Date GE BRK R_GE R_BRK Equall w. port 11/1/1998 15.737392 67900 GE BRK 12/1/1998 17.7617 70000 0.129 0.031 0.080 Stand alone analysis 1/1/1999 18.45293 65000 0.039 -0.071 -0.016 Expected return R 0.001 0.008 2/1/1999 17.650154 71100 -0.044 0.094 0.025 Variance 0.006 0.003 3/1/1999 19.464653 71400 0.103 0.004 0.054 Standard dev D 0.077 0.052 4/1/1999 18.740225 76400 -0.037 0.07 0.017 Portfolio analysis 5/1/1999 18.084425 72000 -0.035 -0.058 -0.047 Weights W 0.5 0.5 6/1/1999 20.096281 68900 0.111 -0.043 0.034 Expected return 0.004 7/1/1999 19.384901 67805 -0.035 -0.016 -0.026 Correlation 0.365 8/1/1999 20.161942 64200 0.04 -0.053 -0.007 Variance 0.003 9/1/1999 21.283913 55000 0.056 -0.143 -0.044 Covariance 0.001 10/1/1999 24.539244 63900 0.153 0.162 0.158 Variance 0.003 11/1/1999 23.565828 57300 -0.04 -0.103 -0.072 12/1/1999 28.025446 56100 0.189 -0.021 0.084 1/1/2000 24.45826 51200 -0.127 -0.087 -0.107 2/1/2000 24.161667 44000 -0.012 -0.141 -0.077 3/1/2000 28.405361 57200 0.176 0.3 0.238 4/1/2000 28.957579 59300 0.019 0.037 0.028 5/1/2000 29.072681 58600 0.004 -0.012 -0.004 6/1/2000 29.279854 53800 0.007 -0.082 -0.038 7/1/2000 28.554747 55100 -0.025 0.024 -0.001 8/1/2000 32.472736 57700 0.137 0.047 0.092 9/1/2000 32.022686 64400 -0.014 0.116 0.051 10/1/2000 30.431477 63700 -0.05 -0.011 -0.031 11/1/2000 27.516724 65900 -0.096 0.035 -0.031 12/1/2000 26.61454 71000 -0.033 0.077 0.022 1/1/2001 25.610838 68400 -0.038 -0.037 -0.038 2/1/2001 25.90048 70300 0.011 0.028 0.020 3/1/2001 23.315994 65450 -0.1 -0.069 -0.085 4/1/2001 27.128582 68000 0.164 0.039 0.102 5/1/2001 27.391308 68700 0.01 0.01 0.010 6/1/2001 27.391308 69400 0 0.01 0.005 7/1/2001 24.316772 69200 -0.112 -0.003 -0.058 8/1/2001 22.937496 69400 -0.057 0.003 -0.027 9/1/2001 20.862459 70000 -0.09 0.009 -0.041 10/1/2001 20.51186 71200 -0.017 0.017 0.000 11/1/2001 21.68928 70000 0.057 -0.017 0.020 12/1/2001 22.579378 75600 0.041 0.08 0.061 1/1/2002 21.02206 73900 -0.069 -0.022 -0.046 2/1/2002 21.785988 73000 0.036 -0.012 0.012 3/1/2002 21.262285 71100 -0.024 -0.026 -0.025 4/1/2002 17.936508 73450 -0.156 0.033 -0.062 5/1/2002 17.703423 74600 -0.013 0.016 0.002 6/1/2002 16.51523 66800 -0.067 -0.105 -0.086 7/1/2002 18.420771 68300 0.115 0.022 0.069 8/1/2002 17.248016 73000 -0.064 0.069 0.003 9/1/2002 14.101614 73900 -0.182 0.012 -0.085 10/1/2002 14.545952 74190 0.032 0.004 0.018 11/1/2002 15.623219 72300 0.074 -0.025 0.025 12/1/2002 14.027484 72750 -0.102 0.006 -0.048 1/1/2003 13.431291 67600 -0.043 -0.071 -0.057 2/1/2003 13.959493 61700 0.039 -0.087 -0.024 3/1/2003 14.91933 63800 0.069 0.034 0.052 4/1/2003 17.230366 69815 0.155 0.094 0.125 5/1/2003 16.791557 71000 -0.025 0.017 -0.004 6/1/2003 16.779861 72500 -0.001 0.021 0.010 7/1/2003 16.748196 72010 -0.002 -0.007 -0.005 