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TRANSCRIPT
X3M
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
Alcoa
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
AmericanExpress
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
Boeing
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
Caterpillar
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
CocaCola
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
DuPont
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
ExxonMobil
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
GeneralElectric
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
HewlettPackard
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
IBM
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
JohnsonJohnson
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
JPMorganChase
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
McDonalds
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
MerckCo
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
Pfizer
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
ProcterGamble
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
UnitedTechCorp
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
WalMart
Days
Ret
urns
−30
−20
−10
010
20
2/1/81 22/12/88 16/12/96 23/12/04 31/12/12
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●
X3M
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
● ●
●
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●
●
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●
●
●
●
●
Alcoa
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
● ● ●
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●
●
●
● ●
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●
●
●●
● ● ●
●
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●
●●
●●
●
AmericanExpress
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●
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●
● ●
●●
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● ●
●
●
●
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●
● ● ●●
●
●
● ●
●
Boeing
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●●
●
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●
●●
● ● ●
●●
●●
●
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● ●
●● ●
●●
● ●
●
●
●
Caterpillar
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●●
● ●
●
●
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● ●● ● ●
●
● ● ●
●
●●
●●
● ●●
●
●
● ●●
CocaCola
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
● ● ●
●●
●
●
●
●
● ●●
● ● ● ●
●
●●
●
●●
●
●●
●●
●●
●
●
●
DuPont
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
● ● ● ● ●●
●
●
●● ● ●
● ● ●●
● ● ●●
●
●
● ●
●●
●
●
●
●
●
●
ExxonMobil
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●● ●
● ●●
●
●●
● ●
●●
● ●●
● ● ●
●● ●
●
●● ●
●
● ●
●●
●
GeneralElectric
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●
●●
●●
●
●●
● ● ●
●●
●
●
●●
●
● ●
●
●
● ● ●●
●
●
●
●●
HewlettPackard
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●●
● ●●
●
●
●●
●●
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●
● ●●
●
●
●●
●
●●
●
●
●
●
●●
●
IBM
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●
●●
●●
●
● ● ● ● ●
●
● ●●
● ● ●
●
●
●
●
● ●● ●
●
●●
●
●
JohnsonJohnson
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●●
●
●●
●
●●
● ●
●
●●
● ●●
●
●
●●
●
●
●●
●
●
●●
●
●
●
JPMorganChase
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●●
●● ●
●
●
● ●● ● ●
● ● ● ● ●
●●
●
●
●●
●●
● ●
●
●
● ●●
McDonalds
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
● ●● ●
●
●
●
● ●● ●
●
●
●●
●
● ● ●
●
●●
●
●
●
●●
●
●
● ●
●
MerckCo
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
● ● ● ● ●
●
●
●
● ● ●
●
● ● ●
●
● ● ●
●
●
● ● ●●
●
●
●
●●
●
Pfizer
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●●
● ●●
●
●
● ●●
●● ● ●
●●
●●
●
●
●●
● ● ● ● ●
●
●
● ● ●
ProcterGamble
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
●
● ● ● ●
●
●●
●●
●● ●
●●
●
● ●
●●
●
●
● ● ● ●
●
●
●
●
●
UnitedTechCorp
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●● ●
●
●
●
●
●
●
●
●
●
● ●●
● ●
●●
●
● ●
●
● ● ●●
●
●
●● ●
WalMart
Days
St.D
ev.
