% NA 20.80% 0.07 2.83% 0.65
13.51% 3.51% 6.48% 14.66% 0.63 6.03% 0.75
2.79% 0.94% 6.24% 11.77% 0.93 7.73% 1.20
9.67% 3.58% 14.05% 14.58% 0.69 6.39% 0.84
21.51% 60.15% -15.25% 4.25% 0.47 5.12% 1.14
15.67% 4.54% 22.37% 6.12% 0.92 7.70% 1.04
4.56% 0.74% -4.92% 14.31% 0.82 7.11% 0.94
13.27% 3.90% 22.95% 6.32% 0.83 7.18% 0.95
9.94% 0.41% 72.33% 27.28% 0.77 6.82% 1.08
10.08% 5.42% 11.23% 12.06% 0.45 4.98% 1.10
18.74% 12.20% 0.13% 11.23% 0.67 6.25% 0.96
18.31% 4.20% 15.29% 9.05% 0.69 6.37% 0.80
23.00% 3.07% -2.12% 16.37% 0.87 7.40% 0.98
8.36% 1.73% 37.92% 18.33% 0.71 6.52% 0.90
12.47% 0.14% 13.22% 22.91% 0.80 7.01% 1.03
11.31% 0.92% -25.60% 22.27% 0.70 6.44% 0.83
18.28% 2.57% NA 7.71% 0.68 6.29% 0.90
13.07% 2.70% 21.86% 11.73% 0.93 7.75% 1.06
5.01% 15.17% 27.22% 1.16% 0.89 7.50% 1.30
9.88% 2.81% 9.39% 16.68% 1.09 8.68% 1.49
-3.36% 13.92% 5.11% 1.14% 0.95 7.83% 1.08
-29.80% 47.57% 2.33% 0.32% 0.99 8.09% 1.38
13.70% 24.15% 6.64% 2.93% 0.69 6.37% 1.20
2.56% 4.64% 11.15% 4.11% 1.11 8.76% 1.37
9.92% 5.36% 11.36% 24.47% 0.60 5.89% 0.84
4.86% 5.95% 15.00% 14.46% 0.83 7.15% 1.12
18.73% 28.44% 9.11% 19.27% 0.33 4.31% 0.54
14.44% 18.75% 33.49% 1.84% 1.10 8.73% 1.25
6.98% 2.32% 11.36% 14.32% 0.96 7.92% 1.32
26.44% 3.33% 56.38% 1.72% 0.41 4.80% 0.72
6.78% 3.92% 61.59% 1.97% 0.47 5.12% 0.68
21.21% 11.27% 18.02% 15.32% 1.09 8.68% 1.27
7.75% 1.88% 13.61% 8.78% 0.62 5.95% 0.99
12.05% 5.41% 19.19% 13.21% 0.76 6.77% 0.92
11.39% 0.00% -0.47% 19.33% 0.65 6.13% 0.75
15.21% 6.20% 0.04% 16.47% 0.61 5.91% 0.77
6.22% 2.50% 11.76% 22.58% 0.63 6.04% 0.91
11.63% 1.75% 6.25% 20.11% 1.12 8.84% 1.30
8.08% 5.21% 17.53% 16.95% 0.77 6.81% 1.10
4.74% 2.29% 3.22% 22.22% 0.82 7.14% 1.05
3.43% 3.49% 0.60% 24.11% 0.46 5.09% 0.69
5.15% 4.31% 0.15% 8.46% 1.17 9.12% 1.23
6.66% 2.24% 7.96% 21.29% 0.76 6.76% 1.02
11.31% 6.68% 13.49% 10.09% 0.89 7.50% 1.35
20.66% 7.48% 19.16% 7.71% 1.11 8.77% 1.20
16.79% 4.40% 26.16% 11.13% 1.10 8.69% 1.10
5.67% 11.40% 16.50% 7.30% 0.85 7.31% 1.20
12.29% 0.69% 20.37% 14.47% 0.83 7.17% 0.85
17.28% 2.11% 21.12% 1.04% 0.96 7.94% 0.98
22.09% 9.85% 9.95% 3.49% 1.12 8.81% 1.13
15.59% 5.54% 9.78% 5.67% 0.99 8.08% 1.13
0.46% 3.01% 21.58% 7.94% 1.19 9.24% 1.60
5.54% 14.42% 1.72% 9.11% 0.58 5.76% 1.12
18.06% 3.73% 15.71% 6.14% 0.86 7.36% 0.99
19.19% 13.90% -2.93% 13.36% 0.68 6.29% 1.04
40.14% 2.43% 13.51% 8.84% 1.13 8.90% 1.28
9.76% 5.63% 8.21% 17.46% 0.83 7.18% 1.01
32.39% 19.85% 3.09% 22.17% 0.66 6.19% 0.79
8.57% 17.62% 4.66% 26.74% 0.76 6.75% 1.21
19.83% 33.01% 5.28% 25.62% 0.25 3.88% 0.38
30.10% 38.95% 11.92% 11.97% 0.47 5.13% 0.65
10.38% 6.21% -24.87% 10.44% 0.65 6.17% 1.00
10.80% 6.60% 8.89% 8.31% 0.85 7.27% 1.08
 Asset
Std deviation volatility (Std
Cost of in stock Pre-tax cost Market Cost of deviation in
equity prices of debt Debt/Capital capital asset value) EV/Sales
10.21% 72.80% 4.05% 32.36% 7.69% 51.23% 1.71
8.56% 40.75% 3.70% 17.70% 7.44% 34.64% 1.59
8.83% 38.61% 3.50% 28.14% 6.94% 26.46% 1.53
7.46% 47.15% 3.70% 17.12% 6.56% 37.76% 1.81
7.26% 29.21% 3.50% 59.80% 4.17% 16.35% 1.07
8.84% 50.64% 3.70% 24.41% 7.22% 40.35% 0.83
7.34% 25.85% 3.50% 64.87% 3.94% 13.66% 8.24
5.14% 22.84% 3.05% 36.64% 3.92% 16.23% 6.28
6.96% 44.18% 3.70% 22.07% 5.91% 36.39% 5.39
7.64% 52.80% 3.70% 19.19% 6.60% 44.63% 3.70
9.39% 41.01% 3.70% 47.23% 6.00% 25.90% 3.02
8.58% 44.96% 3.70% 69.56% 4.16% 22.61% 7.28
8.18% 33.77% 3.50% 19.76% 6.98% 28.14% 1.49
8.54% 44.71% 3.70% 22.87% 7.10% 35.65% 1.83
8.80% 30.78% 3.50% 32.47% 6.62% 22.93% 3.83
8.15% 59.91% 3.70% 34.80% 6.09% 42.89% 1.68
11.09% 45.48% 3.70% 24.58% 8.91% 36.18% 1.95
9.27% 45.44% 3.70% 21.76% 7.73% 37.23% 2.42
10.21% 73.31% 4.05% 57.15% 5.76% 41.93% 2.27
8.06% 45.57% 3.70% 19.75% 6.90% 37.69% 1.30
8.46% 60.29% 3.70% 15.31% 7.50% 52.50% 2.33
9.93% 38.87% 3.50% 28.79% 7.68% 29.86% 1.78
6.80% 23.28% 3.05% 25.55% 5.53% 18.48% 2.64
10.43% 75.23% 5.20% 15.60% 9.29% 65.57% 6.57
8.23% 67.61% 4.05% 12.29% 7.51% 60.80% 4.61
9.42% 51.51% 3.70% 13.15% 8.47% 41.43% 1.49
8.96% 54.63% 3.70% 15.02% 7.94% 47.70% 2.24
8.61% 66.94% 4.05% 12.68% 7.83% 58.37% 1.24
 7.37% 48.91% 3.70% 13.78% 6.66% 43.05% 1.68
9.17% 44.23% 3.70% 19.78% 7.80% 35.76% 0.68
9.29% 44.71% 3.70% 20.84% 7.82% 36.46% 2.88
7.30% 57.94% 3.70% 26.17% 5.97% 45.29% 2.45
7.68% 41.14% 3.70% 36.51% 5.69% 29.29% 0.95
6.17% 29.20% 3.50% 91.82% 2.43% 12.10% 31.81
6.74% 30.98% 3.50% 20.36% 5.79% 25.84% 2.38
9.30% 52.66% 3.70% 25.07% 7.52% 41.71% 0.50
7.20% 42.94% 3.70% 19.77% 6.22% 35.38% 1.36
8.94% 47.60% 3.70% 61.93% 4.78% 25.64% 7.72
8.35% 56.59% 3.70% 14.51% 7.46% 49.79% 3.79
7.79% 50.06% 3.70% 22.89% 6.52% 40.53% 0.55
7.86% 52.46% 3.70% 15.96% 6.96% 45.37% 3.80
8.58% 33.76% 3.50% 39.44% 6.03% 23.46% 1.18
8.70% 44.67% 3.70% 59.56% 4.84% 24.19% 1.33
7.92% 39.32% 3.50% 34.18% 5.93% 28.53% 3.59
6.98% 50.91% 3.70% 16.43% 6.20% 43.89% 3.13
8.03% 36.65% 3.50% 16.19% 7.07% 31.74% 4.66
7.60% 30.38% 3.50% 26.48% 6.14% 23.75% 1.78
8.34% 27.80% 3.50% 41.09% 5.77% 18.97% 1.34
7.17% 25.41% 3.50% 22.38% 6.04% 20.69% 1.43
7.55% 34.30% 3.50% 36.98% 5.53% 24.27% 4.56
8.49% 38.59% 3.50% 16.88% 7.42% 33.18% 2.22
9.87% 77.36% 5.20% 33.60% 7.60% 56.93% 2.33
10.93% 33.85% 3.50% 32.48% 8.06% 24.67% 1.18
8.60% 46.30% 3.70% 13.49% 7.74% 41.01% 2.41
10.29% 75.08% 5.20% 31.00% 8.07% 56.49% 5.77