8/1/2003 17.413649 75775 0.04 0.052 0.046 9/1/2003 17.554985 75000 0.008 -0.01 -0.001 10/1/2003 17.18988 77810 -0.021 0.037 0.008 11/1/2003 16.988411 83750 -0.012 0.076 0.032 12/1/2003 18.357199 84250 0.081 0.006 0.044 1/1/2004 20.058041 89490 0.093 0.062 0.078 2/1/2004 19.396004 94500 -0.033 0.056 0.012 3/1/2004 18.314232 93300 -0.056 -0.013 -0.035 4/1/2004 17.972193 93390 -0.019 0.001 -0.009 5/1/2004 18.674274 89000 0.039 -0.047 -0.004 6/1/2004 19.442379 88950 0.041 -0.001 0.020 7/1/2004 20.07255 87250 0.032 -0.019 0.007 8/1/2004 19.794865 87000 -0.014 -0.003 -0.009 9/1/2004 20.271776 86650 0.024 -0.004 0.010 10/1/2004 20.719889 84250 0.022 -0.028 -0.003 11/1/2004 21.472904 83700 0.036 -0.007 0.015 12/1/2004 22.165192 87900 0.032 0.05 0.041 1/1/2005 22.071131 89900 -0.004 0.023 0.010 2/1/2005 21.503017 90200 -0.026 0.003 -0.012 3/1/2005 22.166641 87000 0.031 -0.035 -0.002 4/1/2005 22.252697 84350 0.004 -0.03 -0.013 5/1/2005 22.424814 84100 0.008 -0.003 0.003 6/1/2005 21.299883 83500 -0.05 -0.007 -0.029 7/1/2005 21.339108 83500 0.002 0 0.001 8/1/2005 20.788622 83150 -0.026 -0.004 -0.015 9/1/2005 20.825731 82000 0.002 -0.014 -0.006 10/1/2005 21.112625 85900 0.014 0.048 0.031 11/1/2005 22.239548 89390 0.053 0.041 0.047 12/1/2005 21.822392 88620 -0.019 -0.009 -0.014 1/1/2006 20.535753 89490 -0.059 0.01 -0.025 2/1/2006 20.611 86800 0.004 -0.03 -0.013 3/1/2006 21.971935 90350 0.066 0.041 0.054 4/1/2006 21.851915 89000 -0.005 -0.015 -0.010 5/1/2006 21.643436 92290 -0.01 0.037 0.014 6/1/2006 20.822174 91659 -0.038 -0.007 -0.023 7/1/2006 20.806087 91600 -0.001 -0.001 -0.001 8/1/2006 21.678055 96097 0.042 0.049 0.046 9/1/2006 22.467268 95800 0.036 -0.003 0.017 10/1/2006 22.50701 105475 0.002 0.101 0.052 11/1/2006 22.615997 107100 0.005 0.015 0.010 12/1/2006 23.853207 109990 0.055 0.027 0.041 1/1/2007 23.280466 110050 -0.024 0.001 -0.012 2/1/2007 22.54427 106190 -0.032 -0.035 -0.034 3/1/2007 23.014317 108990 0.021 0.026 0.024 4/1/2007 23.990606 109200 0.042 0.002 0.022 5/1/2007 24.459223 109490 0.02 0.003 0.012 6/1/2007 24.914825 109475 0.019 0 0.010 7/1/2007 25.409332 110000 0.02 0.005 0.013 8/1/2007 25.481445 118390 0.003 0.076 0.040 9/1/2007 27.139996 118510 0.065 0.001 0.033 10/1/2007 27.164753 132500 0.001 0.118 0.060 11/1/2007 25.270628 140100 -0.07 0.057 -0.007 12/1/2007 24.465448 141600 -0.032 0.011 -0.011 1/1/2008 23.536394 136000 -0.038 -0.04 -0.039 2/1/2008 22.058712 140000 -0.063 0.029 -0.017 3/1/2008 24.858952 133400 0.127 -0.047 0.040 4/1/2008 21.964001 133850 -0.116 0.003 -0.057 5/1/2008 20.634071 134650 -0.061 0.006 -0.028 6/1/2008 17.927191 120750 -0.131 -0.103 -0.117 7/1/2008 19.213018 114450 0.072 -0.052 0.010 8/1/2008 19.083975 116600 -0.007 0.019 0.006 9/1/2008 17.318201 130600 -0.093 0.12 0.014 10/1/2008 