12
34
5
1981 1987 1993 1999 2005 2011
●
● ● ●● ●
● ●
●●
●● ● ●
●● ●
●● ●
●●
●●
● ●
●
● ●●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Alcoa − X3M
● ●●
● ●
●
●
●● ●
●●
●● ● ●
●●
●●
●●
●● ● ●
●
● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
AmericanExpress − X3M
●●
●
●●
●●
● ● ●●
●
●● ● ●
●●
●●
●
●●
●●
●
●
● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
AmericanExpress − Alcoa
●
●
●
● ● ●●
●● ●
●
● ●●
● ●● ●
● ●
● ●
● ●
●●
●
● ● ●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Boeing − X3M
●● ● ● ● ●
●● ● ●
●●
●
● ● ●●
● ●●
● ● ●
●● ●
●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Boeing − Alcoa
● ●● ● ●
●●
●
● ●●
●●
●
● ●● ●
● ●
● ●●
●
● ●●
●●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Boeing − AmericanExpress
●
● ● ●●
●
●●
●● ●
●●
●● ● ●
●●
●
●●
●●
●
●
●
● ● ●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Caterpillar − X3M
●
● ● ● ● ●
●●
●●
●
●
●● ●
●● ● ● ●
●
●
● ●●
●●
● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Caterpillar − Alcoa
● ● ●
●●
●
●
●
●●
●● ●
●●
●● ●
● ●
●
● ●
● ●●
●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Caterpillar − AmericanExpress
● ● ●● ●
●● ●
● ● ●●
●
● ● ● ● ●
●●
● ●●
●●
●●
● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Caterpillar − Boeing
●
●
●
●
●
●
●●
●●
●
●● ● ●
●● ●
●●
●
●●
●●
●●
●
●●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
CocaCola − X3M
●● ● ●
●
●●
●● ●
●
● ● ●●
●
●
●
●● ●
● ●●
●●
●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
CocaCola − Alcoa
●● ●
●●
●
●●
● ● ●
●
● ●
●
●
● ●
●
● ●
● ●● ●
● ● ●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
CocaCola − AmericanExpress
●●
●
●
●
● ● ●
●
●
●
●●
●
●
●
●
●
● ● ●
● ●
● ● ●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
CocaCola − Boeing
●●
●
●● ●
●●
●
●
●
● ●●
●
● ● ●
●
● ●●
●
● ●
●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
CocaCola − Caterpillar
●
●● ●
●
●
● ●● ● ●
● ● ● ● ●●
●
●●
●●
●● ●
●●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − X3M
●
● ● ●
●
●
● ●● ●
● ●●
●
●●
●● ●
●
● ●●
● ● ●●
● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − Alcoa
●
● ●●
●
●
● ●●
●●
●●
●
● ●
● ●● ●
●
● ●
● ● ●
●● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − AmericanExpress
●●
●
●
●
●
● ●● ●
●
● ●●
●
● ●● ●
●
●●
● ●
●● ●
●●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − Boeing
●
●● ●
●●
● ●
● ● ●
● ●
●
● ●● ● ●
● ●●
●●
● ●●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − Caterpillar
●●
●
●
●
●
● ●●
● ●
●● ●
●
●
●●
●●
●
● ●●
●●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
DuPont − CocaCola
● ●●
● ●
●
●●
●● ●
● ● ●●
● ●
●● ●
●
●
● ●● ●
●
● ● ●● ●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − X3M
●● ●
●●
●● ●
● ●●
● ●●
●●
●
● ● ●●
●
● ●● ●
●
●
●●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − Alcoa
●●
● ●●
●
●●
●
● ● ●
●
●
●
●
●
● ● ●●
● ●
● ●●
● ● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − AmericanExpress
●●
● ● ●
●
● ●
●●
●
●● ● ●
●●
● ●●
●
●●
● ●●
●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − Boeing
●
●
● ●● ●
● ●
●●
●
● ●
●●
●
●
● ● ●●
●●
● ●●
●
●●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − Caterpillar
●
●●
●●
●
●●
● ● ●
●
●
● ●●
●
●
●● ●
●●
● ● ●
● ●●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − CocaCola
●
● ●● ●
●
●●
●● ●
●●
●
●
●
●
● ●●
●
●●
● ●
●
●
●●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ExxonMobil − DuPont
●
●
●
●●
●
●●
● ●●
●
●● ● ●
● ●
●
●
●●
●● ●
●
●● ● ●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − X3M
●●
● ●● ●
● ● ●
● ● ●
●●
● ●
●●
●
●
●●
●●
●
●
