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F0Ξ05: [ BDEHI%} VY8 B V  @  /DE `E:D1:DUP.SYSERROR-SAVING USER MEMORY ON DISKTYPE Y TO &}STILL RUN DOS B;DE J V (` 9 V⪍ ઍ  -'}LLu DEHILV 9 .l 9 .l  `` s$B VBH(}I|DE V BLV nB,DE J V* \*` B V BLVDEHI BLVL)}1u H232435; 1 ;  hh@2 e1i1LHҍ 00) 08 109hh@ Ҡ2e*}1i1232435ޥ<<8} 3E:}DISK OPERATING SYSTEM II VERSION 2.0SCOPYRIGHT 1980 ATARIA. DISK DIRECTORY I. FORMAT DISKB. RUN CARTRIDGE J. D,}UPLICATE DISKC. COPY FILE K. BINARY SAVED. DELETE FILE(S) L. BINARY LOADE. RENAME FILE M. RUN AT ADDRESSF. LOCK F-}ILE N. CREATE MEM.SAVG. UNLOCK FILE O. DUPLICATE FILEH. WRITE DOS FILES9!&x#!7&p))'&X*./)L''-؆莟.}R'S  vW DEHHI 1A#! @ ~0ɛ8A0.) ȅ 1 1i/}il ! 1L NO SUCH ITEMSELECT ITEM OR FOR MENU! 0 .{z:*{}.|~ 1 0 00}JB 18L^%|DLl%DIRECTORY--SEARCH SPEC,LIST FILE? # 0 0 n&|D! 1L NOT A DISK FILE1}N !B 1L " 1 !BDED:}:1BJ|DE 1DEBH2}I 1 h0ߢ 0.  0?詛 1 ~0YЛ 1 "L<" "L 3} BL1TYPE "Y" TO DELETE...DELETE FILE SPECCOPY--FROM, TO?OPTION NOT ALLOWED COPYING---DN:4}# 0|D .L$A#B#C#JB|DE 1BHIDD#E 1D#0: B5} 1L B#C#C#B# B 1N#$0SYS1}:e#D# d# D# .d#ȽD# d# 𩛙d#X# 1,A#6}PdD#ELO- A.BJdD#E 1 1HH 0hh|DL^%1}:e# Lt% e#dD#EL%7} 1 0 . .0% 1L WILD CARDS NOT ALLOWED IN DESTINATION 0 A.|K@C}//3Hu ξL/L DRIVE TO WRITE DOS FILES TO?WRITING NEW DOS FILESTYPE "Y" TO WRITE DOS TO DRIVE 1.?}D1:DOS.SYSERROR - NOT VERSION 2 FORMAT. , &* բ( 1L `[) 0NΞ 0 L1M) 1@} L BAD LOAD FILELOAD FROM WHAT FILE?) 0 0#B 1L WHAT FILE TO LOCK?) 0 0$B 1L WHAT FILE TO UNLOCK?DUA}P DISK-SOURCE,DEST DRIVES?TYPE "Y" IF OK TO USE PROGRAM AREACAUTION: A "Y" INVALIDATES MEM.SAV. h  ,B}  `)  <0 2 2 0  ,   ,,ޢ* 1L ,K* 1 ~0 0C}FINSERT BOTH DISKS, TYPE RETURNERROR - DRIVES INCOMPATIBLE., 1 ~038  , 1L D}, &*  Lz+, 0 , 1 ~0 + Y,0!,0 ,L+ ,mm  v,"ǭE}0Ξ, 05,Lt+L +,Hh` NOT ENOUGH ROOMINSERT SOURCE DISK,TYPE RETURNF}INSERT DESTINATION DISK,TYPE RETURN`    `L,8,0( rG}L1(`ߢ) 1* 1 ~0Y`hhL S SL1) 8`NAME OF FILE TO MOVE?- 0 0|DLtH}% A., 1 <0 0 .@L# .BJ 1  DEHIB V L1 ,5 1 <0,L. I} JB|,A#Pd#DE 1 HI BDEHHII 1 B 1 , 1 <0,0Lf- B VJ},A#P, 1 <0 0L#L ߢ) 1* 1 ~0Yj383}mm ݭK}}`8}``|* ? ɛ,`|:(|/ 1L `DESTINATION CANT L}BE DOS.SYS0 0H{ $22Δ $28/L /) $2 Π $2 0 ξM}hAΞB,0 J 1 BޝDEHI,HDE 1HIHIDELSAVE-N}GIVE FILE,START,END(,INIT,RUN)O X0 1`BDEPHI V` X0H 1 L O}0 0 1L0`PLEASE TYPE 1 LETTER,0`hhL <0 1L0LA1 ,;ɛ7,"ɛ:ݦ1ݥP}A"D|ݤD|ȩ:|ȩ|ɛ,,(/+.