9.25% 45.13% 3.70% 42.81% 6.24% 30.20% 3.23
10.22% 60.50% 3.70% 22.33% 8.43% 48.86% 1.23
7.22% 29.58% 3.50% 34.81% 5.44% 21.40% 1.56
8.81% 38.67% 3.50% 31.37% 6.71% 28.79% 0.92
5.55% 24.11% 3.05% 45.41% 3.86% 15.61% 3.43
9.57% 78.31% 5.20% 19.18% 8.33% 66.35% 3.22
9.96% 48.08% 3.70% 31.00% 7.56% 34.66% 0.91
6.57% 24.67% 3.05% 42.92% 4.54% 16.38% 11.43
6.34% 39.45% 3.50% 36.23% 4.81% 28.03% 4.31
9.68% 24.99% 3.05% 18.99% 8.19% 21.15% 6.72
8.09% 50.15% 3.70% 40.22% 5.73% 33.60% 1.61
7.69% 46.01% 3.70% 21.49% 6.51% 37.47% 2.03
6.70% 21.23% 3.05% 23.51% 5.56% 17.17% 1.25
 6.82% 39.10% 3.50% 17.56% 5.99% 31.18% 2.99
7.65% 28.30% 3.50% 31.10% 5.92% 20.16% 1.04
9.84% 39.62% 3.50% 14.42% 8.72% 34.02% 1.71
8.74% 40.48% 3.70% 34.11% 6.51% 29.17% 1.38
8.42% 40.00% 3.70% 20.82% 7.12% 31.18% 0.66
6.38% 35.13% 3.50% 26.78% 5.23% 24.36% 0.53
9.43% 48.86% 3.70% 7.47% 8.89% 45.46% 2.99
8.27% 42.19% 3.70% 18.15% 7.17% 31.03% 0.99
10.11% 63.88% 3.70% 38.31% 7.08% 43.43% 0.88
9.25% 42.08% 3.70% 11.81% 8.42% 37.96% 4.00
8.69% 38.24% 3.50% 13.67% 7.79% 33.99% 2.86
9.29% 73.54% 4.05% 29.61% 7.26% 54.98% 2.11
7.30% 37.21% 3.50% 5.00% 7.04% 34.46% 2.24
8.03% 48.14% 3.70% 12.04% 7.33% 43.25% 4.52
8.90% 55.85% 3.70% 2.97% 8.70% 54.03% 6.76
8.86% 47.40% 3.70% 16.76% 7.74% 40.79% 4.83
11.55% 54.19% 3.70% 31.31% 8.63% 40.60% 1.07
8.80% 37.67% 3.50% 44.54% 5.81% 22.68% 2.32
8.08% 49.24% 3.70% 18.80% 6.97% 41.61% 2.97
8.38% 47.21% 3.70% 36.39% 6.14% 32.85% 2.61
9.73% 61.73% 3.70% 14.44% 8.64% 54.58% 6.47
8.22% 32.72% 3.50% 17.68% 7.14% 26.52% 1.45
6.92% 27.05% 3.50% 20.05% 5.96% 22.42% 4.58
9.31% 42.01% 3.70% 45.30% 6.10% 26.92% 1.47
4.59% 19.32% 3.05% 40.27% 3.48% 13.32% 3.72
6.14% 27.03% 3.50% 30.02% 4.93% 20.67% 6.20
8.15% 45.04% 3.70% 39.10% 5.83% 31.11% 2.89
8.59% 48.81% 3.70% 24.17% 7.05% 38.79% 2.26
EV/EBITDA EV/EBIT Price/Book Trailing PE
9.02 14.10 13.98 15.74
11.26 14.69 4.65 17.11
5.62 9.35 3.19 8.34
9.93 15.92 3.10 20.53
9.73 19.85 1.84 5.33
6.64 9.52 2.81 13.67
NA NA 1.06 12.95
NA NA 1.45 18.59
18.49 22.19 3.70 24.38
15.94 19.61 8.18 24.16
9.74 13.09 5.45 15.08
NA NA 1.37 18.88
10.62 14.26 4.04 17.51
11.51 17.36 4.36 24.82
11.31 19.15 2.38 21.68
9.40 16.23 2.60 16.02
10.38 15.61 3.10 13.18
11.81 17.01 3.84 27.82
10.00 NA 2.74 11.69
10.74 15.03 4.76 16.26
9.14 11.70 4.14 13.47
12.28 19.23 3.42 28.95
13.68 18.79 2.19 19.95
11.62 19.60 5.87 14.93
13.27 18.74 4.14 25.69
8.41 18.50 1.95 21.09
12.73 17.62 4.15 24.34
9.99 49.46 3.03 21.41
11.57 20.14 2.40 20.81
9.40 16.49 2.00 33.35
10.33 13.06 3.29 17.31
11.11 20.16 3.70 30.26
12.81 20.83 2.25 18.66
NA NA 1.96 11.10
13.64 17.37 3.08 28.01
11.63 17.61 4.56 30.64
9.50 13.49 2.94 17.77
12.35 44.03 0.74 25.53
14.87 22.91 3.63 26.74
9.48 11.84 2.82 19.50
16.98 27.70 3.95 32.46
11.00 11.75 1.33 12.03
7.89 13.59 3.49 13.85
12.30 19.68 3.06 19.47
13.55 16.99 5.22 24.61
15.57 19.83 5.35 27.96
12.48 21.15 1.07 30.25
10.02 10.71 0.86 12.10
10.36 12.21 1.44 15.72
21.61 24.62 1.63 16.73
12.61 16.58 3.98 23.19
11.71 43.35 2.07 32.82
8.20 11.58 3.88 15.16
17.81 NA 1.85 41.87
16.70 NA 2.20 5.52
14.03 23.45 1.56 26.68
13.49 41.98 1.95 20.06
9.80 15.49 3.70 22.05
8.62 18.53 1.68 7.69
10.23 18.59 1.93 22.55
7.89 20.89 1.40 112.54
7.21 12.83 1.46 20.47
20.52 45.52 2.03 25.74
21.13 82.32 1.34 15.58
19.90 29.53 2.11 42.89
11.75 19.81 2.13 20.32
10.86 16.70 3.86 21.80
9.22 10.84 1.06 13.78
12.06 21.88 21.76 23.89
11.78 18.44 6.11 18.07
11.47 15.30 17.44 22.29
12.61 16.19 3.13 18.70
8.19 14.93 3.21 16.38
8.00 20.91 4.01 17.17
26.41 56.72 9.95 82.93
8.06 15.99 3.43 18.40
4.97 7.39 1.76 18.06
11.88 18.53 3.44 21.14
12.08 16.50 3.74 20.42
7.38 20.86 1.34 21.85
13.71 18.53 5.48 21.09
17.18 25.33 3.92 25.76
20.69 30.31 4.15 31.94
19.28 29.13 5.21 27.58
11.07 151.52 2.50 32.27
7.26 54.10 1.93 35.89
11.70 15.62 2.82 17.99
7.17 13.94 3.07 15.86
15.20 16.06 22.99 20.51
9.07 14.96 6.66 21.83
10.20 14.24 3.19 19.90
8.58 15.58 3.26 20.98
11.57 18.79 2.10 20.77
13.70 20.37 2.70 27.17
16.40 27.54 2.68 19.86
12.13 20.63 3.22 21.15
 Annual
Average
Revenue Pre-tax Average
Number of growth - Last Operating After-tax effective tax
Industry Name firms 5 years Margin ROC rate
Advertising 251 11.97% 10.57% 33.48% 28.55%
Aerospace/Defense 222 7.91% 9.01% 19.70% 21.90%
Air Transport 158 6.08% 11.05% 9.92% 23.75%
Apparel 1171 1.69% 10.45% 13.27% 26.75%
Auto & Truck 128 2.75% 6.65% 7.32% 22.58%
Auto Parts 642 6.60% 7.44% 12.10% 28.92%
Bank (Money Center) 623 9.44% 0.10% 0.01% 23.60%
Banks (Regional) 889 9.41% -0.01% 0.00% 27.10%
Beverage (Alcoholic) 223 3.49% 19.33% 13.16% 25.46%
Beverage (Soft) 103 15.24% 14.82% 22.02% 24.34%
Broadcasting 142 6.84% 17.06% 16.09% 28.72%
Brokerage & Investment Banking 569 8.28% 0.32% 0.04% 25.54%
Building Materials 434 5.01% 8.42% 11.98% 36.81%
Business & Consumer Services 772 8.07% 9.17% 22.66% 29.67%
Cable TV 63 11.77% 17.06% 13.52% 33.71%
Chemical (Basic) 774 2.69% 9.87% 9.31% 20.57%
Chemical (Diversified) 81 3.58% 10.36% 10.65% 17.73%
Chemical (Specialty) 731 6.00% 11.14% 11.24% 24.48%
Coal & Related Energy 278 -4.81% 5.22% 2.80% 28.49%
Computer Services 929 6.15% 7.68% 22.62% 20.98%
Computers/Peripherals 327 2.15% 10.89% 14.61% 25.72%
Construction Supplies 757 4.47% 7.32% 6.89% 25.35%