●● ● ●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − Alcoa
● ●●
●●
●
●●
● ● ●
●
●● ●
●
● ●● ●
● ● ●
● ● ●
● ●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − AmericanExpress
●●
●●
● ●● ● ●
●
●
● ●●
●
●
●
●
● ●
●● ● ●
● ● ●● ●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − Boeing
● ● ● ● ●●
●●
● ● ●
●
●
●●
●
● ●
●●
●●
●
●●
●
●● ●
● ●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − Caterpillar
●
●●
●
●
●
● ●● ●
●
●● ●
●
●
●●
●● ●
●●
●● ●
●●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − CocaCola
●
●
●●
●
●
●●
●● ●
●●
●●
●
●
●● ●
●● ●
●● ●
●
●●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − DuPont
●●
● ● ●
●
● ●
●
● ●
●●
● ●
●
●
●●
●
●
●● ●
●
●
● ● ●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
GeneralElectric − ExxonMobil
●
●
●
●●
●
●●
● ●●
● ●
●
●
● ●●
●●
●
●● ●
● ●
●●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − X3M
●
●
●●
● ●
●
●●
●● ●
●
●● ●
● ●
●●
●
●●
●
● ●
●
●●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − Alcoa
●●
● ● ●
●
●
● ● ●●
● ● ● ● ●
●●
●●
●
●●
●
●●
●● ● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − AmericanExpress
●●
●●
● ●● ●
●●
●
●●
● ● ●
●
● ● ●
●● ●
●
●●
●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − Boeing
●●
●● ●
●
●
●
● ●● ●
●
●
●● ●
●
●●
●
●
●●
●
●
●●
● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − Caterpillar
●●
●
●
●●
●●
● ●●
●● ●
●
●
●
●●
●●
● ● ● ● ●●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − CocaCola
●
●
●
●
●●
●
● ●● ●
●
●
●
●●
●
●
● ●
●
●● ●
●● ●
● ●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − DuPont
●●
●●
●
●
●●
●
●●
● ● ● ● ●
●
● ●
●●
●●
●● ●
●●
● ● ●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − ExxonMobil
●
●
●●
●●
●
●● ●
●●
●●
●
●
●●
● ●
●
●
● ●
●
●
● ● ●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
HewlettPackard − GeneralElectric
●
● ● ●●
●
●●
●●
●
●
●● ●
●
● ●
●●
●
● ●
● ● ● ●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − X3M
●
●●
● ●
●
● ●
●●
●● ● ●
● ●
● ●
●●
●
● ●
● ●
●●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − Alcoa
●
●
●
● ●●
●
●
●●
●
●●
●● ●
● ●
●●
●
● ●
●●
● ●
●
●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − AmericanExpress
●
●
●●
●
●●
●
●
●
●
●● ●
●●
●
●
● ●
●● ●
●● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − Boeing
●
● ● ●●
●
●●
●●
●●
●
●●
● ●●
●
●●
● ●
●● ●
●
●
●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − Caterpillar
●
● ● ●
●
●
●●
●
●
●
● ●● ●
●
●
●
● ●
●● ● ●
●●
●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − CocaCola
●
● ●
●
●
●
● ●
● ●
●
● ●● ●
●
●●
●●
●
● ●●
● ● ●
●● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − DuPont
●
● ● ●
●
●
●●
●●
●
● ● ●●
●
●
●●
●
●
●●
●●
●
●
●●
● ●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − ExxonMobil
●
● ● ●
●
●
●●
●●
●
●
●
●●
●
● ●
●●
●● ●
● ●● ●
●
●
● ●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − GeneralElectric
●
● ● ●●
●
●●
● ●●
● ●●
● ● ●●
● ●●
●● ●
●
●●
●● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
IBM − HewlettPackard
● ●
●●
●
●
●
●●
●
●
●
●
●
●
●●
●
●
●●
●
●
●● ● ●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − X3M
● ● ●●
●●
● ● ● ●
●
● ●●
●●
●●
●●
●
●●
● ●●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − Alcoa
● ● ●●
●
●
●● ●
● ●
●● ● ●
●
●● ●
●●
● ●
●● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − AmericanExpress
●
●● ● ● ●
● ●●
●
●
● ● ● ●
●
● ●
● ●●
●●
● ●●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − Boeing
●●
●●
● ●
●●
●●
●
●● ●
●
●
●●
●●
●
● ●
●●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − Caterpillar
●●
●●
●
●
●
●●
●
●●
● ●
●●
●●
●● ●
