Rm Rf

Annual Returns on Investments in Value of $100 invested at start of

S&P 500  Baa S&P 500

(includes 3-month Corporate (includes 3-month
Year dividends) T.Bill US T. Bond Bond Real Estate dividends)3 T.Bill4
1928 43.81% 3.08% 0.84% 3.22% 1.49%  $           143.81
 $             103.08
1929 -8.30% 3.16% 4.20% 3.02% -2.06%  $           131.88
 $             106.34
1930 -25.12% 4.55% 4.54% 0.54% -4.30%  $             98.75
 $             111.18
1931 -43.84% 2.31% -2.56% -15.68% -8.15%  $             55.46
 $             113.74
1932 -8.64% 1.07% 8.79% 23.59% -10.47%  $             50.66
 $             114.96
1933 49.98% 0.96% 1.86% 12.97% -3.81%  $             75.99
 $             116.06
1934 -1.19% 0.28% 7.96% 18.82% 2.91%  $             75.09
 $             116.39
1935 46.74% 0.17% 4.47% 13.31% 9.77%  $           110.18
 $             116.58
1936 31.94% 0.17% 5.02% 11.38% 3.22%  $           145.38
 $             116.78
1937 -35.34% 0.28% 1.38% -4.42% 2.56%  $             94.00
 $             117.11
1938 29.28% 0.07% 4.21% 9.24% -0.87%  $           121.53
 $             117.18
1939 -1.10% 0.05% 4.41% 7.98% -1.30%  $           120.20
 $             117.24
1940 -10.67% 0.04% 5.40% 8.65% 3.31%  $           107.37
 $             117.28
1941 -12.77% 0.13% -2.02% 5.01% -8.38%  $             93.66
 $             117.43
1942 19.17% 0.34% 2.29% 5.18% 3.33%  $           111.61
 $             117.83
1943 25.06% 0.38% 2.49% 8.04% 11.45%  $           139.59
 $             118.28
1944 19.03% 0.38% 2.58% 6.57% 16.58%  $           166.15
 $             118.73
1945 35.82% 0.38% 3.80% 6.80% 11.78%  $           225.67
 $             119.18
1946 -8.43% 0.38% 3.13% 2.51% 24.10%  $           206.65
 $             119.63
1947 5.20% 0.60% 0.92% 0.26% 21.26%  $           217.39
 $             120.35
1948 5.70% 1.05% 1.95% 3.44% 2.06%  $           229.79
 $             121.61
1949 18.30% 1.12% 4.66% 5.38% 0.09%  $           271.85
 $             122.96
1950 30.81% 1.20% 0.43% 4.24% 3.64%  $           355.60
 $             124.44
1951 23.68% 1.52% -0.30% -0.19% 6.05%  $           439.80
 $             126.33
1952 18.15% 1.72% 2.27% 4.44% 4.41%  $           519.62
 $             128.51
1953 -1.21% 1.89% 4.14% 1.62% 11.52%  $           513.35
 $             130.94
1954 52.56% 0.94% 3.29% 6.16% 0.92%  $           783.18
 $             132.17
1955 32.60% 1.73% -1.34% 2.04% 0.00%  $        1,038.47
 $             134.45
1956 7.44% 2.63% -2.26% -2.35% 0.91%  $        1,115.73
 $             137.98
1957 -10.46% 3.23% 6.80% -0.72% 2.72%  $           999.05
 $             142.43
1958 43.72% 1.77% -2.10% 6.43% 0.66%  $        1,435.84
 $             144.95
1959 12.06% 3.39% -2.65% 1.57% 0.11%  $        1,608.95
 $             149.86
1960 0.34% 2.88% 11.64% 6.66% 0.77%  $        1,614.37
 $             154.18
1961 26.64% 2.35% 2.06% 5.10% 0.98%  $        2,044.40
 $             157.81
1962 -8.81% 2.77% 5.69% 6.50% 0.32%  $        1,864.26
 $             162.19
1963 22.61% 3.16% 1.68% 5.46% 2.14%  $        2,285.80
 $             167.31
1964 16.42% 3.55% 3.73% 5.16% 1.26%  $        2,661.02
 $             173.25
1965 12.40% 3.95% 0.72% 3.19% 1.66%  $        2,990.97
 $             180.09
1966 -9.97% 4.86% 2.91% -3.45% 1.22%  $        2,692.74
 $             188.84
1967 23.80% 4.31% -1.58% 0.90% 2.32%  $        3,333.69
 $             196.98
1968 10.81% 5.34% 3.27% 4.85% 4.13%  $        3,694.23
 $             207.49
1969 -8.24% 6.67% -5.01% -2.03% 6.99%  $        3,389.77
 $             221.32
1970 3.56% 6.39% 16.75% 5.65% 8.22%  $        3,510.49
 $             235.47
1971 14.22% 4.33% 9.79% 14.00% 4.24%  $        4,009.72
 $             245.67
1972 18.76% 4.07% 2.82% 11.41% 2.98%  $        4,761.76
 $             255.68
1973 -14.31% 7.03% 3.66% 4.32% 3.42%  $        4,080.44
 $             273.66
1974 -25.90% 7.83% 1.99% -4.38% 10.07%  $        3,023.54
 $             295.08
1975 37.00% 5.78% 3.61% 11.05% 6.77%  $        4,142.10
 $             312.12
1976 23.83% 4.97% 15.98% 19.75% 8.18%  $        5,129.20
 $             327.65
1977 -6.98% 5.27% 1.29% 9.95% 14.65%  $        4,771.20
 $             344.91
1978 6.51% 7.19% -0.78% 3.14% 15.72%  $        5,081.77
 $             369.71
1979 18.52% 10.07% 0.67% -2.01% 13.74%  $        6,022.89
 $             406.93
1980 31.74% 11.43% -2.99% -3.32% 7.40%  $        7,934.26
 $             453.46
1981 -4.70% 14.03% 8.20% 8.46% 5.10%  $        7,561.16
 $             517.06
1982 20.42% 10.61% 32.81% 29.05% 0.56%  $        9,105.08
 $             571.94
1983 22.34% 8.61% 3.20% 16.19% 4.75%  $      11,138.90
 $             621.19
1984 6.15% 9.52% 13.73% 15.62% 4.68%  $      11,823.51
 $             680.35
1985 31.24% 7.48% 25.71% 23.86% 7.47%  $      15,516.60
 $             731.23
1986 18.49% 5.98% 24.28% 21.49% 9.61%  $      18,386.33
 $             774.95
1987 5.81% 5.78% -4.96% 2.29% 7.88%  $      19,455.08
 $             819.70
1988 16.54% 6.67% 8.22% 15.12% 7.21%  $      22,672.40
 $             874.35
1989 31.48% 8.11% 17.69% 15.79% 4.38%  $      29,808.58
 $             945.28
1990 -3.06% 7.49% 6.24% 6.14% -0.69%  $      28,895.11
 $          1,016.11
1991 30.23% 5.38% 15.00% 17.85% -0.16%  $      37,631.51
 $          1,070.73
1992 7.49% 3.43% 9.36% 12.17% 0.82%  $      40,451.51
 $          1,107.47
1993 9.97% 3.00% 14.21% 16.43% 2.16%  $      44,483.33
 $          1,140.67
1994 1.33% 4.25% -8.04% -1.32% 2.51%  $      45,073.14
 $          1,189.11
1995 37.20% 5.49% 23.48% 20.16% 1.80%  $      61,838.19
 $          1,254.39
1996 22.68% 5.01% 1.43% 4.79% 2.42%  $      75,863.69
 $          1,317.18
1997 33.10% 5.06% 9.94% 11.83% 4.02%  $    100,977.34
 $          1,383.84
1998 28.34% 4.78% 14.92% 7.95% 6.45%  $    129,592.25
 $          1,449.94
1999 20.89% 4.64% -8.25% 0.84% 7.68%  $    156,658.05
 $          1,517.20
2000 -9.03% 5.82% 16.66% 9.33% 9.28%  $    142,508.98
 $          1,605.45
2001 -11.85% 3.39% 5.57% 7.82% 6.67%  $    125,622.01
 $          1,659.84
2002 -21.97% 1.60% 15.12% 12.18% 9.56%  $      98,027.82
 $          1,686.44
2003 28.36% 1.01% 0.38% 13.53% 9.82%  $    125,824.39
 $          1,703.49
2004 10.74% 1.37% 4.49% 9.89% 13.64%  $    139,341.42
 $          1,726.86
2005 4.83% 3.15% 2.87% 4.92% 13.51%  $    146,077.85
 $          1,781.19
2006 15.61% 4.73% 1.96% 7.05% 1.73%  $    168,884.34
 $          1,865.39
2007 5.48% 4.35% 10.21% 3.15% -5.40%  $    178,147.20
 $          1,946.59
2008 -36.55% 1.37% 20.10% -5.07% -12.00%  $    113,030.22
 $          1,973.16
2009 25.94% 0.15% -11.12% 23.33% -3.85%  $    142,344.87
 $          1,976.12
2010 14.82% 0.14% 8.46% 8.35% -4.12%  $    163,441.94
 $          1,978.82
2011 2.10% 0.05% 16.04% 12.58% -3.88%  $    166,871.56
 $          1,979.86
2012 15.89% 0.09% 2.97% 10.12% 6.44%  $    193,388.43
 $          1,981.56
2013 32.15% 0.06% -9.10% -1.06% 10.72%  $    255,553.31
 $          1,982.72
2014 13.52% 0.03% 10.75% 10.38% 4.51%  $    290,115.42
 $          1,983.36
2015 1.38% 0.05% 1.28% -0.70% 5.21%  $    294,115.79
 $          1,984.40
2016 11.77% 0.32% 0.69% 10.37% 5.31%  $    328,742.28
 $          1,990.70
2017 21.61% 0.93% 2.80% 9.72% 6.21%  $    399,768.64
 $          2,009.23
2018 -4.23% 1.94% -0.02% -2.76% 4.53%  $    382,870.94
 $          2,048.20
2019 31.21% 1.55% 9.64% 15.33% 3.69%  $    502,371.39
 $          2,079.94
2020 18.02% 0.09% 11.33% 10.41% 10.35%  $    592,914.80
 $          2,081.82
2021 28.47% 0.06% -4.42% 0.93% 16.83%  $    761,710.83
 $          2,083.06
100 invested at start of 1928 in Annual Risk Premium An