Diversified 356 4.41% 12.07% 9.29% 20.42%
Drugs (Biotechnology) 884 16.53% 27.40% 14.06% 19.71%
Drugs (Pharmaceutical) 971 11.56% 19.79% 12.72% 20.27%
Education 174 6.85% 9.29% 10.52% 26.43%
Electrical Equipment 856 5.31% 8.37% 10.66% 22.40%
Electronics (Consumer & Office) 153 -0.89% 4.88% 9.48% 25.00%
Electronics (General) 1239 4.55% 6.64% 9.32% 22.76%
Engineering/Construction 1118 4.42% 4.98% 9.27% 26.36%
Entertainment 353 10.52% 17.59% 23.92% 28.89%
Environmental & Waste Services 306 7.80% 10.27% 15.71% 29.70%
Farming/Agriculture 388 6.52% 5.26% 5.88% 23.52%
Financial Svcs. (Non-bank & Insurance) 1016 12.67% 7.53% 0.37% 20.21%
Food Processing 1275 5.62% 9.08% 13.91% 26.27%
Food Wholesalers 128 6.02% 2.53% 12.63% 30.40%
Furn/Home Furnishings 307 6.27% 8.14% 14.52% 19.26%
Green & Renewable Energy 179 18.98% 32.65% 7.16% 21.18%
Healthcare Products 677 9.22% 16.32% 15.15% 17.63%
Healthcare Support Services 334 10.65% 4.71% 30.86% 35.33%
Heathcare Information and Technology 322 10.67% 13.05% 15.14% 19.46%
Homebuilding 173 11.92% 8.79% 9.21% 27.22%
Hospitals/Healthcare Facilities 192 10.11% 9.14% 9.79% 27.15%
Hotel/Gaming 658 11.89% 13.07% 8.76% 14.71%
Household Products 494 9.14% 15.78% 25.16% 27.33%
Information Services 186 9.63% 22.31% 33.98% 27.51%
Insurance (General) 233 9.35% 7.67% 10.12% 27.29%
Insurance (Life) 123 8.32% 8.38% 11.36% 23.80%
Insurance (Prop/Cas.) 227 7.57% 10.47% 12.06% 22.78%
Investments & Asset Management 1013 11.00% 19.62% 5.66% 18.01%
Machinery 1270 2.97% 9.65% 12.57% 26.71%
Metals & Mining 1517 -2.36% 3.89% 3.01% 25.91%
Office Equipment & Services 159 3.60% 9.10% 15.80% 29.10%
Oil/Gas (Integrated) 49 -2.23% 2.18% 1.66% 22.01%
Oil/Gas (Production and Exploration) 964 1.91% -14.78% -4.02% 33.84%
Oil/Gas Distribution 210 8.33% 13.70% 7.02% 11.43%
Oilfield Svcs/Equip. 544 -1.16% 3.68% 5.65% 25.53%
Packaging & Container 395 4.32% 9.17% 12.15% 26.83%
Paper/Forest Products 296 3.59% 7.56% 6.52% 21.52%
Power 569 7.77% 13.56% 7.30% 24.73%
Precious Metals 961 8.10% 6.29% 3.24% 37.12%
Publishing & Newspapers 364 -0.38% 6.54% 9.52% 25.69%
R.E.I.T. 527 10.63% 30.58% 3.51% 2.80%
Real Estate (Development) 746 14.23% 16.15% 6.36% 30.97%
Real Estate (General/Diversified) 420 12.37% 18.44% 4.77% 21.36%
Real Estate (Operations & Services) 606 11.95% 27.48% 5.02% 18.86%
Recreation 307 4.13% 11.32% 11.44% 26.70%
Reinsurance 38 14.44% 10.38% 11.85% 16.80%
Restaurant/Dining 346 11.18% 10.54% 13.19% 28.16%
Retail (Automotive) 163 7.23% 4.57% 9.85% 32.32%
Retail (Building Supply) 50 6.26% 9.38% 18.15% 37.20%
Retail (Distributors) 929 8.15% 3.43% 4.95% 30.23%
Retail (General) 220 3.93% 3.90% 8.05% 30.95%
Retail (Grocery and Food) 163 10.09% 3.15% 7.66% 29.47%
Retail (Online) 190 12.30% 5.41% 15.61% 31.68%
Retail (Special Lines) 505 4.23% 6.41% 12.44% 31.69%
Rubber& Tires 87 -1.02% 11.41% 13.23% 30.77%
Semiconductor 535 1.03% 17.32% 12.25% 16.77%
Semiconductor Equip 258 0.66% 14.97% 13.01% 18.57%
Shipbuilding & Marine 326 0.27% 5.50% 2.94% 16.36%
Shoe 89 1.77% 10.06% 15.08% 19.44%
Software (Entertainment) 120 6.00% 16.33% 15.34% 19.08%
Software (Internet) 830 13.12% 22.49% 16.52% 21.43%
Software (System & Application) 1026 11.73% 16.45% 15.66% 22.58%
Steel 737 -5.04% 3.19% 2.79% 27.03%
Telecom (Wireless) 106 4.03% 12.83% 8.78% 32.06%
Telecom. Equipment 480 4.72% 11.94% 11.58% 19.69%
Telecom. Services 297 5.44% 15.17% 12.24% 27.61%
Tobacco 59 6.36% 32.78% 38.92% 29.90%
Transportation 221 8.69% 9.64% 12.67% 27.82%
Transportation (Railroads) 49 6.98% 21.07% 9.59% 31.09%
Trucking 195 4.64% 7.25% 8.07% 31.09%
Utility (General) 57 1.98% 10.99% 8.61% 26.57%
Utility (Water) 96 12.95% 25.77% 8.09% 21.82%
 Equity Std deviation
Unlevered (Levered) Cost of in stock Pre-tax cost Market Cost of
Beta Beta equity prices of debt Debt/Capital capital Sales/Capital EV/Sales
0.90 1.07 10.00% 40.86% 4.82% 26.38% 8.25% 3.77 1.66
0.98 1.12 10.37% 38.26% 4.62% 20.52% 8.91% 2.45 1.46
0.53 0.87 8.56% 28.39% 4.62% 47.76% 6.01% 1.10 1.44
0.71 0.82 8.21% 35.72% 4.62% 20.28% 7.20% 1.49 1.75
0.80 1.27 11.40% 29.90% 4.62% 48.37% 7.45% 1.28 0.87
1.11 1.20 10.91% 32.90% 4.62% 20.94% 9.30% 1.99 0.79
0.36 0.88 8.69% 21.37% 4.17% 73.25% 4.46% 0.12 8.58
0.45 0.57 6.47% 22.89% 4.17% 54.37% 4.54% 0.27 5.25
0.62 0.73 7.61% 28.25% 4.62% 22.37% 6.63% 0.85 3.63
0.64 0.74 7.70% 30.81% 4.62% 20.32% 6.79% 1.71 2.77
0.76 1.02 9.64% 32.05% 4.62% 33.29% 7.51% 1.16 2.31
0.37 0.91 8.86% 34.30% 4.62% 67.71% 5.05% 0.15 7.54
0.78 0.92 8.94% 30.72% 4.62% 23.97% 7.57% 1.77 1.32
0.81 0.94 9.05% 35.36% 4.62% 21.99% 7.77% 3.04 1.55
0.78 1.15 10.60% 29.02% 4.62% 37.94% 7.80% 0.93 3.85
0.89 1.04 9.79% 33.40% 4.62% 24.00% 8.22% 1.13 1.53
1.18 1.43 12.53% 30.28% 4.62% 27.51% 9.97% 1.27 1.45
0.98 1.11 10.28% 35.10% 4.62% 20.72% 8.82% 1.20 1.95
0.84 1.14 10.50% 56.33% 4.82% 36.72% 7.89% 0.56 2.17
0.89 0.96 9.26% 36.40% 4.62% 16.56% 8.26% 3.54 1.13
1.12 1.19 10.84% 36.41% 4.62% 17.38% 9.52% 1.55 1.25
0.83 1.07 9.99% 32.51% 4.62% 32.12% 7.82% 1.13 1.52
0.63 0.87 8.56% 24.36% 4.17% 37.66% 6.44% 0.89 1.61
1.16 1.28 11.52% 61.07% 4.82% 15.13% 10.29% 0.52 7.05
0.92 1.01 9.59% 41.17% 4.82% 15.23% 8.64% 0.73 3.63
0.76 0.87 8.60% 37.22% 4.62% 23.62% 7.34% 1.32 1.89