●●
●● ●
●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − CocaCola
●●
●●
●
●
●
● ● ●●
● ●
●
●
●
●
●● ●
●
● ●
● ● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − DuPont
● ●
●●
●●
●●
● ● ●
● ● ●● ●
●
●
●● ●
●●
●●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − ExxonMobil
●
●
●●
●●
●●
● ●
●
●
●●
●
●
● ●●
● ●
● ●
●●
● ●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − GeneralElectric
●
●
●●
●●
●
●● ●
●
●
● ●
●
●
●●
● ●
●
● ●
● ●●
●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − HewlettPackard
●
● ●●
●●
●
●●
●
●
● ●●
●
●● ●
●● ●
● ●
● ●
● ●
●
●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JohnsonJohnson − IBM
●●
●●
●
●
●●
●● ●
●●
●
●
●● ●
●●
● ● ●
● ● ●
●● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − X3M
●
● ● ● ● ●
● ●● ● ●
●●
●
●●
● ●
●
●
●
● ●
● ●●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − Alcoa
● ●● ● ●
●
●
● ● ●● ● ● ● ●
●
●●
● ●● ●
●
● ●●
● ● ●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − AmericanExpress
●● ●
● ● ●● ●
● ●● ●
● ● ●
●●
● ● ●
● ●●
●
●
● ●● ●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − Boeing
● ●●
● ● ●
●
● ● ●● ● ● ● ● ●
● ●
●
●
●●
●●
● ●● ● ●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − Caterpillar
●● ●
●●
●
●●
●●
● ●● ● ●
● ●●
●●
●●
●●
● ●●
●●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − CocaCola
● ● ●●
●
●
●●
●● ●
●●
● ●●
●●
● ●
●
●●
● ● ●●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − DuPont
●● ● ●
●
●
●●
●
● ●
●● ●
●
●●
● ●●
●
● ●
● ● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − ExxonMobil
● ● ●● ●
●●
●●
● ●●
●
●●
● ●●
● ●
● ● ●
●● ●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − GeneralElectric
●●
●● ●
●●
● ●●
●●
●●
●●
● ●● ●
●● ●
●
●
●
● ●●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − HewlettPackard
●
●● ●
●
●
●
●
● ● ●
● ●
●● ●
● ●●
●
●● ●
● ●● ●
● ● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − IBM
●●
●
●●
●●
● ●●
●
●
● ●●
● ●
● ●
● ●
●●
●
●●
● ●●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
JPMorganChase − JohnsonJohnson
●
●
● ● ● ●
●●
●
● ●
●● ● ●
●●
●
●
●●
● ● ● ●● ●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − X3M
●
● ● ●● ●
● ●● ● ●
●
●●
●
●●
●●
●●
●● ● ●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − Alcoa
● ●●
●●
●
●●
● ●●
●●
●●
● ● ●
● ● ●
● ● ●● ●
●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − AmericanExpress
● ●
●
● ●●
● ●
●
●
●
● ●● ●
●●
●● ●
●●
●● ●
●●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − Boeing
●●
● ● ● ●
●●
●●
●●
●
●
●
● ● ●
●● ●
●● ● ●
●
●
●
●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − Caterpillar
●
●
●
●
●
●
●●
●
●
●● ● ● ●
● ● ●
●
●
●● ● ●
● ●●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − CocaCola
●●
●
●
●
●
●●
●●
●● ● ●
●
● ●
●●
●●
●●
●● ●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − DuPont
●●
● ● ●●
●
●
● ● ●
●
● ●●
●●
●● ●
●
●
● ●●
●
●
●●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − ExxonMobil
●●
●●
●●
●●
● ●●
● ●●
●● ●
●
● ● ●● ● ● ●
●●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − GeneralElectric
●
●
●●
●●
●●
●●
●
●● ●
●
● ● ●●
● ●●
● ●●
● ●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − HewlettPackard
●
● ● ●●
●
●●
●
●
●
● ● ●
●
●● ●
● ● ●
● ● ●● ●
●
●
●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − IBM
●●
●●
●
●
●●
●●
●●
●●
● ● ●● ●
●●
● ●●
● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − JohnsonJohnson
●●
●● ●
●
●●
● ●● ● ●
●●
●●
● ●● ●
●● ●
● ● ●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
McDonalds − JPMorganChase
●
●
●
● ●●
● ●●
●
●●
●
●
●
●● ●
●
● ●
●●
●● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − X3M
●
● ● ● ● ●
● ● ●● ●
● ●
●
●
●
●●
●
●●
●●
●●
●
●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − Alcoa
● ●●
● ●
●
● ●● ●
●
●
●●
●
●●
● ●
●●
● ●
● ●
●
● ●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − AmericanExpress
●
●
●
●● ●
● ●●
●
●
●●
● ●
●●
●● ●
●
● ●
● ● ●●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − Boeing
●
●
●● ● ●
●●
● ●●
● ●
●
●
●
● ●
●
●●
●●
●●
●●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − Caterpillar
●
●●
● ●
●
● ● ● ●●
●
● ●●
● ● ●
●● ●
● ●
●
●●
● ●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − CocaCola
●
●
●●
●
●
● ●●
● ●
●●
●
●
●
●
●
● ● ●
● ●
●
● ●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − DuPont
●● ●
●●
●● ●
● ● ●
●
●
●●
●
●
●
●
● ●
● ●
● ● ●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − ExxonMobil
●
●
●● ●
●
● ●●
●●
●
●
●
●
●● ●
●
●●
●●
● ●●
● ●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − GeneralElectric
●
●
●
●
●
●
●●
● ●●
●● ●
●
●
●●
●●
●
●●
●●
●●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − HewlettPackard
●
● ● ●●
●
● ●
●
●
●
●●
●
●
●
●●
●
● ●
● ●
● ●
● ●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − IBM
● ●● ● ●
●
● ● ●●
● ●●
● ●
●●
●● ●
●
● ●
●●
●●
● ●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − JohnsonJohnson
●
●●
●●
●
●● ●
● ●
●●
●
●
● ● ● ●
● ●
●●
● ●
● ● ●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − JPMorganChase
● ●
●● ●
●
●●
●●
●
●●
●●
● ● ● ● ●
●● ●
●●
●●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
MerckCo − McDonalds
●
●
●
●●
●
●
●●
●
●●
●●
●
●●
●
●
● ●
● ●
● ●●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − X3M
●
●●
● ● ●
●
●● ●
●● ●
●
●
●
●●
●
● ●
● ●
● ●●
●●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − Alcoa
●
●●
● ●
●
●
●●
●●
●
●●
●
●
●●
●
● ●
●●
●
● ●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − AmericanExpress
●●
●
● ● ● ● ●●
●
●
● ●● ●
●
●
●
●●
●
●●
●●
●
●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − Boeing
●●
● ●
●●
●
●●
●●
●●
●
●
●
●●
●● ●
● ●●
●●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − Caterpillar
●
●
●● ●
●
●●
●● ●
●
●●
●●
●
● ●
● ●
● ●● ● ●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − CocaCola
●●
●
●●
●
●
●●
●●
●●
●
●
●
●
●●
●●
● ●
● ●
●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − DuPont
●●
●●
● ●
●
●
● ● ●
●●
● ●●
●
●●
●●
●●
● ● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − ExxonMobil
● ●●
● ● ●
●
●● ● ●
●●
● ●
●
● ●●
● ●
● ●
● ● ●
● ●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − GeneralElectric
●
●
●●
● ●
●
● ● ●●
● ●●
●●
●●
●●
●
● ●
●
●
●
●●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − HewlettPackard
●
●●
●●
●
●
●
●
●
●
● ●●
●●
● ●
●
● ●
●●
●
●●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − IBM
●●
●
● ●●
●●
●●
●●
●
●
● ●●
●
● ●●
● ●
●●
●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − JohnsonJohnson
●
● ● ● ●
●●
● ● ● ●
●●
●
●
●●
●●
●●
●●
●●
●
● ●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − JPMorganChase
● ● ● ● ●●
●
●● ●
● ●
●●
● ●●
● ●●
●●
●● ●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − McDonalds
●●
●
● ● ●●
● ● ● ●● ●
● ●●
●
●●
● ●● ●
●
●●
●● ● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
Pfizer − MerckCo
●
●
●
●
●
●
●●
●
●
●
●●
●
●
● ●●
●
● ●
● ●● ●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − X3M
●●
● ●●
●●
●
●●
●
●●
●
●●
●
●
●●
● ●
●● ●
●
●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − Alcoa
● ● ●● ●
●
●●
● ●●
● ● ●●
●
●●
●● ●
●
●
●●
●●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − AmericanExpress