 Baa Stocks - Historical

US T. Corporate Real Stocks - Stocks - Baa Corp risk Inflation
Bond5 Bond6 Estate2 Bills Bonds Bond premium Rate
 $         100.84
 $            103.22
 $            101.49 40.73% 42.98% 40.59% -1.16%
 $         105.07
 $            106.33
 $              99.40 -11.46% -12.50% -11.32% 0.58%
 $         109.85
 $            106.91
 $              95.13 -29.67% -29.66% -25.66% -6.40%
 $         107.03
 $              90.14
 $              87.38 -46.15% -41.28% -28.16% -9.32%
 $         116.44
 $            111.41
 $              78.23 -9.71% -17.43% -32.23% -10.27%
 $         118.60
 $            125.86
 $              75.25 49.02% 48.13% 37.02% 0.76%
 $         128.05
 $            149.54
 $              77.44 -1.47% -9.15% -20.00% 1.52%
 $         133.78
 $            169.44
 $              85.00 46.57% 42.27% 33.43% 2.99%
 $         140.49
 $            188.73
 $              87.73 31.77% 26.93% 20.56% 1.45%
 $         142.43
 $            180.39
 $              89.98 -35.61% -36.72% -30.92% 2.86%
 $         148.43
 $            197.05
 $              89.20 29.22% 25.07% 20.05% -2.78%
 $         154.98
 $            212.78
 $              88.04 -1.14% -5.51% -9.08% 0.00%
 $         163.35
 $            231.18
 $              90.95 -10.71% -16.08% -19.32% 0.71%
 $         160.04
 $            242.76
 $              83.32 -12.90% -10.75% -17.78% 9.93%
 $         163.72
 $            255.33
 $              86.10 18.83% 16.88% 13.99% 9.03%
 $         167.79
 $            275.88
 $              95.95 24.68% 22.57% 17.02% 2.96%
 $         172.12
 $            293.99
 $            111.87 18.65% 16.45% 12.46% 2.30%
 $         178.67
 $            313.98
 $            125.04 35.44% 32.02% 29.02% 2.25%
 $         184.26
 $            321.85
 $            155.18 -8.81% -11.56% -10.94% 18.13%
 $         185.95
 $            322.70
 $            188.17 4.60% 4.28% 4.94% 8.84%
 $         189.58
 $            333.79
 $            192.05 4.66% 3.75% 2.27% 2.99%
 $         198.42
 $            351.74
 $            192.22 17.19% 13.64% 12.93% -2.07%
 $         199.27
 $            366.65
 $            199.22 29.60% 30.38% 26.57% 5.93%
 $         198.68
 $            365.95
 $            211.26 22.16% 23.97% 23.87% 6.00%
 $         203.19
 $            382.20
 $            220.57 16.43% 15.88% 13.71% 0.75%
 $         211.61
 $            388.39
 $            245.98 -3.10% -5.35% -2.83% 0.75%
 $         218.57
 $            412.31
 $            248.25 51.62% 49.27% 46.41% -0.74%
 $         215.65
 $            420.74
 $            248.25 30.87% 33.93% 30.55% 0.37%
 $         210.79
 $            410.84
 $            250.52 4.81% 9.70% 9.79% 2.99%
 $         225.11
 $            407.89
 $            257.33 -13.68% -17.25% -9.74% 2.90%
 $         220.39
 $            434.11
 $            259.03 41.95% 45.82% 37.29% 1.76%
 $         214.56
 $            440.95
 $            259.31 8.67% 14.70% 10.48% 1.73%
 $         239.53
 $            470.33
 $            261.30 -2.55% -11.30% -6.33% 6.11% 1.36%
 $         244.46
 $            494.32
 $            263.85 24.28% 24.58% 21.54% 6.62% 0.67%
 $         258.38
 $            526.43
 $            264.70 -11.58% -14.51% -15.31% 5.97% 1.33%
 $         262.74
 $            555.19
 $            270.38 19.45% 20.93% 17.15% 6.36% 1.64%
 $         272.53
 $            583.85
 $            273.78 12.87% 12.69% 11.25% 6.53% 0.97%
 $         274.49
 $            602.47
 $            278.32 8.45% 11.68% 9.21% 6.66% 1.92%
 $         282.47
 $            581.72
 $            281.72 -14.83% -12.88% -6.53% 6.11% 3.46%
 $         278.01
 $            586.92
 $            288.25 19.50% 25.38% 22.91% 6.57% 3.04%
 $         287.11
 $            615.36
 $            300.17 5.48% 7.54% 5.97% 6.60% 4.72%
 $         272.71
 $            602.90
 $            321.16 -14.91% -3.23% -6.22% 6.33% 6.20%
 $         318.41
 $            636.96
 $            347.55 -2.83% -13.19% -2.09% 5.90% 5.57%
 $         349.57
 $            726.14
 $            362.30 9.89% 4.43% 0.22% 5.87% 3.27%
 $         359.42
 $            808.99
 $            373.08 14.68% 15.94% 7.35% 6.08% 3.41%
 $         372.57
 $            843.92
 $            385.85 -21.34% -17.97% -18.63% 5.50% 8.71%
 $         379.98
 $            806.95