13.428095 115490 -0.225 -0.116 -0.171 11/1/2008 11.817547 104000 -0.12 -0.099 -0.110 12/1/2008 11.14993 96600 -0.056 -0.071 -0.064 1/1/2009 8.509231 89502 -0.237 -0.073 -0.155 2/1/2009 5.969791 78600 -0.298 -0.122 -0.210 3/1/2009 7.300591 86700 0.223 0.103 0.163 4/1/2009 9.134766 94000 0.251 0.084 0.168 5/1/2009 9.734123 91600 0.066 -0.026 0.020 6/1/2009 8.463201 90000 -0.131 -0.017 -0.074 7/1/2009 9.755997 97000 0.153 0.078 0.116 8/1/2009 10.120024 100850 0.037 0.04 0.039 9/1/2009 11.954733 101000 0.181 0.001 0.091 10/1/2009 10.443558 99000 -0.126 -0.02 -0.073 11/1/2009 11.732526 100600 0.123 0.016 0.070 12/1/2009 11.080719 99200 -0.056 -0.014 -0.035 1/1/2010 11.85304 114600 0.07 0.155 0.113 2/1/2010 11.838294 119800 -0.001 0.045 0.022 3/1/2010 13.499495 121800 0.14 0.017 0.079 4/1/2010 13.989039 115325 0.036 -0.053 -0.009 5/1/2010 12.127292 105910 -0.133 -0.082 -0.108 6/1/2010 10.695752 120000 -0.118 0.133 0.008 7/1/2010 12.032611 117000 0.125 -0.025 0.050 8/1/2010 10.808451 118675 -0.102 0.014 -0.044 9/1/2010 12.129651 124500 0.122 0.049 0.086 10/1/2010 12.046435 119300 -0.007 -0.042 -0.025 11/1/2010 11.903563 120200 -0.012 0.008 -0.002 12/1/2010 13.753391 120450 0.155 0.002 0.079 1/1/2011 15.263903 122425 0.11 0.016 0.063 2/1/2011 15.855059 131300 0.039 0.072 0.056 3/1/2011 15.300853 125300 -0.035 -0.046 -0.041 4/1/2011 15.606102 124750 0.02 -0.004 0.008 5/1/2011 14.987969 118775 -0.04 -0.048 -0.044 6/1/2011 14.392717 116105 -0.04 -0.022 -0.031 7/1/2011 13.780144 111500 -0.043 -0.04 -0.042 8/1/2011 12.549087 109769 -0.089 -0.016 -0.053 9/1/2011 11.710427 106800 -0.067 -0.027 -0.047 10/1/2011 12.980156 116950 0.108 0.095 0.102 11/1/2011 12.358725 118500 -0.048 0.013 -0.018 12/1/2011 13.912304 114755 0.126 -0.032 0.047 1/1/2012 14.674761 117925 0.055 0.028 0.042 2/1/2012 14.941432 117934 0.018 0 0.009 3/1/2012 15.880677 121900 0.063 0.034 0.049 4/1/2012 15.492954 120800 -0.024 -0.009 -0.017 5/1/2012 15.105241 118850 -0.025 -0.016 -0.021 6/1/2012 16.489952 124945 0.092 0.051 0.072 7/1/2012 16.605099 127445 0.007 0.02 0.014 8/1/2012 16.57309 126560 -0.002 -0.007 -0.005 9/1/2012 18.17358 132700 0.097 0.049 0.073 10/1/2012 16.981876 129505 -0.066 -0.024 -0.045 11/1/2012 17.03833 131916 0.003 0.019 0.011 12/1/2012 16.92544 134060 -0.007 0.016 0.005 1/1/2013 18.129589 145875 0.071 0.088 0.080 2/1/2013 18.894482 152600 0.042 0.046 0.044 3/1/2013 18.967052 156280 0.004 0.024 0.014 4/1/2013 18.28614 159000 -0.036 0.017 -0.010 5/1/2013 19.131126 171300 0.046 0.077 0.062 6/1/2013 19.024477 168600 -0.006 -0.016 -0.011 7/1/2013 20.152189 173900 0.059 0.031 0.045 8/1/2013 19.135069 167050 -0.05 -0.039 -0.045 9/1/2013 19.755264 170410 0.032 0.02 0.026 10/1/2013 21.78233 172994 0.103 0.015 0.059 11/1/2013 22.215643 174750 0.02 0.01 