●
●●
●●
●
●●
●
●
●
●●
●●
●
●
●
● ●●
● ●● ● ● ●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − Boeing
● ●● ● ● ●
● ●
●
●
●●
●
●
●
●
●●
●
●
●
●●
●●
●●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − Caterpillar
●●
●●
●
●
●
●
●
●
●
●● ● ●
●●
●
● ●●
●●
● ● ●●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − CocaCola
●
●
●
●
●
●
● ●
●
●
●
●●
●
●
●
●
●
●
●
●
● ●
●●
●
●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − DuPont
● ● ● ●●
●
●
●
● ● ●
●●
●
●●
●
● ●
●
●● ●
●●
●
●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − ExxonMobil
●
●
●●
●
●
●●
●●
●
●●
●
●
●
●●
●
●●
●
●● ● ●
●●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − GeneralElectric
●
●
●●
●●
●
●
●●
●
● ●●
●●
●
●●
● ●
●●
●●
●
●
●● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − HewlettPackard
●
●●
●●
●
●
●
●
●
●
● ●●
●
●
●
●●
●
●●
●
● ● ●●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − IBM
●●
● ●
●
●
●
●●
●
●
●● ●
●●
●●
●●
●
● ●
● ● ●
●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − JohnsonJohnson
●●
●
●●
●
●●
●● ●
●●
● ●
●●
●
●● ●
●
●
● ● ●●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − JPMorganChase
●
●
● ●●
●
●
●●
●
●
● ●
● ●●
● ●● ●
● ●
● ●● ● ●
●
● ● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − McDonalds
● ●●
●●
●●
●
●●
●●
●
●●
● ●● ●
●●
●
●
●
● ●●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − MerckCo
●●
● ● ●
●
●●
●
●●
● ●● ●
●●
● ●● ●
● ●
●●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
ProcterGamble − Pfizer
●
●
● ●
●
●●
● ●●
●●
●●
● ●●
●●
●●
●●
● ●●
●
● ● ●
●●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − X3M
●●
●●
●
●●
●●
● ● ●
●
●● ●
● ●
● ●
●
●●
● ●●
●
●● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − Alcoa
●●
●
● ●
●●
● ● ●
●● ●
● ●●
●●
● ●
●
● ●
●● ●
●
● ● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − AmericanExpress
●●
● ●● ●
● ● ●
●
●
● ●
●● ●
● ●
● ●
● ●● ●
●●
●● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − Boeing
●●
● ● ● ●
●●
● ● ●
● ●
●
●●
● ●● ●
●
●●
●●
●
●●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − Caterpillar
●●
● ● ●●
●● ●
●
●●
●●
●
● ●●
● ● ●
●●
●
● ●●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − CocaCola
●
●● ●
●
●
●● ●
● ●●
●
●
●
● ● ●
●
●
●●
●
● ● ●
●
●●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − DuPont
● ●●
●●
●
● ●
●●
●●
● ● ●●
●● ●
●
●
●●
●●
●
●●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − ExxonMobil
●●
● ●●
● ●● ● ●
●● ●
●
●
● ● ●
●
●
●●
●●
●
●
●● ●
● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − GeneralElectric
●●
●●
●
●
●
●●
●●
● ●●
●●
●●
● ●
●● ●
●●
●
●● ●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − HewlettPackard
●
● ●
● ●
●● ●
●
●
●●
●● ● ●
●
●
●●
●
●●
● ● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − IBM
● ●● ●
●●
● ●● ●
●
● ●●
●
●●
●● ●
●
●●
●
●
●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − JohnsonJohnson
● ●●
● ●● ●
●●
● ● ●●
●●
●●
●
●●
●● ●
● ● ● ●● ● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − JPMorganChase
●●
●●
●●
● ●● ●
●● ●
●
●● ●
●
●● ● ● ●
●
●●
●
●
●● ●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − McDonalds
●●
● ● ●●
● ●● ●
●
● ●
●●
●●
●
● ● ●
● ●
● ●●
●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − MerckCo
● ●● ● ●
●●
●● ●
●
● ●●
●
●● ●
● ●●
●
●
● ● ●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − Pfizer
●
●
●●
●●
● ●●
●
●
● ●
●
●
●●
●●
●●
●●
●●
●
●
●
● ●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
UnitedTechCorp − ProcterGamble
●●
●
●
●
●●
●● ● ●
●●
●
●
● ● ●
●
●●
● ●
● ● ●●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − X3M