 $            424.72 -33.73% -27.89% -21.52% 4.64% 12.34%
 $         393.68
 $            896.12
 $            453.48 31.22% 33.39% 25.95% 5.17% 6.94%
 $         456.61
 $         1,073.13
 $            490.57 18.86% 7.85% 4.08% 5.22% 4.86%
 $         462.50
 $         1,179.96
 $            562.46 -12.25% -8.27% -16.93% 4.93% 6.70%
 $         458.90
 $         1,216.98
 $            650.90 -0.68% 7.29% 3.37% 4.97% 9.02%
 $         461.98
 $         1,192.53
 $            740.35 8.45% 17.85% 20.53% 5.21% 13.29%
 $         448.17
 $         1,152.99
 $            795.11 20.30% 34.72% 35.05% 5.73% 12.52%
 $         484.91
 $         1,250.56
 $            835.62 -18.73% -12.90% -13.16% 5.37% 8.92%
 $         644.04
 $         1,613.88
 $            840.33 9.80% -12.40% -8.63% 5.10% 3.83%
 $         664.65
 $         1,875.23
 $            880.25 13.73% 19.14% 6.14% 5.34% 3.79%
 $         755.92
 $         2,168.13
 $            921.43 -3.38% -7.59% -9.47% 5.12% 3.95%
 $         950.29
 $         2,685.50
 $            990.27 23.76% 5.52% 7.37% 5.13% 3.80%
 $      1,181.06
 $         3,262.50
 $         1,085.46 12.52% -5.79% -2.99% 4.97% 1.10%
 $      1,122.47
 $         3,337.20
 $         1,170.95 0.04% 10.77% 3.52% 5.07% 4.43%
 $      1,214.78
 $         3,841.62
 $         1,255.38 9.87% 8.31% 1.42% 5.12% 4.42%
 $      1,429.72
 $         4,448.20
 $         1,310.38 23.36% 13.78% 15.69% 5.24% 4.65%
 $      1,518.87
 $         4,721.33
 $         1,301.32 -10.56% -9.30% -9.20% 5.00% 6.11%
 $      1,746.77
 $         5,564.25
 $         1,299.27 24.86% 15.23% 12.38% 5.14% 3.06%
 $      1,910.30
 $         6,241.54
 $         1,309.89 4.06% -1.87% -4.68% 5.03% 2.90%
 $      2,181.77
 $         7,267.12
 $         1,338.15 6.97% -4.24% -6.46% 4.90% 2.75%
 $      2,006.43
 $         7,171.25
 $         1,371.72 -2.92% 9.36% 2.65% 4.97% 2.67%
 $      2,477.55
 $         8,616.71
 $         1,396.39 31.71% 13.71% 17.04% 5.08% 2.54%
 $      2,512.94
 $         9,029.67
 $         1,430.13 17.68% 21.25% 17.89% 5.30% 3.32%
 $      2,762.71
 $       10,098.32
 $         1,487.69 28.04% 23.16% 21.27% 5.53% 1.70%
 $      3,174.95
 $       10,900.68
 $         1,583.61 23.56% 13.42% 20.39% 5.63% 1.61%
 $      2,912.88
 $       10,992.59
 $         1,705.23 16.25% 29.14% 20.04% 5.96% 2.68%
 $      3,398.03
 $       12,018.16
 $         1,863.51 -14.85% -25.69% -18.36% 5.51% 3.39%
 $      3,587.37
 $       12,957.88
 $         1,987.87 -15.24% -17.42% -19.67% 5.17% 1.55%
 $      4,129.65
 $       14,535.88
 $         2,178.00 -23.57% -37.08% -34.14% 4.53% 2.38%
 $      4,145.15
 $       16,502.87
 $         2,391.78 27.34% 27.98% 14.82% 4.82% 1.88%
 $      4,331.30
 $       18,134.78
 $         2,717.92 9.37% 6.25% 0.85% 4.84% 3.26%
 $      4,455.50
 $       19,026.57
 $         3,085.18 1.69% 1.97% -0.08% 4.80% 3.42%
 $      4,542.87
 $       20,367.63
 $         3,138.62 10.89% 13.65% 8.56% 4.91% 2.54%
 $      5,006.69
 $       21,009.29
 $         2,969.21 1.13% -4.73% 2.33% 4.79% 4.08%
 $      6,013.10
 $       19,945.02
 $         2,612.92 -37.92% -56.65% -31.49% 3.88% 0.09%
 $      5,344.65
 $       24,598.10
 $         2,512.37 25.79% 37.05% 2.61% 4.29% 2.72%
 $      5,796.96
 $       26,651.51
 $         2,408.91 14.68% 6.36% 6.47% 4.31% 1.50%
 $      6,726.52
 $       30,005.47
 $         2,315.38 2.05% -13.94% -10.49% 4.10% 2.96%
 $      6,926.40
 $       33,043.43
 $         2,464.41 15.80% 12.92% 5.77% 4.20% 1.74%
 $      6,295.79
 $       32,694.52
 $         2,728.54 32.09% 41.25% 33.20% 4.62% 1.50%
 $      6,972.34
 $       36,089.82
 $         2,851.70 13.49% 2.78% 3.14% 4.60% 0.76%
 $      7,061.89
 $       35,838.08
 $         3,000.22 1.33% 0.09% 2.08% 4.54% 0.73%
 $      7,110.65
 $       39,552.74
 $         3,159.52 11.46% 11.08% 1.41% 4.62% 2.07%
 $      7,309.87
 $       43,398.81
 $         3,355.82 20.67% 18.80% 11.88% 4.77% 2.11%
 $      7,308.65
 $       42,199.86
 $         3,507.93 -6.17% -4.21% -1.46% 4.66% 1.91%
 $      8,012.89
 $       48,668.87
 $         3,637.43 29.66% 21.58% 15.88% 4.83% 2.29%
 $      8,920.90
 $       53,736.05
 $         4,013.76 17.93% 6.69% 7.61% 4.84% 1.36%
 $      8,526.95
 $       54,237.64
 $         4,689.35 28.41% 32.88% 27.54% 5.13% 6.81%
 Annual Real Returns on