ީ1 1,ɛ`轤{Q}NAME TOO LONG B VL ` L1I H1EӝDL1|mDiE` V0`8d/8 i:"2!22 1R} L ERROR- 128ɛ+,' 20*.. өw2 1``2TOO MANY DIGITSINVALIDS} HEXADECIMAL PARAMETER800 0 8 00`,0'D800H,ɛh`2L1NEED D1 THRU D4uT} HEXADECIMAL PARAMETER800 0 8 00`,0'D800H,ɛh`2L1NEED D1 THRU D4uEiͩkΩ͙kCop j`j {j`Hi͝Νh`V}L"OGOL:D"NURͩkΩ͙kCop j`j {j`Hi͝Νh`  L,:LISU +AR@1A X}CA @UAAFg-6-F:A`,%F:Aa,$AV%@A&@@pU- Y}@c%@g P-@5 @COPYRIGHT (C) 1980P @ ATARI INC. =-@@ Z}!6-A5-@9 =       [}  #  (   -    \}2&#    & 7##    <##   A''  ]} (R)Z%D:MENUcd  $D:LOGOU +AR@1A Z 1ABC@uA- F#@@K:F;@ ,;@%,;_}@%,S +AR@90@@@S0@@&6-F:@,& A(@%`}+@&A(+B7t&A(U6.Portfolio Analysis76.Stock Rate of ReturnU6.Stock Dividend Ana}alysis,,($ԠӠӠ(,-@@,(2,-@@,(|b}ˠӠ|<,-@@,(FW-@@(1. 1-@@;(2. M-@c}@W(3. P>-@@>($Z-@@(d)@d}n@"@I!-@@2( Ǡ @% D:PORTFOLx?"@P!-@@2( Ǡ ?%D:RETURe}N}@"@Q!-@@2( Ǡ @% D:STOKDIV AD:MENUK:F;@ ,;@%,;]PaZZCPZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZFg}ZZDIZZ1ZZ10ZZSPZZB1ZZINDZZERZZQ1ZZQ2ZZBZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZQh} i}j} !"#$%&'()*+,-.k}/01234567PORTFOL:7/28/80:REL. 1.1 &&"COPYRIGHT CONTl}ROL DATA 1980";@6,((6.COPYRIGHT CONTROL DATA 19806-6-@'6-@36-@?m}6-@K6-@W6-@c6-@o6-@{6-@!6-A%6-A&6-A6-A 6n}-@6-@'6-@ 36-@?6-@ K6-@"W6-A(c6-APo6-Ap{6-A6-@#o}6-Ad6-AU!""6-F:A,$AV&A a"6-@6-A#3;,;,;@,"6.}36p}. $ @A%-A $&$@!@@7$$)4 @8+%@!0'-q}4(ATARI* @7 @7+.  (<Q -((A CONTROL DATA CORPORATION+(8( tmK(  CYBr}ERWAREN(Q(=2&( Personal Computer Product2-@>T( **** *****( ***** *****?(****** ******s}T(*** ***?T(*** ***-(****** ******A( ***** *****T( **** ****F. @7(((t}PORTFOLIO ANALYSIS+(.(GO(( This program computes various+(O(measures of return and varianceHc(-("for any pu}ortfolio from the holding0(T(period returns of the componentW(c(stocks.P;@5,;,;,;,RJ,6."v} - Invalid data. Resubmit it.46.}@6-J AS ;,6.>:AS,U-@( X An\%w}6-AV$F:A,%F:A,46-F:A,D")"@N ApX A\ o!*@*@! }x}AR$~AR$AdAU $ 000$ - (6-($< -y} A(<(#Type to print, to continue!K:ZZKK)!5"@ A+P:ZZPz}P5 AAUA  ($0-A 6-F:%,(!A'06-&!@6-&@2{}(>:%@2,  A A -(6-$(H)(!This program requires a|} data file,(H(containing a portfolio.P(*(One, BACK, is supplied with the-(P(program. It is intended solelyJ}}(*(for demonstration purposes, and-(G(should be left as is.J(_&(The user should create his own)(K(files. E~}ach file must have aN(_( unique name.S A/(The user may maintain several2(S(portfolio files on the disk,&}E()(but only one may be used in an,(E(individual analysis.'