1.02 1.15 10.55% 36.81% 4.62% 22.06% 8.94% 1.48 1.67
1.08 1.19 10.83% 39.45% 4.62% 29.55% 8.58% 2.10 0.53
1.13 1.15 10.54% 35.81% 4.62% 16.53% 9.34% 1.61 1.18
0.84 1.09 10.15% 32.53% 4.62% 42.00% 7.25% 2.24 0.66
0.88 1.04 9.80% 40.82% 4.82% 22.03% 8.38% 1.52 2.88
0.88 1.08 10.07% 44.48% 4.82% 23.54% 8.50% 1.73 2.30
0.62 0.87 8.57% 32.44% 4.62% 35.94% 6.65% 1.29 1.14
0.10 0.74 7.64% 30.34% 4.62% 88.96% 3.72% 0.06 17.67
0.64 0.74 7.64% 29.70% 4.62% 20.12% 6.75% 1.83 1.56
0.48 0.69 7.30% 29.81% 4.62% 40.64% 5.65% 6.20 0.41
0.91 0.94 9.06% 31.89% 4.62% 18.36% 7.99% 2.19 1.25
0.60 1.01 9.57% 37.64% 4.62% 45.80% 6.67% 0.24 7.30
0.91 1.02 9.62% 46.12% 4.82% 15.36% 8.66% 1.01 3.64
0.87 0.99 9.44% 39.90% 4.62% 24.41% 7.93% 7.98 0.59
0.91 1.02 9.67% 47.43% 4.82% 15.38% 8.70% 1.25 3.82
0.83 1.07 10.03% 31.36% 4.62% 35.54% 7.61% 1.34 1.06
0.44 0.74 7.65% 29.58% 4.62% 46.15% 5.61% 1.30 1.82
0.64 0.84 8.35% 32.63% 4.62% 31.35% 6.75% 0.77 2.75
0.80 0.87 8.58% 38.81% 4.62% 12.49% 7.91% 1.87 2.80
0.93 1.04 9.79% 37.48% 4.62% 17.08% 8.67% 1.81 4.35
0.62 0.71 7.48% 24.55% 4.17% 31.92% 6.02% 1.55 0.91
1.11 1.02 9.68% 24.36% 4.17% 45.70% 6.59% 1.67 0.66
0.54 0.61 6.75% 24.47% 4.17% 23.38% 5.85% 1.38 1.01
0.53 0.81 8.15% 33.75% 4.62% 45.14% 5.93% 0.31 4.88
1.03 1.10 10.20% 33.28% 4.62% 16.63% 9.04% 1.57 1.71
0.92 1.26 11.34% 70.48% 5.17% 33.35% 8.76% 0.80 1.69
0.72 0.86 8.51% 32.56% 4.62% 27.40% 7.06% 2.12 1.16
1.08 1.39 12.28% 30.49% 4.62% 30.09% 9.56% 0.86 1.33
1.12 1.56 13.49% 66.87% 5.17% 32.76% 10.26% 0.28 4.59
0.90 1.53 13.25% 38.79% 4.62% 44.42% 8.80% 0.56 3.02
1.00 1.31 11.73% 43.11% 4.82% 31.84% 9.07% 1.70 0.96
0.57 0.73 7.62% 31.19% 4.62% 30.00% 6.30% 1.65 1.50
0.64 0.92 8.97% 32.44% 4.62% 38.66% 6.75% 1.01 1.30
0.46 0.81 8.16% 25.94% 4.62% 50.59% 5.67% 0.66 2.06
1.01 1.19 10.83% 77.38% 6.32% 21.75% 9.44% 0.53 2.92
0.79 0.91 8.85% 36.69% 4.62% 25.70% 7.41% 1.73 1.16
0.42 0.72 7.55% 21.27% 4.17% 43.70% 5.53% 0.12 11.82
0.68 1.06 9.94% 30.40% 4.62% 53.15% 6.37% 0.48 2.27
0.68 1.02 9.63% 28.76% 4.62% 44.21% 6.80% 0.31 3.42
0.49 0.81 8.18% 29.12% 4.62% 47.22% 5.84% 0.21 5.70
0.80 0.87 8.63% 34.08% 4.62% 20.28% 7.53% 1.21 2.03
0.92 0.97 9.29% 22.71% 4.17% 20.08% 8.01% 1.34 0.83
0.62 0.78 7.99% 29.13% 4.62% 27.57% 6.68% 1.57 2.18
0.64 0.92 8.95% 30.19% 4.62% 39.22% 6.71% 2.70 0.80
0.73 0.85 8.47% 26.88% 4.62% 20.63% 7.39% 2.45 1.47
0.57 0.89 8.74% 33.76% 4.62% 47.61% 6.12% 1.76 0.76
0.81 1.11 10.27% 29.29% 4.62% 35.80% 7.75% 2.66 0.74
0.57 0.77 7.87% 25.36% 4.62% 37.60% 6.13% 3.19 0.65
1.20 1.25 11.27% 43.56% 4.82% 9.97% 10.49% 3.37 2.62
0.76 0.92 8.97% 33.52% 4.62% 27.22% 7.41% 2.44 1.08
0.92 1.06 9.93% 27.81% 4.62% 24.80% 8.27% 1.43 1.05
1.28 1.36 12.03% 34.56% 4.62% 13.65% 10.83% 0.78 3.18
1.23 1.24 11.21% 36.58% 4.62% 13.37% 10.14% 1.00 2.53
0.73 1.15 10.59% 34.11% 4.62% 46.91% 7.14% 0.60 1.83
0.94 0.97 9.27% 34.97% 4.62% 11.64% 8.57% 1.83 1.66
1.52 1.40 12.37% 46.11% 4.82% 8.37% 11.62% 1.05 3.49
1.15 1.15 10.58% 51.10% 4.82% 4.82% 10.23% 0.80 6.31
0.97 1.06 9.92% 44.00% 4.82% 14.84% 8.95% 1.06 4.60
0.74 1.15 10.54% 37.37% 4.62% 44.08% 7.32% 0.99 1.06
0.70 1.02 9.68% 27.50% 4.62% 38.84% 7.18% 0.79 2.07
1.08 1.16 10.66% 41.87% 4.82% 16.92% 9.43% 1.07 2.10
0.62 0.92 8.93% 31.42% 4.62% 39.09% 6.70% 0.95 2.16
0.63 0.71 7.44% 33.61% 4.62% 14.49% 6.83% 1.42 5.27
0.82 1.07 10.01% 30.20% 4.62% 34.38% 7.68% 1.65 1.34
0.76 0.99 9.40% 23.69% 4.17% 29.89% 7.47% 0.59 3.13
0.58 0.87 8.56% 28.94% 4.62% 43.94% 6.22% 1.41 1.12
0.45 0.75 7.77% 20.64% 4.17% 48.99% 5.39% 0.99 1.50
0.77 1.05 9.90% 29.44% 4.62% 35.23% 7.55% 0.37 4.94
 Non-cash WC Net Cap Ex
as % of Cap Ex as % as % of Reinvestmen
EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues t Rate
10.10 15.56 2.68 37.49 -8.76% 2.09% 1.75% 37.95%
11.54 16.17 4.11 41.44 23.36% 3.57% 3.08% 55.40%
6.19 13.01 2.10 17.43 -3.64% 12.11% 6.27% 67.25%
10.32 15.98 2.51 55.88 22.53% 3.82% 2.42% 47.36%
8.26 13.51 1.24 45.02 5.62% 7.28% 4.42% 90.80%
6.81 10.99 1.65 53.50 10.62% 5.75% 5.44% 110.38%
NA NA 0.97 14.97 NA 4.00% 5.31% 310.74%
NA NA 1.10 18.54 NA 4.98% 6.23% NA
14.37 18.63 3.42 78.31 10.19% 4.46% 1.92% 16.12%
14.25 17.88 5.47 34.85 -0.46% 4.28% 3.12% 21.66%
9.84 13.51 2.53 53.77 13.65% 3.92% 1.53% 23.76%
NA NA 1.43 42.14 NA 4.18% -0.07% -4798.61%
10.22 15.46 2.07 43.09 16.53% 4.01% 3.69% 66.27%
11.28 16.76 3.74 47.89 9.11% 2.67% 3.04% 63.07%
11.35 22.01 2.72 30.40 1.68% 12.46% 20.12% 161.50%
9.46 15.13 1.75 44.76 13.70% 6.65% 5.18% 62.50%
8.58 14.07 1.96 17.66 19.50% 8.07% 5.44% 45.93%
11.22 16.99 2.63 64.26 17.73% 6.74% 4.42% 55.29%
9.61 38.05 1.28 131.17 -6.19% 11.23% 0.14% 117.37%
10.63 14.72 3.27 55.19 13.55% 1.90% 3.37% 63.62%
7.67 11.46 2.25 40.93 5.20% 4.85% 4.08% 36.37%
11.20 19.46 1.73 62.85 17.05% 5.12% 3.45% 65.24%
9.09 12.93 1.27 35.38 -17.03% 4.77% 6.33% 70.97%
13.56 24.23 5.19 212.24 20.34% 4.63% 17.90% 118.14%
12.75 18.42 3.08 55.04 18.05% 4.43% 6.61% 50.55%
10.15 20.01 2.06 26.70 6.68% 5.26% 6.49% 106.94%
11.08 19.04 2.55 207.28 19.97% 4.13% 3.69% 53.87%
6.48 15.13 1.42 41.70 5.16% 4.28% 4.98% 201.48%
10.06 18.18 1.93 68.19 16.69% 6.10% 4.43% 84.84%
8.68 12.82 1.40 71.29 11.22% 3.00% 2.01% 61.17%
11.40 15.67 2.90 95.13 9.72% 4.89% 4.65% 108.16%
12.38 21.75 3.08 44.45 10.26% 7.79% 7.11% 119.69%