S&P 500
(includes
dividends) 3-month T. !0-year Baa Corp Real
2 Bill (Real) T.Bonds Bonds Estate3
45.49% 4.29% 2.01% 4.43% 2.68%
-8.83% 2.56% 3.60% 2.42% -2.63%
-20.01% 11.69% 11.68% 7.41% 2.24%
-38.07% 12.82% 7.45% -7.02% 1.29%
1.82% 12.64% 21.25% 37.74% -0.21%
48.85% 0.20% 1.08% 12.11% -4.54%
-2.66% -1.22% 6.35% 17.04% 1.37%
42.49% -2.74% 1.44% 10.02% 6.58%
30.06% -1.26% 3.52% 9.79% 1.74%
-37.13% -2.51% -1.44% -7.07% -0.29%
32.98% 2.92% 7.19% 12.36% 1.96%
-1.10% 0.05% 4.41% 7.98% -1.30%
-11.31% -0.67% 4.65% 7.88% 2.57%
-20.65% -8.91% -10.87% -4.48% -16.66%
9.30% -7.97% -6.18% -3.53% -5.23%
21.47% -2.50% -0.46% 4.94% 8.24%
16.36% -1.88% 0.27% 4.17% 13.96%
32.84% -1.83% 1.52% 4.45% 9.32%
-22.48% -15.03% -12.70% -13.23% 5.05%
-3.34% -7.57% -7.27% -7.88% 11.42%
2.63% -1.89% -1.01% 0.43% -0.91%
20.81% 3.26% 6.88% 7.61% 2.21%
23.48% -4.46% -5.19% -1.60% -2.16%
16.68% -4.23% -5.94% -5.84% 0.04%
17.27% 0.96% 1.50% 3.66% 3.62%
-1.94% 1.13% 3.37% 0.86% 10.69%
53.71% 1.69% 4.06% 6.95% 1.68%
32.10% 1.35% -1.70% 1.66% -0.37%
4.33% -0.35% -5.09% -5.18% -2.01%
-12.98% 0.32% 3.79% -3.52% -0.18%
41.23% 0.01% -3.79% 4.59% -1.08%
10.15% 1.63% -4.30% -0.15% -1.59%
-1.01% 1.50% 10.14% 5.23% -0.59%
25.79% 1.67% 1.38% 4.40% 0.30%
-10.01% 1.42% 4.30% 5.09% -1.00%
20.63% 1.49% 0.04% 3.76% 0.49%
15.30% 2.55% 2.73% 4.15% 0.29%
10.28% 1.99% -1.18% 1.24% -0.26%
-12.98% 1.36% -0.53% -6.67% -2.16%
20.15% 1.23% -4.48% -2.08% -0.70%
 5.82% 0.59% -1.38% 0.12% -0.56%
-13.60% 0.44% -10.56% -7.74% 0.75%
-1.90% 0.78% 10.59% 0.08% 2.51%
10.61% 1.03% 6.31% 10.40% 0.95%
14.84% 0.64% -0.57% 7.74% -0.42%
-21.17% -1.54% -4.64% -4.04% -4.86%
-34.04% -4.01% -9.21% -14.88% -2.02%
28.11% -1.09% -3.12% 3.85% -0.15%
18.09% 0.10% 10.60% 14.20% 3.16%
-12.82% -1.34% -5.07% 3.05% 7.45%
-2.30% -1.68% -8.99% -5.39% 6.15%
4.61% -2.85% -11.14% -13.51% 0.40%
17.08% -0.96% -13.78% -14.07% -4.55%
-12.51% 4.68% -0.66% -0.42% -3.51%
15.98% 6.53% 27.92% 24.29% -3.15%
17.87% 4.64% -0.57% 11.95% 0.92%
2.11% 5.36% 9.41% 11.23% 0.70%
26.43% 3.55% 21.11% 19.33% 3.54%
17.21% 4.83% 22.93% 20.17% 8.42%
1.32% 1.28% -9.00% -2.05% 3.30%
11.60% 2.15% 3.64% 10.24% 2.67%
25.64% 3.31% 12.47% 10.65% -0.25%
-8.64% 1.31% 0.12% 0.03% -6.41%
26.36% 2.24% 11.59% 14.35% -3.13%
4.46% 0.52% 6.28% 9.01% -2.02%
7.03% 0.24% 11.16% 13.32% -0.57%
-1.31% 1.53% -10.43% -3.89% -0.16%
33.80% 2.88% 20.42% 17.18% -0.72%
18.74% 1.63% -1.83% 1.42% -0.88%
30.88% 3.30% 8.10% 9.96% 2.28%
26.30% 3.11% 13.10% 6.23% 4.76%
17.72% 1.90% -10.65% -1.79% 4.86%
-12.01% 2.35% 12.83% 5.75% 5.70%
-13.20% 1.81% 3.96% 6.17% 5.04%
-23.78% -0.76% 12.44% 9.57% 7.02%
25.99% -0.85% -1.48% 11.44% 7.79%
7.25% -1.82% 1.20% 6.42% 10.05%
1.37% -0.26% -0.53% 1.45% 9.76%
12.75% 2.13% -0.57% 4.40% -0.79%
1.35% 0.26% 5.89% -0.89% -9.11%
-36.61% 1.27% 19.99% -5.15% -12.08%
22.60% -2.50% -13.47% 20.06% -6.40%
13.13% -1.34% 6.86% 6.75% -5.53%
-0.84% -2.83% 12.70% 9.35% -6.65%
13.91% -1.63% 1.21% 8.24% 4.61%
30.19% -1.42% -10.45% -2.52% 9.08%
12.67% -0.72% 9.91% 9.56% 3.73%
0.64% -0.67% 0.55% -1.42% 4.45%
9.50% -1.72% -1.36% 8.12% 3.17%
19.09% -1.15% 0.68% 7.46% 4.02%
-6.02% 0.03% -1.89% -4.59% 2.57%
28.28% -0.72% 7.19% 12.75% 1.38%
16.44% -1.25% 9.84% 8.93% 8.86%
20.28% -6.32% -10.51% -5.50% 9.38%
 Number Effective Unlevered
Industry Name of firms Beta  D/E Ratio Tax rate beta
Advertising 49 1.34 51.47% 5.76% 0.97
