PRICE MATRIX

SJM ATVI PEP AMZN EQR

Date Adj Close Adj Close Adj Close Adj Close Adj Close
11/1/2016 116.001236 35.912109 91.496346 750.570007 54.59951
12/1/2016 118.621277 36.088676 96.344513 768.659973 58.557312
1/1/2017 125.837105 39.443485 95.561813 823.47998 55.733616
2/1/2017 131.283691 44.269695 101.639168 845.039978 57.843014
3/1/2017 122.074257 48.909531 103.001976 886.539978 57.063457
4/1/2017 118.013786 51.567768 105.026009 924.98999 59.702702
5/1/2017 119.066162 57.815117 108.354431 994.619995 60.174179
6/1/2017 110.862801 56.818302 107.810394 968 60.858292
7/1/2017 114.207512 60.973335 108.855919 987.780029 63.389626
8/1/2017 98.149132 64.703972 108.034431 980.599976 62.54208
9/1/2017 98.942085 63.66769 104.748299 961.349976 61.405792
10/1/2017 99.998177 64.634888 103.620239 1105.280029 63.123161
11/1/2017 110.012115 61.585239 109.533073 1176.75 62.71022
12/1/2017 118.040749 62.493229 113.511269 1169.469971 59.847801
1/1/2018 120.55851 73.162079 113.870972 1450.890015 58.277809
2/1/2018 119.997971 72.175133 103.865837 1512.449951 53.188786
3/1/2018 118.594177 66.57917 103.316833 1447.339966 58.287266
4/1/2018 109.097855 65.821259 96.251717 1566.130005 58.904762
5/1/2018 102.805214 70.344925 95.593765 1629.619995 61.081123
6/1/2018 103.495514 75.711807 104.768181 1699.800049 60.79475
7/1/2018 107.00058 72.834915 110.667213 1777.439941 62.996826
8/1/2018 99.547508 71.525436 107.789871 2012.709961 65.230553
9/1/2018 99.557671 82.527061 107.587784 2003 63.795967
10/1/2018 105.097816 68.499748 109.040466 1598.01001 63.045559
11/1/2018 101.401154 49.48251 118.316368 1690.170044 69.150185
12/1/2018 91.390739 46.198887 107.196922 1501.969971 64.064621
1/1/2019 102.524986 46.863548 110.189896 1718.72998 71.000381
2/1/2019 103.531868 41.804188 113.094521 1639.829956 72.106094
3/1/2019 114.824982 45.167171 120.824295 1780.75 73.701065
4/1/2019 120.866844 48.209999 126.246841 1926.52002 75.34967
5/1/2019 119.812233 43.369999 126.197548 1775.069946 75.497566
6/1/2019 114.295792 47.200001 129.283478 1893.630005 74.856667
7/1/2019 110.326843 48.740002 126.932823 1866.780029 78.37352
8/1/2019 104.343658 50.599998 135.791595 1776.290039 84.205093
9/1/2019 110.019997 52.919998 136.159073 1735.910034 85.695274
10/1/2019 107.809998 54.799999 137.449997 1762.170044 87.839996
 RETURN MATRIX