13.17 21.51 1.78 82.02 15.53% 4.63% 3.37% 89.78%
159.36 NA 1.29 133.95 NA 7.76% 10.80% 219.24%
11.89 16.80 2.62 38.17 10.15% 4.55% 3.29% 44.72%
9.83 16.09 1.68 54.07 3.94% 1.38% 2.40% 123.46%
10.31 15.28 2.49 66.75 5.99% 3.21% 6.16% 54.17%
12.10 22.15 1.41 79.07 -11.78% 32.57% 51.56% 202.65%
14.65 22.38 3.35 146.34 23.83% 5.17% 7.44% 71.51%
9.64 12.44 2.52 45.93 -1.29% 0.99% 1.45% 50.77%
16.65 27.83 4.10 88.69 20.20% 4.50% 11.73% 127.74%
8.72 11.70 1.35 52.44 56.85% 1.05% 1.12% 69.66%
10.40 19.80 3.06 37.53 7.24% 6.25% 6.23% 147.65%
11.88 20.75 2.03 103.46 -2.57% 9.12% 5.25% 51.14%
14.07 17.61 4.85 43.50 8.90% 4.05% 4.91% 38.72%
15.09 19.45 5.04 35.15 0.22% 3.03% 10.28% 67.62%
9.36 11.50 1.06 21.68 10.15% 0.82% 0.08% 4.54%
7.21 7.79 0.96 40.28 -111.13% 0.66% 0.65% 11.98%
8.56 9.58 1.20 19.54 -28.82% 0.68% 2.54% 38.62%
19.93 22.44 1.35 105.59 NA 2.31% 9.82% 80.53%
11.89 17.23 2.61 59.65 23.72% 3.92% 3.88% 65.56%
11.06 41.52 1.46 113.12 8.82% 9.39% 2.20% 29.48%
8.25 12.72 2.41 65.72 12.34% 3.37% 2.47% 39.93%
8.74 60.66 1.14 44.61 3.07% 12.30% 2.37% 101.76%
11.19 NA 1.61 40.19 3.46% 41.64% -5.47% NA
13.03 21.62 1.56 25.91 4.73% 21.08% 18.86% 160.89%
10.63 24.68 1.72 125.07 8.04% 4.20% 1.68% 1.51%
9.68 15.66 2.67 31.89 13.75% 5.62% 6.51% 96.37%
9.01 16.72 1.39 57.99 18.56% 7.12% 3.23% 70.18%
8.41 15.13 1.27 33.26 0.59% 17.41% 11.40% 112.08%
9.08 43.21 1.65 130.43 13.52% 21.38% 4.66% 229.37%
9.01 16.67 1.54 82.85 8.43% 3.21% 2.24% 43.15%
20.81 35.03 1.61 77.10 46.87% 4.49% -2.16% -4.77%
12.22 13.30 0.90 45.89 166.57% 3.12% 5.69% 86.56%
13.28 17.61 0.86 125.86 72.56% 7.23% 6.81% 42.30%
15.92 19.42 0.94 45.21 18.81% 5.63% 10.11% 43.07%
11.04 17.98 2.56 66.93 14.75% 7.13% 6.26% 101.19%
7.84 7.92 0.94 14.14 -45.24% 0.09% 0.39% 10.71%
11.43 20.56 6.11 46.86 -1.37% 5.13% 2.09% 29.08%
10.66 17.25 2.97 26.68 9.59% 2.69% 3.37% 113.23%
10.74 15.58 6.60 19.35 6.69% 2.00% 1.07% 18.07%
12.29 21.03 1.38 126.42 15.17% 2.79% 2.27% 64.94%
8.75 18.37 2.15 70.10 0.37% 2.97% 1.06% 36.75%
8.53 20.49 2.07 34.16 -3.43% 3.03% 0.99% 35.03%
24.10 48.84 7.69 62.31 1.08% 3.90% 0.85% 45.10%
8.94 16.68 3.13 83.83 8.03% 2.21% 0.78% 15.54%
5.74 8.95 1.65 22.96 17.80% 4.93% 2.20% 27.90%
10.50 19.10 2.81 57.64 17.83% 12.48% 16.13% 120.87%
12.08 17.23 2.93 38.89 28.33% 6.80% 4.87% 67.09%
9.30 30.12 1.08 54.59 -0.56% 10.55% 4.92% 95.91%
11.61 16.43 3.12 29.20 19.61% 1.68% 0.17% 4.67%
15.74 21.92 2.88 134.29 11.17% 2.82% 13.79% 99.24%
20.19 28.89 4.38 57.36 5.18% 7.98% 6.69% 48.67%
19.06 27.87 4.77 380.93 11.32% 4.89% 18.07% 151.94%
9.15 30.15 0.97 42.60 12.47% 6.22% 2.87% 3.66%
6.25 16.09 1.61 62.62 -2.71% 12.16% 2.51% 50.52%
12.34 17.82 2.47 186.29 17.80% 3.56% 1.46% 26.42%
6.49 14.10 2.01 29.40 -2.55% 12.48% -0.31% 1.36%
14.35 16.03 9.88 19.61 14.11% 3.01% 1.43% 9.50%
8.77 13.78 2.38 32.41 3.13% 4.74% 3.34% 50.87%
9.63 14.72 2.18 26.13 -0.87% 16.00% 10.97% 76.29%
8.04 15.50 1.84 31.42 8.45% 9.18% 6.92% 146.90%
8.20 13.69 1.63 30.26 -0.51% 11.76% 7.13% 69.24%
12.57 18.65 1.96 30.62 6.83% 20.41% 13.71% 28081.70%
 Equity
Dividend Reinvestmen
ROE Payout Ratio t Rate
15.26% 45.43% 45.43%
17.46% 45.44% 45.44%
21.39% 24.92% 24.92%
11.28% 46.63% 46.63%
15.03% 32.31% 32.31%
11.86% 29.20% 29.20%
9.90% 36.85% 36.85%
9.79% 24.90% 24.90%
11.83% 69.96% 69.96%
25.73% 53.69% 53.69%
12.88% 51.65% 51.65%
9.13% 58.56% 58.56%
9.60% 43.37% 43.37%
15.04% 54.78% 54.78%
15.82% 28.32% 28.32%
10.93% 50.69% 50.69%
14.54% 42.41% 42.41%
10.24% 61.16% 61.16%
-1.81% 8.26% 8.26%
21.32% 35.29% 35.29%
15.11% 32.73% 32.73%
6.63% 69.44% 69.44%
9.18% 32.96% 32.96%
12.10% 53.16% 53.16%
13.07% 64.96% 64.96%
5.36% 64.69% 64.69%
8.68% 65.62% 65.62%
2.40% 122.49% 122.49%
8.29% 40.70% 40.70%
7.55% 63.00% 63.00%
14.80% 41.37% 41.37%
8.97% 58.77% 58.77%
7.96% 46.94% 46.94%
21.69% 20.84% 20.84%
11.51% 51.72% 51.72%
12.14% 42.82% 42.82%
15.84% 38.30% 38.30%
7.40% 94.90% 94.90%
10.84% 36.61% 36.61%
14.67% 23.31% 23.31%
13.33% 12.92% 12.92%
14.06% 19.97% 19.97%
9.30% 45.81% 45.81%
9.49% 58.37% 58.37%
20.37% 59.04% 59.04%
20.31% 27.78% 27.78%
7.30% 52.41% 52.41%
8.34% 36.52% 36.52%
10.63% 31.53% 31.53%
10.65% 45.34% 45.34%
9.23% 50.97% 50.97%
-6.83% 1.68% 1.68%
12.98% 39.73% 39.73%
0.96% 408.11% 408.11%
-21.63% 0.54% 0.54%
3.58% 308.72% 308.72%
-3.50% 0.86% 0.86%
11.68% 47.23% 47.23%
8.53% 51.53% 51.53%
7.59% 73.21% 73.21%
-6.33% 0.32% 0.32%
4.80% 86.54% 86.54%
8.61% 89.70% 89.70%
9.92% 62.43% 62.43%
7.18% 38.36% 38.36%
8.83% 34.99% 34.99%
10.52% 48.02% 48.02%
10.56% 40.08% 40.08%
24.15% 48.39% 48.39%
18.73% 24.81% 24.81%
27.56% 44.68% 44.68%
3.77% 100.23% 100.23%
11.50% 49.89% 49.89%
11.74% 49.28% 49.28%
11.22% 10.93% 10.93%
13.90% 45.08% 45.08%
13.93% 38.12% 38.12%
12.42% 56.34% 56.34%
12.46% 33.30% 33.30%
-3.49% 0.88% 0.88%
16.29% 36.66% 36.66%
8.44% 609.95% 609.95%
11.09% 11.27% 11.27%
14.48% 47.06% 47.06%
-4.22% 0.43% 0.43%
7.57% 57.12% 57.12%
10.91% 54.98% 54.98%
14.13% 69.83% 69.83%
57.38% 72.61% 72.61%
14.32% 50.91% 50.91%
11.65% 39.88% 39.88%
12.40% 28.05% 28.05%
1.32% 542.51% 542.51%
8.71% 56.31% 56.44%
Country GDP (in billions) Adj. Default Spread Total Risk Premium
Abu Dhabi 390 0.57% 6.40%
Albania 11.4 5.20% 12.09%
Andorra (Principality of) 3.25 2.54% 8.82%
Angola 102.6 5.20% 12.09%