Aerospace/Defense 73 1.28 29.45% 6.83% 1.05
Air Transport 21 1.58 153.33% 5.32% 0.75
Apparel 39 1.23 31.60% 12.06% 1
Auto & Truck 26 1.13 19.86% 3.88% 0.99
Auto Parts 38 1.4 31.68% 13.62% 1.14
Bank (Money Center) 7 1.12 170.39% 14.69% 0.5
Banks (Regional) 563 0.7 34.57% 19.29% 0.56
Beverage (Alcoholic) 21 0.82 21.42% 7.93% 0.71
Beverage (Soft) 32 1.22 16.65% 4.53% 1.08
Broadcasting 28 1.35 116.82% 11.54% 0.73
Brokerage & Investment Banking 31 1.17 182.48% 14.76% 0.5
Building Materials 44 1.19 18.75% 17.03% 1.04
Business & Consumer Services 160 1.09 22.39% 10.17% 0.94
Cable TV 11 0.93 60.12% 18.08% 0.65
Chemical (Basic) 35 1.16 44.76% 10.02% 0.88
Chemical (Diversified) 4 1.5 47.40% 3.90% 1.12
Chemical (Specialty) 81 1.1 19.47% 10.12% 0.97
Coal & Related Energy 18 0.92 41.65% 0.74% 0.7
Computer Services 83 1.2 26.94% 8.19% 1
Computers/Peripherals 46 1.29 7.58% 4.96% 1.22
Construction Supplies 48 1.11 27.94% 13.00% 0.92
Diversified 22 0.75 22.62% 7.24% 0.65
Drugs (Biotechnology) 581 0.99 15.30% 0.53% 0.89
Drugs (Pharmaceutical) 298 1.08 14.69% 2.18% 0.97
Education 35 1.13 25.70% 7.64% 0.95
Electrical Equipment 104 1.25 13.69% 4.98% 1.13
Electronics (Consumer & Office) 16 0.98 7.62% 4.87% 0.92
Electronics (General) 137 1.09 12.75% 6.66% 0.99
Engineering/Construction 48 1.06 25.59% 13.53% 0.89
Entertainment 108 1.01 15.23% 2.64% 0.91
Environmental & Waste Services 58 1.24 20.87% 5.90% 1.08
Farming/Agriculture 36 1.03 36.82% 7.65% 0.81
Financial Svcs. (Non-bank & Insuran 223 0.93 726.37% 15.60% 0.15
Food Processing 92 0.75 30.52% 10.54% 0.61
Food Wholesalers 15 1.4 46.92% 8.60% 1.04
Furn/Home Furnishings 32 1.11 28.65% 11.74% 0.92
Green & Renewable Energy 20 1.59 66.63% 1.43% 1.07
Healthcare Products 244 0.94 8.61% 4.15% 0.88
Healthcare Support Services 131 1.06 24.55% 7.72% 0.9
Heathcare Information and Technol 142 0.94 9.73% 3.57% 0.88
Homebuilding 29 1.69 21.97% 18.63% 1.45
Hospitals/Healthcare Facilities 31 1.41 70.98% 8.99% 0.93
Hotel/Gaming 66 1.79 46.01% 6.02% 1.34
Household Products 118 0.98 12.58% 5.87% 0.9
Information Services 79 1.25 10.37% 11.22% 1.16
Insurance (General) 23 0.92 26.64% 11.43% 0.77
Insurance (Life) 24 1.22 92.60% 14.28% 0.73
Insurance (Prop/Cas.) 52 0.86 23.48% 13.37% 0.74
Investments & Asset Management 687 1.05 27.93% 1.42% 0.87
Machinery 111 1.25 14.11% 10.58% 1.13
Metals & Mining 74 1.17 18.17% 2.07% 1.04
Office Equipment & Services 18 1.38 48.26% 8.96% 1.02
Oil/Gas (Integrated) 4 1.47 26.73% 19.34% 1.23
Oil/Gas (Production and Exploratio 183 1.32 31.13% 2.04% 1.08
Oil/Gas Distribution 21 1.4 87.16% 9.76% 0.85
Oilfield Svcs/Equip. 100 1.5 54.13% 3.89% 1.07
Packaging & Container 26 1.01 49.68% 17.09% 0.74
Paper/Forest Products 11 1.21 41.32% 12.01% 0.93
Power 50 0.83 71.54% 15.61% 0.55
Precious Metals 76 0.99 12.01% 3.11% 0.91
Publishing & Newspapers 21 1.69 36.81% 11.64% 1.34
R.E.I.T. 238 1.35 53.80% 1.94% 0.97
Real Estate (Development) 19 1.06 79.94% 2.60% 0.67
Real Estate (General/Diversified) 10 0.91 26.41% 9.94% 0.76
Real Estate (Operations & Services) 51 1.15 56.36% 6.54% 0.81
Recreation 60 1.23 29.58% 7.75% 1.01
Reinsurance 2 1.37 38.85% 22.96% 1.07
Restaurant/Dining 70 1.56 27.35% 7.11% 1.3
Retail (Automotive) 32 1.4 38.60% 14.20% 1.09
Retail (Building Supply) 16 1.52 13.44% 15.50% 1.39
Retail (Distributors) 68 1.28 32.38% 11.70% 1.04
Retail (General) 16 1.12 16.05% 18.45% 1