SJM ATVI PEP AMZN

12/1/2016 0.02233503 0.0049046 0.05163141 0.02381578
1/1/2017 0.05905238 0.08888976 -0.00815715 0.06889053
2/1/2017 0.04237231 0.11543147 0.06165568 0.0258447
3/1/2017 -0.07273104 0.09967193 0.0133192 0.04794228
4/1/2017 -0.03382808 0.05292454 0.01945985 0.04245669
5/1/2017 0.00887787 0.11435346 0.0311996 0.07257783
6/1/2017 -0.07138591 -0.01739179 -0.00503355 -0.02712866
7/1/2017 0.02972366 0.07057815 0.00965109 0.02022794
8/1/2017 -0.151529 0.05938595 -0.00757518 -0.00729543
9/1/2017 0.0080466 -0.01614538 -0.03088966 -0.01982608
10/1/2017 0.01061728 0.01507711 -0.01082765 0.13951548
11/1/2017 0.09543854 -0.04833211 0.05549387 0.06265768
12/1/2017 0.0704394 0.014636 0.03567558 -0.00620577
1/1/2018 0.0211053 0.15761903 0.00316386 0.21562654
2/1/2018 -0.00466036 -0.01358167 -0.09196595 0.04155365
3/1/2018 -0.01176745 -0.0807038 -0.00529972 -0.04400345
4/1/2018 -0.08346216 -0.01144889 -0.0708335 0.07888025
5/1/2018 -0.05940916 0.06646777 -0.00685921 0.03973924
6/1/2018 0.0066922 0.07352348 0.09164251 0.04216377
7/1/2018 0.03330599 -0.03873868 0.05477751 0.04466347
8/1/2018 -0.07219926 -0.01814231 -0.02634392 0.12430796
9/1/2018 0.00010209 0.14307312 -0.00187658 -0.004836
10/1/2018 0.05415441 -0.18629619 0.01341195 -0.22588695
11/1/2018 -0.03580703 -0.32521079 0.08164306 0.05607003
12/1/2018 -0.10394032 -0.06866357 -0.09869459 -0.11805158
1/1/2019 0.11496239 0.01428444 0.02753767 0.13480807
2/1/2019 0.00977293 -0.11424362 0.02601873 -0.04699308
3/1/2019 0.1035296 0.07737399 0.06611344 0.08244207
4/1/2019 0.0512804 0.06519593 0.04390166 0.07868065
5/1/2019 -0.00876368 -0.10579851 -0.00039053 -0.08187545
6/1/2019 -0.04713604 0.08462598 0.02415898 0.0646558
7/1/2019 -0.03534249 0.03210618 -0.0183495 -0.01428059
8/1/2019 -0.0557574 0.03745145 0.06746333 -0.0496881
9/1/2019 0.05297228 0.04482976 0.00270254 -0.02299515
10/1/2019 -0.02029174 0.03490887 0.00943634 0.01501424

SJM ATVI PEP AMZN

AVERAGE RETURN (PROMEDIO) -0.0020923 0.01207473 0.01162746 0.02438481
VARIANCE 0.00365735 0.00912636 0.00189634 0.0062515
SD 6.05% 9.55% 4.35% 7.91%
RISK FREE RATE 2.06% 2.06% 2.06% 2.06%
MARKET RETURN 10% 10% 10% 10%
EXPECTED RETURN 6.43% 9.52% 5.79% 15.00%