Argentina 583.2 7.51% 14.94%
Armenia 10.5 5.20% 12.09%
Aruba 2.6 1.84% 7.96%
Australia 1339 0.00% 5.69%
Austria 377 0.46% 6.25%
Azerbaijan 53.1 2.89% 9.24%
Bahamas 8.9 2.54% 8.82%
Bahrain 31.1 3.47% 9.96%
Bangladesh 195.1 4.16% 10.81%
Barbados 4.4 8.66% 16.35%
Belarus 54.61 8.66% 16.35%
Belgium 455.1 0.70% 6.55%
Belize 1.75 10.40% 18.49%
Bermuda 5.6 0.98% 6.90%
Bolivia 33 4.16% 10.81%
Bosnia and Herzegovina 16.2 7.51% 14.94%
Botswana 14.4 0.98% 6.90%
Brazil 1774.7 3.47% 9.96%
Bulgaria 12.9 2.20% 8.40%
Burkina Faso 10.7 7.51% 14.94%
Cambodia 18.1 6.36% 13.51%
Cameroon 28.4 6.36% 13.51%
Canada 1550.3 0.00% 5.69%
Cayman Islands 3.2 0.70% 6.55%
Cape Verde 1.9 6.36% 13.51%
Chile 240.8 0.70% 6.55%
China 11007.7 0.70% 6.55%
Colombia 292.1 2.20% 8.40%
Congo (Democratic Republic of) 35.2 7.51% 14.94%
Congo (Republic of) 8.6 7.51% 14.94%
Cook Islands 1.2 8.66% 16.35%
Costa Rica 54.1 2.89% 9.24%
Côte d'Ivoire 31.8 4.16% 10.81%
Croatia 48.7 3.47% 9.96%
Cuba 77.2 10.40% 18.49%
Curacao 1 8.66% 16.35%
Cyprus 19.6 5.20% 12.09%
Czech Republic 185.2 0.81% 6.69%
Denmark 295.1 0.00% 5.69%
Dominican Republic 68.1 5.20% 12.09%
Ecuador 100.2 7.51% 14.94%
Egypt 330.8 7.51% 14.94%
El Salvador 25.9 7.51% 14.94%
Estonia 26.5 0.81% 6.69%
Ethiopia 61.5 5.20% 12.09%
Fiji 4.4 5.20% 12.09%
Finland 231.9 0.46% 6.25%
France 2418.8 0.57% 6.40%
Gabon 14.3 5.20% 12.09%
Georgia 14 4.16% 10.81%
Germany 3363.4 0.00% 5.69%
Ghana 37.5 7.51% 14.94%
Greece 194.9 11.55% 19.90%
Guatemala 63.8 2.89% 9.24%
Guernsey (States of) 0.5 0.46% 6.25%
Honduras 20.4 6.36% 13.51%
Hong Kong 309.3 0.46% 6.25%
Hungary 121.7 2.54% 8.82%
Iceland 16.6 1.39% 7.40%
India 2095.4 2.54% 8.82%
Indonesia 861.9 2.54% 8.82%
Iraq 180.8 2.54% 8.82%
Ireland 283.7 1.39% 7.40%
Isle of Man 7.4 0.46% 6.25%
Israel 299.4 0.81% 6.69%
Italy 1821.5 2.20% 8.40%
Jamaica 14.3 7.51% 14.94%
Japan 4123.2 0.81% 6.69%
Jersey (States of) 1 8.66% 16.35%
Jordan 37.5 5.20% 12.09%
Kazakhstan 184.4 2.54% 8.82%
Kenya 63.3 5.20% 12.09%
Korea 1377.9 0.57% 6.40%
Kuwait 114 0.57% 6.40%
Kyrgyzstan 6.6 6.36% 13.51%
Latvia 27 1.39% 7.40%
Lebanon 47.1 6.36% 13.51%
Liechtenstein 6.7 0.00% 5.69%
Lithuania 41.2 1.39% 7.40%
Luxembourg 57.8 0.00% 5.69%
Macao 46.2 0.70% 6.55%
Macedonia 10.1 4.16% 10.81%
Malaysia 296.3 1.39% 7.40%
Malta 9.7 1.39% 7.40%
Mauritius 11.7 1.84% 7.96%
Mexico 1143.8 1.39% 7.40%
Moldova 6.6 7.51% 14.94%
Mongolia 11.7 8.66% 16.35%
Montenegro 4 5.20% 12.09%
Montserrat 1.5 2.54% 8.82%
Morocco 100.6 2.89% 9.24%
Mozambique 14.8 11.55% 19.90%
Namibia 11.5 2.54% 8.82%
Netherlands 750.3 0.00% 5.69%
New Zealand 173.8 0.00% 5.69%
Nicaragua 12.7 6.36% 13.51%
Nigeria 481.1 5.20% 12.09%
Norway 388.6 0.00% 5.69%
Oman 69.9 1.84% 7.96%
Pakistan 271.1 7.51% 14.94%
Panama 52.1 2.20% 8.40%
Papua New Guinea 16.9 6.36% 13.51%
Paraguay 27.1 2.89% 9.24%
Peru 189.1 1.39% 7.40%
Philippines 284.8 2.20% 8.40%
Poland 477.1 0.98% 6.90%
Portugal 199 2.89% 9.24%
Qatar 164.7 0.57% 6.40%
Ras Al Khaimah (Emirate of) 5.2 0.98% 6.90%
Romania 178 2.54% 8.82%
Russia 1331.2 2.89% 9.24%
Rwanda 8.1 6.36% 13.51%
Saudi Arabia 646 0.81% 6.69%
Senegal 13.6 5.20% 12.09%
Serbia 37.2 5.20% 12.09%
Sharjah 5 1.39% 7.40%
Singapore 292.7 0.00% 5.69%
Slovakia 87.3 0.98% 6.90%
Slovenia 42.8 2.54% 8.82%
South Africa 314.6 2.20% 8.40%
Spain 1199.1 2.20% 8.40%
Sri Lanka 82.3 5.20% 12.09%
St. Maarten 1.5 2.20% 8.40%
St. Vincent & the Grenadines 0.7 7.51% 14.94%
Suriname 5.2 5.20% 12.09%
Sweden 494.6 0.00% 5.69%
Switzerland 670.8 0.00% 5.69%
Taiwan 970.9 0.70% 6.55%
Thailand 395.2 1.84% 7.96%
Trinidad and Tobago 23.6 2.54% 8.82%
Tunisia 43 4.16% 10.81%
Turkey 717.9 2.89% 9.24%
Turks and Caicos Islands 1.5 8.66% 16.35%
Uganda 27.6 6.36% 13.51%
Ukraine 90.6 11.55% 19.90%
United Arab Emirates 370.3 0.57% 6.40%
United Kingdom 2858 0.46% 6.25%
United States 18038.6 0.00% 5.69%
Uruguay 53.4 2.20% 8.40%
Venezuela 250 11.55% 19.90%
Vietnam 193.6 5.20% 12.09%
Zambia 27.2 7.51% 14.94%
Weighted Average: Weighted Average: Weighted Average:
Region TRP CRP Default Spreads
Africa 12.00% 6.31% 5.12%
Asia 7.12% 1.43% 1.16%
Australia & New Zealand 5.70% 0.01% 0.01%
Caribbean 13.92% 8.23% 6.69%
Central and South America 10.21% 4.52% 3.67%
Eastern Europe & Russia 9.09% 3.40% 2.77%
Middle East 7.03% 1.34% 1.09%
North America 5.69% 0.00% 0.00%
Western Europe 6.81% 1.12% 0.91%
Global 7.06% 1.37% 1.12%
Country Risk Premium Corporate Tax Rate Region
0.71% 0.00% Middle East
6.40% 15.00% Eastern Europe & Russia
3.13% 0.00% Western Europe
6.40% 30.00% Africa
9.25% 35.00% Central and South America
6.40% 20.00% Eastern Europe & Russia
2.27% 25.00% Caribbean
0.00% 30.00% Australia & New Zealand
0.56% 25.00% Western Europe
3.55% 15.00% Eastern Europe & Russia
3.13% 0.00% Caribbean
4.27% 0.00% Middle East
5.12% 25.00% Asia
10.66% 25.00% Caribbean
10.66% 18.00% Eastern Europe & Russia
0.86% 33.99% Western Europe
12.80% 27.29% Central and South America
1.21% 0.00% Caribbean
5.12% 25.00% Central and South America
9.25% 10.00% Eastern Europe & Russia
1.21% 22.00% Africa
4.27% 34.00% Central and South America
2.71% 10.00% Eastern Europe & Russia
9.25% 27.46% Africa
7.82% 20.00% Asia
7.82% 33.00% Africa
0.00% 26.50% North America
0.86% 0.00% Caribbean
7.82% 27.46% Africa
0.86% 24.00% Central and South America