Retail (Grocery and Food) 15 0.3 68.24% 13.31% 0.2
Retail (Online) 60 1.1 8.16% 4.76% 1.04
Retail (Special Lines) 76 1.44 34.75% 14.67% 1.15
Rubber& Tires 2 1.16 154.55% 17.42% 0.54
Semiconductor 67 1.16 6.78% 6.80% 1.11
Semiconductor Equip 34 1.34 5.04% 9.19% 1.29
Shipbuilding & Marine 8 0.99 37.96% 3.19% 0.78
Shoe 12 1.19 5.78% 9.86% 1.14
Software (Entertainment) 88 1.2 2.04% 2.21% 1.19
Software (Internet) 36 1 7.67% 1.29% 0.95
Software (System & Application) 375 1.14 5.68% 3.36% 1.1
Steel 28 1.13 32.87% 13.30% 0.91
Telecom (Wireless) 17 0.96 78.31% 3.26% 0.61
Telecom. Equipment 82 1.08 8.73% 5.29% 1.02
Telecom. Services 42 0.85 100.48% 5.86% 0.49
Tobacco 16 1 25.98% 8.23% 0.84
Transportation 17 0.79 22.90% 14.40% 0.68
Transportation (Railroads) 4 0.73 19.94% 17.34% 0.64
Trucking 34 1.44 26.26% 16.04% 1.21
Utility (General) 16 0.89 69.22% 9.75% 0.59
Utility (Water) 14 0.77 34.34% 10.01% 0.61
Total Market 7229 1.09 40.09% 7.05% 0.85
Total Market (without financials) 5619 1.15 19.99% 6.01% 1
 Standard
deviation
in
Unlevered operating
Cash/ beta Standard income
Firm corrected deviation (last 10
value for cash HiLo Risk of equity years) 2018 2019 2020
11.57% 1.1 0.6674 56.70% 13.52% 0.78 0.87 0.93
5.05% 1.11 0.4765 38.23% 19.61% 0.99 1.09 1.08
18.30% 0.91 0.402 40.19% 162.40% 0.67 0.63 0.84
9.26% 1.1 0.4896 43.49% 21.42% 0.85 0.76 0.83
3.38% 1.02 0.5955 54.78% 35.30% 0.59 0.34 0.53
6.36% 1.21 0.4759 37.14% 26.80% 0.92 0.97 0.95
51.78% 1.03 0.2381 22.23% NA 0.32 0.43 0.56
33.75% 0.84 0.2078 19.68% 119.22% 0.39 0.4 0.43
1.66% 0.72 0.5568 37.87% 39.41% 1.12 1.05 0.92
2.83% 1.12 0.7179 48.27% 6.09% 0.63 1.04 1.09
10.05% 0.81 0.5395 48.77% 31.18% 0.65 0.51 0.73
24.81% 0.67 0.4393 31.74% 48.44% 0.54 0.46 0.57
3.95% 1.09 0.36 34.54% 52.70% 0.99 0.91 1.02
5.06% 0.99 0.5196 41.17% 13.75% 1.01 1 0.89
2.25% 0.66 0.3561 20.07% 27.91% 0.67 0.76 0.78
6.51% 0.94 0.5277 45.02% 32.06% 0.96 1.12 0.99
7.57% 1.21 0.3781 37.29% 46.00% 1.79 1.49 1.21
3.23% 1 0.4865 40.72% 7.89% 0.95 0.99 0.96
14.34% 0.82 0.662 58.57% NA 1.04 0.97 1.05
5.28% 1.06 0.6098 48.44% 18.62% 0.94 1.05 0.95
2.36% 1.25 0.547 51.27% 11.66% 0.93 1.5 1.64
6.01% 0.98 0.409 40.01% 19.93% 0.95 1.15 1.1
7.79% 0.7 0.5904 30.11% 43.13% 1.01 1.14 1.25
8.13% 0.97 0.5862 50.80% 35.02% 1.36 1.43 1.39
3.74% 1.01 0.6577 56.17% 6.53% 1.13 1.38 1.29
14.06% 1.1 0.5554 41.50% 15.28% 0.96 1.11 1.36
5.20% 1.19 0.6305 57.66% 11.87% 1.02 1.18 1.31
12.54% 1.06 0.6272 52.54% 401.93% 1.08 1.22 1.25
5.53% 1.05 0.5047 43.45% 21.64% 0.91 0.96 1.07
8.46% 0.97 0.4492 36.36% 13.31% 1.13 0.81 1.33
5.52% 0.96 0.71 59.63% 32.97% 0.96 1.21 1.2
0.90% 1.09 0.6178 43.01% 10.52% 0.7 0.96 1.05
4.22% 0.85 0.5642 46.45% 17.94% 0.56 0.5 0.63
3.06% 0.15 0.3406 28.52% 42.27% 0.07 0.08 0.1
2.90% 0.63 0.4668 27.69% 19.23% 0.56 0.61 0.7
3.65% 1.08 0.4713 54.01% 27.98% 1.41 1.23 0.66
7.66% 0.99 0.5168 44.77% 22.94% 0.67 0.67 0.82
 2.45% 1.1 0.7017 81.76% 101.84% 0.72 0.8 0.59
3.26% 0.91 0.5192 43.81% 22.60% 0.89 1.04 0.98
5.56% 0.95 0.5515 46.86% 27.44% 0.82 1.03 0.95
3.26% 0.91 0.536 46.28% 30.29% 0.88 1.18 1.15
8.41% 1.59 0.3841 39.47% 64.08% 0.89 0.72 0.66
3.37% 0.96 0.514 52.31% 15.38% 0.51 0.55 0.63
6.55% 1.44 0.4652 43.87% 81.77% 0.74 0.71 0.91
2.48% 0.92 0.6421 58.57% 6.04% 0.88 1 0.94
3.44% 1.2 0.4845 46.44% 28.56% 0.82 1.05 1.03
4.80% 0.81 0.4267 37.15% 33.96% 0.63 0.67 0.59