Betas 0.55 0.94 0.47 1.63

 EXCESS RETURN MATRIX

EQR SJM ATVI PEP AMZN EQR

0.06998106 0.024427324 -0.00717014 0.04000395 -0.00056903 0.05639557
-0.04942248 0.06114468 0.07681502 -0.01978461 0.04450572 -0.06300797
0.0371492 0.044464607 0.10335674 0.05002822 0.00145989 0.02356372
-0.01356876 -0.07063874 0.0875972 0.00169174 0.02355747 -0.02715424
0.04521335 -0.031735777 0.04084981 0.00783239 0.01807188 0.03162786
0.00786606 0.010970172 0.10227872 0.01957214 0.04819302 -0.00571943
0.01130474 -0.069293614 -0.02946652 -0.01666101 -0.05151347 -0.00228075
0.04075214 0.031815963 0.05850341 -0.00197637 -0.00415687 0.02716665
-0.01346061 -0.149436699 0.04731122 -0.01920264 -0.03168024 -0.0270461
-0.01833545 0.0101389 -0.02822011 -0.04251712 -0.04421089 -0.03192093
0.02758359 0.012709575 0.00300238 -0.02245511 0.11513067 0.01399811
-0.00656332 0.097530839 -0.06040684 0.04386641 0.03827287 -0.02014881
-0.04671974 0.072531698 0.00256127 0.02404812 -0.03059058 -0.06030523
-0.0265833 0.023197598 0.14554429 -0.0084636 0.19124173 -0.04016879
-0.0913738 -0.002568062 -0.0256564 -0.10359341 0.01716884 -0.10495929
0.09153606 -0.009675148 -0.09277853 -0.01692718 -0.06838827 0.07795058
0.01053829 -0.081369857 -0.02352363 -0.08246097 0.05449544 -0.0030472
0.03628093 -0.057316862 0.05439304 -0.01848668 0.01535443 0.02269544
-0.00469943 0.008784496 0.06144875 0.08001505 0.01777896 -0.01828492
0.03558091 0.035398285 -0.05081341 0.04315005 0.02027866 0.02199542
0.03484362 -0.070106959 -0.03021704 -0.03797139 0.09992315 0.02125813
-0.02223799 0.002194385 0.13099838 -0.01350404 -0.02922081 -0.03582347
-0.01183235 0.056246712 -0.19837092 0.00178449 -0.25027176 -0.02541784
0.09242311 -0.033714727 -0.33728553 0.0700156 0.03168522 0.07883762
-0.07638846 -0.101848024 -0.0807383 -0.11032205 -0.14243639 -0.08997394
0.10279297 0.117054684 0.00220971 0.01591021 0.11042326 0.08920748
0.01545332 0.011865232 -0.12631835 0.01439127 -0.07137789 0.00186783
0.02187869 0.105621903 0.06529926 0.05448598 0.05805726 0.0082932
0.0221223 0.053372702 0.0531212 0.0322742 0.05429584 0.00853681
0.00196087 -0.006671386 -0.11787325 -0.01201799 -0.10626026 -0.01162461
-0.00852524 -0.045043739 0.07255125 0.01253152 0.04027099 -0.02211073
0.04591094 -0.033250196 0.02003144 -0.02997697 -0.0386654 0.03232545
0.07176929 -0.053665106 0.02537671 0.05583587 -0.07407291 0.0581838
0.01754227 0.055064583 0.03275503 -0.00892493 -0.04737996 0.00395679
0.02471925 -0.018199442 0.02283414 -0.00219113 -0.00937057 0.01113377

EQR
0.01358549
0.00194842
4.41%
2.06%
 10%
5.32%

0.41
 VARIANCE-COVARIANCE

SJM ATVI PEP AMZN EQR

SJM 0.00365735 0.00034487 0.00116243 0.0008087 0.00024549
ATVI 0.00034487 0.00912636 3.2526E-05 0.00335919 -0.00087671
PEP 0.00116243 3.2526E-05 0.00189634 0.00047844 0.00095672
AMZN 0.0008087 0.00335919 0.00047844 0.0062515 0.00050889
EQR 0.00024549 -0.00087671 0.00095672 0.00050889 0.00194842