0.86% 25.00% Asia
2.71% 25.00% Central and South America
9.25% 27.46% Africa
9.25% 27.46% Africa
10.66% 20.00% Australia & New Zealand
3.55% 30.00% Central and South America
5.12% 27.46% Africa
4.27% 20.00% Eastern Europe & Russia
12.80% 27.29% Caribbean
10.66% 25.00% Caribbean
6.40% 12.50% Western Europe
1.00% 19.00% Eastern Europe & Russia
0.00% 23.50% Western Europe
6.40% 27.00% Caribbean
9.25% 22.00% Central and South America
9.25% 22.50% Africa
9.25% 30.00% Central and South America
1.00% 20.00% Eastern Europe & Russia
6.40% 27.46% Africa
6.40% 20.00% Asia
0.56% 20.00% Western Europe
0.71% 33.30% Western Europe
6.40% 27.46% Africa
5.12% 15.00% Eastern Europe & Russia
0.00% 29.72% Western Europe
9.25% 25.00% Africa
14.21% 29.00% Western Europe
3.55% 25.00% Central and South America
0.56% 0.00% Western Europe
7.82% 30.00% Central and South America
0.56% 16.50% Asia
3.13% 19.00% Eastern Europe & Russia
1.71% 20.00% Western Europe
3.13% 34.61% Asia
3.13% 25.00% Asia
3.13% 15.00% Middle East
1.71% 12.50% Western Europe
0.56% 0.00% Western Europe
1.00% 25.00% Middle East
2.71% 31.40% Western Europe
9.25% 25.00% Caribbean
1.00% 33.06% Asia
10.66% 20.00% Western Europe
6.40% 20.00% Middle East
3.13% 20.00% Eastern Europe & Russia
6.40% 30.00% Africa
0.71% 24.20% Asia
0.71% 15.00% Middle East
7.82% 15.00% Eastern Europe & Russia
 1.71% 15.00% Eastern Europe & Russia
7.82% 15.00% Middle East
0.00% 12.50% Western Europe
1.71% 15.00% Eastern Europe & Russia
0.00% 29.22% Western Europe
0.86% 12.00% Asia
5.12% 10.00% Eastern Europe & Russia
1.71% 24.00% Asia
1.71% 35.00% Western Europe
2.27% 15.00% Asia
1.71% 30.00% Central and South America
9.25% 12.00% Eastern Europe & Russia
10.66% 21.92% Asia
6.40% 9.00% Eastern Europe & Russia
3.13% 27.46% Caribbean
3.55% 31.00% Africa
14.21% 32.00% Africa
3.13% 32.00% Africa
0.00% 25.00% Western Europe
0.00% 28.00% Australia & New Zealand
7.82% 27.29% Central and South America
6.40% 30.00% Africa
0.00% 27.00% Western Europe
2.27% 12.00% Middle East
9.25% 32.00% Asia
2.71% 25.00% Central and South America
7.82% 30.00% Asia
3.55% 10.00% Central and South America
1.71% 28.00% Central and South America
2.71% 30.00% Asia
1.21% 19.00% Eastern Europe & Russia
3.55% 21.00% Western Europe
0.71% 10.00% Middle East
1.21% 0.00% Middle East
3.13% 16.00% Eastern Europe & Russia
3.55% 20.00% Eastern Europe & Russia
7.82% 27.46% Africa
1.00% 20.00% Middle East
6.40% 27.46% Africa
6.40% 15.00% Eastern Europe & Russia
 1.71% 0.00% Middle East
0.00% 17.00% Asia
1.21% 22.00% Eastern Europe & Russia
3.13% 17.00% Eastern Europe & Russia
2.71% 28.00% Africa
2.71% 25.00% Western Europe
6.40% 15.00% Asia
2.71% 34.50% Caribbean
9.25% 26.85% Caribbean
6.40% 34.50% Central and South America
0.00% 22.00% Western Europe
0.00% 17.92% Western Europe
0.86% 17.00% Asia
2.27% 20.00% Asia
3.13% 25.00% Caribbean
5.12% 25.00% Africa
3.55% 20.00% Western Europe
10.66% 26.85% Caribbean
7.82% 30.00% Africa
14.21% 18.00% Eastern Europe & Russia
0.71% 55.00% Middle East
0.56% 20.00% Western Europe
0.00% 40.00% North America
2.71% 25.00% Central and South America
14.21% 34.00% Central and South America
6.40% 22.00% Asia
9.25% 35.00% Africa

Tax Rate
27.91%
26.68%
29.76%
24.50%
31.09%
18.97%
20.81%
38.93%
26.36%
29.76%
 Annual Returns on Investments in
Year US Stocks 3-month T.Bill 10-year T. Bond
1928 43.81% 3.08% 0.84%
1929 -8.30% 3.16% 4.20%
1930 -25.12% 4.55% 4.54%
1931 -43.84% 2.31% -2.56%
1932 -8.64% 1.07% 8.79%
1933 49.98% 0.96% 1.86%
1934 -1.19% 0.32% 7.96%
1935 46.74% 0.18% 4.47%
1936 31.94% 0.17% 5.02%
1937 -35.34% 0.30% 1.38%
1938 29.28% 0.08% 4.21%
1939 -1.10% 0.04% 4.41%
1940 -10.67% 0.03% 5.40%
1941 -12.77% 0.08% -2.02%
1942 19.17% 0.34% 2.29%
1943 25.06% 0.38% 2.49%
1944 19.03% 0.38% 2.58%
1945 35.82% 0.38% 3.80%
1946 -8.43% 0.38% 3.13%
1947 5.20% 0.57% 0.92%
1948 5.70% 1.02% 1.95%
1949 18.30% 1.10% 4.66%
1950 30.81% 1.17% 0.43%
1951 23.68% 1.48% -0.30%
1952 18.15% 1.67% 2.27%
1953 -1.21% 1.89% 4.14%
1954 52.56% 0.96% 3.29%
1955 32.60% 1.66% -1.34%
1956 7.44% 2.56% -2.26%
1957 -10.46% 3.23% 6.80%
1958 43.72% 1.78% -2.10%
1959 12.06% 3.26% -2.65%
1960 0.34% 3.05% 11.64%
1961 26.64% 2.27% 2.06%
1962 -8.81% 2.78% 5.69%
1963 22.61% 3.11% 1.68%
1964 16.42% 3.51% 3.73%
1965 12.40% 3.90% 0.72%
1966 -9.97% 4.84% 2.91%
1967 23.80% 4.33% -1.58%
1968 10.81% 5.26% 3.27%
1969 -8.24% 6.56% -5.01%
1970 3.56% 6.69% 16.75%
1971 14.22% 4.54% 9.79%
1972 18.76% 3.95% 2.82%
1973 -14.31% 6.73% 3.66%
1974 -25.90% 7.78% 1.99%
1975 37.00% 5.99% 3.61%
1976 23.83% 4.97% 15.98%
1977 -6.98% 5.13% 1.29%
1978 6.51% 6.93% -0.78%
1979 18.52% 9.94% 0.67%
1980 31.74% 11.22% -2.99%
1981 -4.70% 14.30% 8.20%
1982 20.42% 11.01% 32.81%
1983 22.34% 8.45% 3.20%
1984 6.15% 9.61% 13.73%
1985 31.24% 7.49% 25.71%
1986 18.49% 6.04% 24.28%
1987 5.81% 5.72% -4.96%
1988 16.54% 6.45% 8.22%
1989 31.48% 8.11% 17.69%
1990 -3.06% 7.55% 6.24%
1991 30.23% 5.61% 15.00%
1992 7.49% 3.41% 9.36%
1993 9.97% 2.98% 14.21%
1994 1.33% 3.99% -8.04%
1995 37.20% 5.52% 23.48%
1996 22.68% 5.02% 1.43%
1997 33.10% 5.05% 9.94%
1998 28.34% 4.73% 14.92%
1999 20.89% 4.51% -8.25%
2000 -9.03% 5.76% 16.66%
2001 -11.85% 3.67% 5.57%
2002 -21.97% 1.66% 15.12%
2003 28.36% 1.03% 0.38%