17.27% 0.88 0.3053 31.81% 15.34% 0.81 0.7 0.73
6.29% 0.78 0.2998 29.24% 30.07% 0.73 0.65 0.59
9.78% 0.97 0.1469 31.97% 11.86% 0.87 0.87 0.86
4.04% 1.18 0.4395 34.75% 15.20% 1.04 1.01 1.1
8.20% 1.13 0.6912 68.08% 43.46% 0.96 1.11 1.09
7.96% 1.11 0.4388 31.01% 12.27% 1.1 1.33 1.24
1.98% 1.25 0.3641 28.71% 99.79% 1.25 1.06 1.12
4.66% 1.13 0.6708 55.48% 221.32% 1 1.07 1.08
1.34% 0.86 0.4074 44.98% 38.51% 0.72 0.62 0.62
9.08% 1.18 0.5518 49.63% 61.61% 1.06 1.07 1.22
4.80% 0.78 0.3512 26.38% 10.74% 0.55 0.74 0.68
6.63% 1 0.4605 30.61% 52.83% 0.98 1.17 1.25
1.83% 0.56 0.2382 19.49% 9.47% 0.32 0.35 0.38
7.87% 0.99 0.749 56.29% 74.29% 0.95 1.15 1.33
8.83% 1.46 0.4536 30.80% 12.74% 0.83 0.9 0.76
2.00% 0.99 0.2516 32.65% 24.38% 0.42 0.41 0.43
9.62% 0.74 0.6845 51.32% 76.66% 0.61 0.87 0.89
8.80% 0.83 0.5515 30.70% 137.17% 0.73 1.33 1.5
6.85% 0.87 0.5358 41.43% 102.81% 0.8 0.95 0.68
5.96% 1.07 0.5375 50.35% 12.46% 0.73 0.81 0.75
17.51% 1.3 0.1556 25.95% 31.86% 0.47 0.88 0.77
2.55% 1.33 0.4678 42.76% 14.34% 0.7 0.65 0.75
2.75% 1.12 0.4984 44.49% 19.29% 0.65 0.76 0.87
2.16% 1.42 0.4447 44.73% 29.76% 0.76 0.97 1.15
2.66% 1.06 0.5123 43.10% 20.54% 0.87 0.99 0.89
3.83% 1.04 0.3914 33.88% 6.58% 0.87 0.75 0.95
5.65% 0.21 0.408 34.27% 32.25% 0.44 0.28 0.35
2.18% 1.07 0.5582 58.82% 76.49% 1.12 1.34 1.16
6.32% 1.23 0.4797 45.57% 19.80% 0.82 0.8 0.69
7.77% 0.59 0.5602 47.06% 50.21% 0.64 0.24 0.45
2.48% 1.14 0.4588 37.46% 30.70% 1.16 1.26 1.24
3.72% 1.34 0.4286 33.22% 55.70% 0.99 1.39 1.25
3.28% 0.8 0.524 51.04% 23.82% 1.01 0.78 1.57
4.26% 1.19 0.4507 34.71% 18.31% 0.86 0.74 0.83
1.75% 1.21 0.6991 54.61% 58.02% 0.91 1.27 1.29
2.46% 0.98 0.6075 38.09% 26.28% 1.2 1.31 1.5
2.35% 1.12 0.5566 45.74% 24.52% 1.02 1.16 1.15
6.99% 0.98 0.4424 33.13% 46.71% 1.53 1.29 1.29
2.13% 0.63 0.6037 48.16% 67.46% 0.71 0.71 0.6
3.65% 1.06 0.5502 40.53% 14.84% 0.96 1.02 0.84
4.15% 0.51 0.5976 38.67% 26.21% 0.72 0.74 0.67
2.77% 0.86 0.6632 24.88% 5.57% 1.15 1.13 1.43
5.31% 0.72 0.4731 28.34% 23.64% 0.8 0.9 0.96
1.27% 0.65 0.3537 16.39% 11.54% 0.87 2.08 1.89
5.57% 1.28 0.4574 32.99% 148.80% 0.81 0.71 1.04
0.63% 0.6 0.1395 18.83% 8.86% 0.2 0.17 0.19
0.37% 0.61 0.3152 41.01% 13.97% 0.27 0.32 0.57
6.87% 0.91 0.4659 41.01% 10.28% 0.72 0.8 0.83
3.65% 1.04 0.5385 44.99% 10.31% 0.9 1 1.01
 Average
(2017-
2021 22)
0.77 0.89
0.91 1.04
0.91 0.8
0.94 0.9
1.05 0.71
1.09 1.03
0.59 0.59
0.6 0.53
0.67 0.9
0.71 0.92
0.65 0.67
0.57 0.56
0.97 1
0.83 0.94
0.7 0.71
0.76 0.96
1.03 1.35
0.82 0.94
0.56 0.89
0.94 0.99
1.14 1.29
0.87 1.01
0.89 1
0.85 1.2
0.84 1.13
1.07 1.12
1 1.14
1.01 1.12
0.86 0.97
0.95 1.04
0.84 1.04
0.82 0.92
0.68 0.64
0.11 0.1
0.53 0.61
0.8 1.04
0.78 0.79
0.68 0.78
0.8 0.92
0.74 0.9
0.75 0.97
1.33 1.04
0.8 0.69
1.19 1
0.68 0.88
0.97 1.01
0.56 0.65
0.64 0.75
0.58 0.67
0.78 0.87
0.96 1.06
0.82 1.02
0.83 1.12
0.98 1.13
0.81 1.02
0.6 0.68
0.83 1.07
0.68 0.68
0.96 1.07
0.43 0.41
0.75 1.03
1.1 1.01
0.79 0.61
0.56 0.74
0.76 1.03
0.75 0.81
0.77 0.83
1.13 0.91
1.11 0.91
0.99 0.88
1.43 1.15
0.75 0.91
0.81 0.88
0.15 0.29
1.14 1.17
1.03 0.91
0.54 0.49
0.96 1.15
1.07 1.21
0.74 0.98
0.98 0.92
0.96 1.13
0.75 1.15
0.89 1.07
0.78 1.18
0.39 0.61
0.83 0.94
0.42 0.61
0.61 1.04
0.79 0.83
0.74 1.25
0.94 0.96
0.48 0.33
0.57 0.47
0.75 0.8
0.86 0.96
 Indicadores de riesgo
para países emergentes:
EMBIG - Diferencial de
Fecha Rendimientos del Índice
de Bonos de Mercados
Emergentes (EMBIG) -
Perú