PARTICIPATION VECTOR 0 0 0 1 0

M COV VECTOR 0.0008087 0.0008087 0.0008087 0.0008087 0.0008087

VARIACE PORTAFOLIO 0.0008087

SD PORTAFOLIO 2.84%
EXPECTED RETURN PORTAFOLIO 15.00%
SHARP RATIO 0.37925759

If we realice, the solver solution shows us that, the best investment that we can do is invest all our
money on the Amazon stocks. You can check it out on the next page of this book called "Resultado sin
Solver" as well
1
Date Adj Close
11/1/2016 35.912109
12/1/2016 36.088676
1/1/2017 39.443485
2/1/2017 44.269695
3/1/2017 48.909531
4/1/2017 51.567768
5/1/2017 57.815117
6/1/2017 56.818302
7/1/2017 60.973335
8/1/2017 64.703972
9/1/2017 63.66769
10/1/2017 64.634888
11/1/2017 61.585239
12/1/2017 62.493229
1/1/2018 73.162079
2/1/2018 72.175133
3/1/2018 66.57917
4/1/2018 65.821259
5/1/2018 70.344925
6/1/2018 75.711807
7/1/2018 72.834915
8/1/2018 71.525436
9/1/2018 82.527061
10/1/2018 68.499748
11/1/2018 49.48251
12/1/2018 46.198887
1/1/2019 46.863548
2/1/2019 41.804188
3/1/2019 45.167171
4/1/2019 48.209999
5/1/2019 43.369999
6/1/2019 47.200001
7/1/2019 48.740002
8/1/2019 50.599998
9/1/2019 52.919998
10/1/2019 54.799999
Date Adj Close
11/1/2016 91.496346
12/1/2016 96.344513
1/1/2017 95.561813
2/1/2017 101.639168
3/1/2017 103.001976
4/1/2017 105.026009
5/1/2017 108.354431
6/1/2017 107.810394
7/1/2017 108.855919
8/1/2017 108.034431
9/1/2017 104.748299
10/1/2017 103.620239
11/1/2017 109.533073
12/1/2017 113.511269
1/1/2018 113.870972
2/1/2018 103.865837
3/1/2018 103.316833
4/1/2018 96.251717
5/1/2018 95.593765
6/1/2018 104.768181
7/1/2018 110.667213
8/1/2018 107.789871
9/1/2018 107.587784
10/1/2018 109.040466
11/1/2018 118.316368
12/1/2018 107.196922
1/1/2019 110.189896
2/1/2019 113.094521
3/1/2019 120.824295
4/1/2019 126.246841
5/1/2019 126.197548
6/1/2019 129.283478
7/1/2019 126.932823
8/1/2019 135.791595
9/1/2019 136.159073
10/1/2019 137.449997
Date Adj Close
11/1/2016 750.570007
12/1/2016 768.659973
1/1/2017 823.47998
2/1/2017 845.039978
3/1/2017 886.539978
4/1/2017 924.98999
5/1/2017 994.619995
6/1/2017 968
7/1/2017 987.780029
8/1/2017 980.599976
9/1/2017 961.349976
10/1/2017 1105.28003
11/1/2017 1176.75
12/1/2017 1169.46997
1/1/2018 1450.89002
2/1/2018 1512.44995
3/1/2018 1447.33997
4/1/2018 1566.13001
5/1/2018 1629.62
6/1/2018 1699.80005
7/1/2018 1777.43994
8/1/2018 2012.70996
9/1/2018 2003
10/1/2018 1598.01001
11/1/2018 1690.17004
12/1/2018 1501.96997
1/1/2019 1718.72998
2/1/2019 1639.82996
3/1/2019 1780.75
4/1/2019 1926.52002
5/1/2019 1775.06995
6/1/2019 1893.63001
7/1/2019 1866.78003
8/1/2019 1776.29004
9/1/2019 1735.91003
10/1/2019 1762.17004
Date Adj Close
11/1/2016 54.59951
12/1/2016 58.557312
1/1/2017 55.733616
2/1/2017 57.843014
3/1/2017 57.063457
4/1/2017 59.702702
5/1/2017 60.174179
6/1/2017 60.858292
7/1/2017 63.389626
8/1/2017 62.54208
9/1/2017 61.405792
10/1/2017 63.123161
11/1/2017 62.71022
12/1/2017 59.847801
1/1/2018 58.277809
2/1/2018 53.188786
3/1/2018 58.287266
4/1/2018 58.904762
5/1/2018 61.081123
6/1/2018 60.79475
7/1/2018 62.996826
8/1/2018 65.230553
9/1/2018 63.795967
10/1/2018 63.045559
11/1/2018 69.150185
12/1/2018 64.064621
1/1/2019 71.000381
2/1/2019 72.106094
3/1/2019 73.701065
4/1/2019 75.34967
5/1/2019 75.497566
6/1/2019 74.856667
7/1/2019 78.37352
8/1/2019 84.205093
9/1/2019 85.695274
10/1/2019 87.839996