0.015 12/1/2013 23.357256 177900 0.051 0.018 0.035 1/1/2014 21.110132 169511 -0.096 -0.047 -0.072 2/1/2014 21.395748 173708 0.014 0.025 0.020 3/1/2014 21.938578 187350 0.025 0.079 0.052 4/1/2014 22.785957 193275 0.039 0.032 0.036 5/1/2014 22.701221 192000 -0.004 -0.007 -0.006 6/1/2014 22.269062 189900 -0.019 -0.011 -0.015 7/1/2014 21.48732 188124 -0.035 -0.009 -0.022 8/1/2014 22.196438 205880 0.033 0.094 0.064 9/1/2014 21.888878 206900 -0.014 0.005 -0.005 10/1/2014 22.237427 210000 0.016 0.015 0.016 11/1/2014 22.823307 223065 0.026 0.062 0.044 12/1/2014 21.772179 226000 -0.046 0.013 -0.017 1/1/2015 20.776976 215865 -0.046 -0.045 -0.046 2/1/2015 22.603336 221180 0.088 0.025 0.057 3/1/2015 21.775448 217500 -0.037 -0.017 -0.027 4/1/2015 23.767799 213400 0.091 -0.019 0.036 5/1/2015 23.934561 214800 0.007 0.007 0.007 6/1/2015 23.320179 204850 -0.026 -0.046 -0.036 7/1/2015 23.102518 214000 -0.009 0.045 0.018 8/1/2015 22.137697 202531 -0.042 -0.054 -0.048 9/1/2015 22.323578 195240 0.008 -0.036 -0.014 10/1/2015 25.827738 204596 0.157 0.048 0.103 11/1/2015 26.738676 201360 0.035 -0.016 0.010 12/1/2015 27.819298 197800 0.04 -0.018 0.011 1/1/2016 26.182878 194360 -0.059 -0.017 -0.038 2/1/2016 26.218866 202555 0.001 0.042 0.022 3/1/2016 28.832203 213450 0.1 0.054 0.077 4/1/2016 27.888969 219000 -0.033 0.026 -0.004 5/1/2016 27.417351 211695 -0.017 -0.033 -0.025 6/1/2016 28.551046 216975 0.041 0.025 0.033 7/1/2016 28.456642 216000 -0.003 -0.004 -0.004 8/1/2016 28.548023 225760 0.003 0.045 0.024 9/1/2016 27.067621 216220 -0.052 -0.042 -0.047 10/1/2016 26.799973 215700 -0.01 -0.002 -0.006 11/1/2016 28.32877 237000 0.057 0.099 0.078 12/1/2016 29.102377 244121 0.027 0.03 0.029 1/1/2017 27.558399 245980 -0.053 0.008 -0.023 2/1/2017 27.660467 257100 0.004 0.045 0.025 3/1/2017 27.871738 249850 0.008 -0.028 -0.010 4/1/2017 27.114147 247780 -0.027 -0.008 -0.018 5/1/2017 25.608328 248440 -0.056 0.003 -0.027 6/1/2017 25.262268 254700 -0.014 0.025 0.006 7/1/2017 24.356915 262786 -0.036 0.032 -0.002 8/1/2017 23.348778 271450 -0.041 0.033 -0.004 9/1/2017 22.99688 274740 -0.015 0.012 -0.002 10/1/2017 19.365156 280470 -0.158 0.021 -0.069 11/1/2017 17.568886 291500 -0.093 0.039 -0.027 12/1/2017 16.762003 297600 -0.046 0.021 -0.013 1/1/2018 15.746106 323375 -0.061 0.087 0.013 2/1/2018 13.740108 310250 -0.127 -0.041 -0.084 3/1/2018 13.235257 299100 -0.037 -0.036 -0.037 4/1/2018 13.814545 290650 0.044 -0.028 0.008 5/1/2018 13.824364 287200 0.001 -0.012 -0.006 6/1/2018 13.362897 282040 -0.033 -0.018 -0.026 7/1/2018 13.501314 301550 0.01 0.069 0.040 8/1/2018 12.817828 315800 -0.051 0.047 -0.002 9/1/2018 11.183407 320000 -0.128 0.013 -0.058 10/1/2018 10.1 307705 -0.097 -0.038 -0.068 11/1/2018 9.58 308366 -0.051 0.002 -0.025 11/1/2018 9.58 308366 0 0 0.000