●●
●
●
●
●
● ● ●●
●●
●● ● ●
●●
●
●
●● ●
● ●●
●
●
●
●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − Alcoa
●● ●
● ●
●
● ● ●●
●●
●
● ●●
●● ●
●●
●●
● ●●
● ●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − AmericanExpress
●●
●
●● ●
●●
●
●
●
● ●● ●
●
● ●
●●
● ● ●
● ●● ●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − Boeing
●●
●
●●
●
●●
●
●
●
● ● ●●
●●
●
●
●●
● ●
● ●●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − Caterpillar
●●
●
●
●
●● ● ●
●●
●● ●
●
●●
●
● ● ●● ●
●●
● ●●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − CocaCola
●●
●
●
●
●
● ● ● ● ●
●
●● ●
●● ●
●●
●
● ●
●● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − DuPont
●● ● ●
●
●
●●
●
●●
●
●● ● ●
●
● ● ●●
●●
●●
●
●
●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − ExxonMobil
●
●●
●●
●
● ● ● ● ●
●
●● ● ●
●●
●●
● ●●
● ● ●
● ●
●
●●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − GeneralElectric
●●
●
●
●
●
● ●● ● ●
● ●●
●●
● ●●
●
●
● ●
●●
●
●●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − HewlettPackard
●
● ● ●
●
●
● ●
●
●
●
● ● ●●
●
●●
●●
●●
●
● ●● ●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − IBM
●●
●●
●
●
●● ● ●
●●
● ●
●●
●●
●
●●
● ●
● ●●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − JohnsonJohnson
●● ● ● ●
●● ●
●●
●
● ●●
●● ●
●●
●
● ●●
● ● ●
● ●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − JPMorganChase
●
● ●● ●
●
● ●●
●
●●
● ●● ●
●●
● ● ● ● ●● ● ● ●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − McDonalds
●
●
●
●
●
●
● ● ● ●●
●
●
●
●
●●
●●
●
●
● ●
●
●●
●●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − MerckCo
●
●
●●
●
●
●
● ● ● ●●
● ●
●●
● ● ●
●●
● ●
● ● ●
● ●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − Pfizer
●● ●
●
●
● ●●
●
●●
● ● ●
●●
● ●● ●
●
●●
●● ●
●
●
● ●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − ProcterGamble
● ● ●
●●
● ●● ● ●
●
● ●●
●●
●●
● ●●
●●
●● ●
●
●
●●
●
●
Days
Cor
r
−1.
00.
00.
51.
0
1981 1985 1989 1993 1997 2001 2005 2009
WalMart − UnitedTechCorp
0.6 0.8 1.0 1.2 1.4
−0.
050.
000.
050.
10
Standard deviation
Mea
n
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
19981999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Annual global minimum variance portfolio
Black Monday−Oct 19th=>
<=Russian financial crisis
<=Dotcom bubble
Internet bublle bursting=><=Financial crisis
1980 1990 2000 2010
−0.
20.
00.
20.
4X3M
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
Alcoa
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
AmericanExpress
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
Boeing
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
Caterpillar
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
CocaCola
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
DuPont
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
ExxonMobil
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
GeneralElectric
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
HewlettPackard
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
IBM
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
JohnsonJohnson
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
JPMorganChase
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
McDonalds
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
MerckCo
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
Pfizer
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
ProcterGamble
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
UnitedTechCorp
YEARS
Wei
ght
1980 1990 2000 2010
−0.
20.
00.
20.
4
WalMart
YEARS
Wei
ght