Chapter 19 Exhibits

Historical annual periodic total return statistics, 1972-98: CPI T-bills LT G Bond GLCMPI** NPI*** SP500 Geom.Mean 5.26% 6.86% 9.39% 9.51% 9.16% 13.82% Arith. Mean 5.31% 6.89% 10.02% 9.75% 9.62% 15.09% Volatility NA 2.72% 12.22% 7.54% 10.01% 16.69% Sharpe* NA NA 0.26 0.38 0.27 0.49 Correlations: CPI 100% 58% -50% -48% 14% -39% T-bills 58% 100% ... ................
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