Aug-06 173 puntos básicos (bps) 100 bps = 1%

Sep06 172
Oct-06 148
Nov-06 147
Dec-06 131
Jan-07 122
Feb-07 127
Mar-07 132
Apr-07 118
May-07 110
Jun-07 104
Jul-07 129
Aug-07 169
Sep07 156
Oct-07 138
Nov-07 175
Dec-07 174
Jan-08 195
Feb-08 209
Mar-08 222
Apr-08 182
May-08 154
Jun-08 160
Jul-08 198
Aug-08 195
Sep08 255
Oct-08 500
Nov-08 484
Dec-08 523
Jan-09 463
Feb-09 419
Mar-09 409
Apr-09 360
May-09 292
Jun-09 258
Jul-09 274
Aug-09 240
Sep09 226
Oct-09 195
Nov-09 190
Dec-09 179
Jan-10 178
Feb-10 200
Mar-10 158
Apr-10 144
May-10 202
Jun-10 207
Jul-10 187
Aug-10 157
Sep10 167
Oct-10 157
Nov-10 152
Dec-10 157
Jan-11 146
Feb-11 146
Mar-11 157
Apr-11 193
May-11 187
Jun-11 192
Jul-11 171
Aug-11 200
Sep11 237
Oct-11 232
Nov-11 214
Dec-11 216
Jan-12 219
Feb-12 199
Mar-12 166
Apr-12 164
May-12 181
Jun-12 188
Jul-12 163
Aug-12 133
Sep12 124
Oct-12 108
Nov-12 123
Dec-12 117
Jan-13 110
Feb-13 127
Mar-13 140
Apr-13 133
May-13 134
Jun-13 180
Jul-13 176
Aug-13 191
Sep13 183
Oct-13 173
Nov-13 183
Dec-13 177
Jan-14 176
Feb-14 182
Mar-14 167
Apr-14 154
May-14 149
Jun-14 145
Jul-14 146
Aug-14 157
Sep14 150
Oct-14 170
Nov-14 165
Dec-14 182
Jan-15 201
Feb-15 183
Mar-15 184
Apr-15 177
May-15 166
Jun-15 177
Jul-15 187
Aug-15 217
Sep15 234
Oct-15 226
Nov-15 219
Dec-15 237
Jan-16 267
Feb-16 282
Mar-16 227
Apr-16 210
May-16 208
Jun-16 210
Jul-16 184
Aug-16 170
Sep16 162
Oct-16 147
Nov-16 168
Dec-16 165
Jan-17 157
Feb-17 152
Mar-17 141
Apr-17 149
May-17 141
Jun-17 144
Jul-17 142
Aug-17 155
Sep17 144
Oct-17 140
Nov-17 139
Dec-17 136
Jan-18 117
Feb-18 132
Mar-18 147
Apr-18 145
May-18 158
Jun-18 163
Jul-18 151
Aug-18 149
Sep18 140
Oct-18 143
Nov-18 157
Dec-18 165
Jan-19 152
Feb-19 140
Mar-19 136
Apr-19 122
May-19 136
Jun-19 129
Jul-19 116
Aug-19 127
Sep19 116
Oct-19 127
Nov-19 127
Dec-19 116
Jan-20 114
Feb-20 122
Mar-20 249
Apr-20 278
May-20 222
Jun-20 180
Jul-20 169
Aug-20 146
Sep20 160
Oct-20 150
Nov-20 147
Dec-20 143
Jan-21 132
Feb-21 138
Mar-21 165
Apr-21 165
May-21 164
Jun-21 169
Jul-21 170
Aug-21 183
Sep21 174
Oct-21 172
Nov-21 179
Dec-21 174
Jan-22 177
Feb-22 198
Mar-22 201
Apr-22 187
May-22 218
Jun-22 214 2.14% anual
Con la información disponible en las Webs, calcular el Costo de Capital (de los accionistas) de una empresa
año 2010

COK = Rf + Beta (Rm - Rf) + PRP

Rf = 4.20% anual
(promedio desde el 2010)

Rm = 15.56% anual
(promedio desde el 2010)

Beta = 1.58

PRP = 2.14% anual

(junio-22)

COK = 24.29% anual

nistas) de una empresa que se dedica al transporte aéreo desde el