2004 10.74% 1.23% 4.49%
2005 4.83% 3.01% 2.87%
 2006 15.61% 4.68% 1.96%
2007 5.48% 4.64% 10.21%
2008 -36.55% 1.59% 20.10%
2009 25.94% 0.14% -11.12%
2010 14.82% 0.13% 8.46%
2011 2.10% 0.03% 16.04%
2012 15.89% 0.05% 2.97%
2013 32.15% 0.07% -9.10%
2014 13.52% 0.05% 10.75%
2015 1.36% 0.21% 1.28%
2016 11.74% 0.51% 0.69%

Arithmetic Average
1928-2016 11.42% 3.46% 5.18%
1967-2016 11.45% 4.88% 7.08%
2007-2016 8.64% 0.74% 5.03%

Geometric Average
1928-2016 9.52% 3.42% 4.91%
1967-2016 10.09% 4.83% 6.66%
2007-2016 6.88% 0.73% 4.58%
 Compounded Value of $ 100 Excess Return
Stocks T.Bills T.Bonds Stocks - Bills
$ 143.81 $ 103.08 $ 100.84 40.73%
$ 131.88 $ 106.34 $ 105.07 -11.46%
$ 98.75 $ 111.18 $ 109.85 -29.67%
$ 55.46 $ 113.74 $ 107.03 -46.15%
$ 50.66 $ 114.96 $ 116.44 -9.71%
$ 75.99 $ 116.06 $ 118.60 49.02%
$ 75.09 $ 116.44 $ 128.05 -1.51%
$ 110.18 $ 116.64 $ 133.78 46.57%
$ 145.38 $ 116.84 $ 140.49 31.77%
$ 94.00 $ 117.19 $ 142.43 -35.64%
$ 121.53 $ 117.29 $ 148.43 29.21%
$ 120.20 $ 117.33 $ 154.98 -1.14%
$ 107.37 $ 117.36 $ 163.35 -10.70%
$ 93.66 $ 117.46 $ 160.04 -12.85%
$ 111.61 $ 117.85 $ 163.72 18.84%
$ 139.59 $ 118.30 $ 167.79 24.68%
$ 166.15 $ 118.75 $ 172.12 18.65%
$ 225.67 $ 119.20 $ 178.67 35.44%
$ 206.65 $ 119.65 $ 184.26 -8.81%
$ 217.39 $ 120.33 $ 185.95 4.63%
$ 229.79 $ 121.56 $ 189.58 4.68%
$ 271.85 $ 122.90 $ 198.42 17.20%
$ 355.60 $ 124.34 $ 199.27 29.63%
$ 439.80 $ 126.18 $ 198.68 22.20%
$ 519.62 $ 128.29 $ 203.19 16.48%
$ 513.35 $ 130.72 $ 211.61 -3.10%
$ 783.18 $ 131.98 $ 218.57 51.60%
$ 1,038.47 $ 134.17 $ 215.65 30.94%
$ 1,115.73 $ 137.60 $ 210.79 4.88%
$ 999.05 $ 142.04 $ 225.11 -13.69%
$ 1,435.84 $ 144.57 $ 220.39 41.94%
$ 1,608.95 $ 149.27 $ 214.56 8.80%
$ 1,614.37 $ 153.82 $ 239.53 -2.71%
$ 2,044.40 $ 157.30 $ 244.46 24.37%
$ 1,864.26 $ 161.67 $ 258.38 -11.59%
$ 2,285.80 $ 166.70 $ 262.74 19.50%
$ 2,661.02 $ 172.54 $ 272.53 12.91%
$ 2,990.97 $ 179.28 $ 274.49 8.50%
$ 2,692.74 $ 187.95 $ 282.47 -14.81%
$ 3,333.69 $ 196.10 $ 278.01 19.47%
$ 3,694.23 $ 206.41 $ 287.11 5.55%
$ 3,389.77 $ 219.96 $ 272.71 -14.80%
$ 3,510.49 $ 234.66 $ 318.41 -3.12%
$ 4,009.72 $ 245.32 $ 349.57 9.68%
$ 4,761.76 $ 255.01 $ 359.42 14.80%
$ 4,080.44 $ 272.16 $ 372.57 -21.03%
$ 3,023.54 $ 293.33 $ 379.98 -33.68%
$ 4,142.10 $ 310.90 $ 393.68 31.01%
$ 5,129.20 $ 326.35 $ 456.61 18.86%
$ 4,771.20 $ 343.09 $ 462.50 -12.11%
$ 5,081.77 $ 366.87 $ 458.90 -0.42%
$ 6,022.89 $ 403.33 $ 461.98 8.58%
$ 7,934.26 $ 448.58 $ 448.17 20.52%
$ 7,561.16 $ 512.73 $ 484.91 -19.00%
$ 9,105.08 $ 569.18 $ 644.04 9.41%
$ 11,138.90 $ 617.26 $ 664.65 13.89%
$ 11,823.51 $ 676.60 $ 755.92 -3.47%
$ 15,516.60 $ 727.26 $ 950.29 23.75%
$ 18,386.33 $ 771.15 $ 1,181.06 12.46%
$ 19,455.08 $ 815.27 $ 1,122.47 0.09%
$ 22,672.40 $ 867.86 $ 1,214.78 10.09%
$ 29,808.58 $ 938.24 $ 1,429.72 23.37%
$ 28,895.11 $ 1,009.08 $ 1,518.87 -10.61%
$ 37,631.51 $ 1,065.69 $ 1,746.77 24.62%
$ 40,451.51 $ 1,101.98 $ 1,910.30 4.09%
$ 44,483.33 $ 1,134.84 $ 2,181.77 6.98%
$ 45,073.14 $ 1,180.07 $ 2,006.43 -2.66%
$ 61,838.19 $ 1,245.15 $ 2,477.55 31.68%
$ 75,863.69 $ 1,307.68 $ 2,512.94 17.66%
$ 100,977.34 $ 1,373.76 $ 2,762.71 28.05%
$ 129,592.25 $ 1,438.70 $ 3,174.95 23.61%
$ 156,658.05 $ 1,503.58 $ 2,912.88 16.38%
$ 142,508.98 $ 1,590.23 $ 3,398.03 -14.79%
$ 125,622.01 $ 1,648.63 $ 3,587.37 -15.52%
$ 98,027.82 $ 1,675.96 $ 4,129.65 -23.62%
$ 125,824.39 $ 1,693.22 $ 4,145.15 27.33%
$ 139,341.42 $ 1,714.00 $ 4,331.30 9.52%
$ 146,077.85 $ 1,765.59 $ 4,455.50 1.82%
$ 168,884.34 $ 1,848.18 $ 4,542.87 10.94%
$ 178,147.20 $ 1,933.98 $ 5,006.69 0.84%
$ 113,030.22 $ 1,964.64 $ 6,013.10 -38.14%
$ 142,344.87 $ 1,967.29 $ 5,344.65 25.80%
$ 163,441.94 $ 1,969.84 $ 5,796.96 14.69%
$ 166,871.56 $ 1,970.44 $ 6,726.52 2.07%
$ 193,388.43 $ 1,971.42 $ 6,926.40 15.84%
$ 255,553.31 $ 1,972.72 $ 6,295.79 32.08%
$ 290,115.42 $ 1,973.77 $ 6,972.34 13.47%
$ 294,060.84 $ 1,977.91 $ 7,061.89 1.15%
$ 328,584.46 $ 1,988.00 $ 7,110.65 11.23%
Risk Premium Standard Error
Stocks - T.Bills Stocks - T.Bonds Stocks - T.Bills
7.96% 6.24% 2.12%
6.57% 4.37% 2.39%
7.90% 3.62% 6.06%
Risk Premium
Stocks - T.Bills Stocks - T.Bonds
6.11% 4.62%
5.25% 3.42%
6.15% 2.30%
 Excess Return
Stocks - Bonds Historical risk premium
42.98%
-12.50%
-29.66%
-41.28%
-17.43%
48.13%
-9.15%
42.27%
26.93%
-36.72%
25.07%
-5.51%
-16.08%
-10.75%
16.88%
22.57%
16.45%
32.02%
-11.56%
4.28%
3.75%
13.64%
30.38%
23.97%
15.88%
-5.35%
49.27%
33.93%
9.70%
-17.25%
45.82%
14.70%
-11.30% 6.11%
24.58% 6.62%
-14.51% 5.97%
20.93% 6.36%
12.69% 6.53%
11.68% 6.66%
-12.88% 6.11%
25.38% 6.57%
7.54% 6.60%
-3.23% 6.33%
-13.19% 5.90%
4.43% 5.87%
15.94% 6.08%
-17.97% 5.50%
-27.89% 4.64%
33.39% 5.17%
7.85% 5.22%
-8.27% 4.93%
7.29% 4.97%
17.85% 5.21%
34.72% 5.73%
-12.90% 5.37%
-12.40% 5.10%
19.14% 5.34%
-7.59% 5.12%
5.52% 5.13%
-5.79% 4.97%
10.77% 5.07%
8.31% 5.12%
13.78% 5.24%
-9.30% 5.00%
15.23% 5.14%
-1.87% 5.03%
-4.24% 4.90%
9.36% 4.97%
13.71% 5.08%
21.25% 5.30%
23.16% 5.53%
13.42% 5.63%
29.14% 5.96%
-25.69% 5.51%
-17.42% 5.17%
-37.08% 4.53%
27.98% 4.82%
6.25% 4.84%
1.97% 4.80%
 13.65% 4.91%
-4.73% 4.79%
-56.65% 3.88%
37.05% 4.29%
6.36% 4.31%
-13.94% 4.10%
12.92% 4.20%
41.25% 4.62%
2.78% 4.60%
0.08% 4.54%
11.05% 4.62%
Standard Error
Stocks - T.Bonds
2.26%
2.72%
8.63%