#( (#( ؠ(()))(!This prog}ram makes no assumptions*""(or calculations for taxes. A(R A% D:PORTFOL1'A A&-@}@">(ǠŠԠΠA$ D:PORTFOL18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZF@x++ZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZFZZDI}ZZ1ZZ10ZZ3ZZ1ZZERZZQ2ZZBZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZZZDPZZLOZZINN3N1}MAXSTCDHRFGIJKLMNBZPAWH2NNNNNNWWPQNSSSSQQQQMMMMGGDDDDAAAAMMSSA}GGXXPBZZPPEEN1@@@@@@@@ @! A% A& A} A@@@ @@ @"A(APApA@#AdAUB@}A@6@ ""#!E"F#@$G%A&@'()*+},-./0123456H 7V<<8@A9 A: A;" }AA?rA@AA2ABACADRAEAFAG6 AH AI JK}@L@M@N@OP@QRS@ TUVWXYZ}[\]^_`abcdefghij}klmnopqrs@ t@ uvwxy}z@ {|""}~PORTFOL1:7/22/80:REL. 1.1 &&"COPYRIGHT CONTROL DATA 1980"6-6}-@'6-@36-@?6-@K6-@W6-@c6-@o6-@{6-@!6-A%6-A}&6-A6-A 6-@6-@'6-@ 36-@?6-@ K6-@"W6-A(c6-AP}o6-Ap{6-A6-@#6-Ad6-AU!""6-F:A,$AV&A a"36-@6-A'}6-@636-@#3;@4,$-@@4/67,. 3 P;@5,;,;,RJ,6." - Invalid }data. Resubmit it.46.}@6-J AS ;,6.>:AS,U AdM A@(3(Type to create,} examine, orJ( alter FILESM(f;(( for INFORMATION about the;( programgL("( for a SAMP}LE run%(L(" for portfolio analysish i(4I A(% D:PORTFOL2j# 4S( AE# A}Pk$ 4F A$% D:PORTFOL3l(  An\%6-AV$F:A,%F:A,46-F:A,D")"@}N ApX A\ o!*@*@! sh A(6(! - A result of a calculation]("has }exceeded the maximum allowableh(value.t  A0xT(N(CThe indicate those that must be input b}y the user.Q(T$}AR$~AR$AdAU $' A5(('(End of problemV}(((Type to run another problem+(K( to exit to menuN(R Vb 0Y } B-AR@}?-@@W(ǠϠՠb%D:MENU# A*0@0@'0*$ 0}00$ 000$ 000$ 000$ - (6-}($6 - 6(#Type to print, to continue!K:ZZKK)!5"@ A+}P:ZZPP5 AAUA  ($0-A 6-F:%,(!A'06-&!@}6-&@2(>:%@2,  A  -(6-$ 6- 6-,6-%N}:,$?P$#+6,&6-O:,,6-) !6-$?6-%) A 6-&&6-%&!*O:, 6-&}&6-$? !-(  ) 6-%6-%!!6-&)6-&& - *"(-& A} "(.  (* A! 6-$6-P:,6-&!(   $,;,;@`,-6-@.--9},9,9,9,9,9,9,9,/##9,9,9,9,9,9,09<,9<,9<,@& --68<},-" & ]$^C# AP"",( 96.D:BACKC A`_* -*(Holding period (months) }`* -*(Number of stocks a - A@(b0-@0(Number of periods d'-}@'(Do you want indexesf1-@-(of portfolio value? 1 s6-@|1 -68<,-#68<,}-'' 1 AD:BACK,4,5,1,9,1,YES,296.  AP"9B:,"Ap4-@B:,4}7<,3Z)7<,2AApe  167B:,%@2$(comparison purposes? (Y/N) ,4S2(?! 4S 6.Y! A!}@   DB:,"6. E06.7@<@,04Y)4NA!F Ap A PG AS}0YA02  -2(  W -68,-68,-&68,-/68,-868,-A68},-J68,-S68,-W   --%& .68,-8,%8<,.68,-8,%K:%8<,, 68,-8,%+8<,,# #}68,-8,%+K:%8<,,,##  68,-8,'68,-8,'2 &&68,-M:+$8,&8,$8,,'+#,,< B&68,-M:+$8,&8,}$8,,'+#,,* 06-66-<6-B6-d ; -6-8,%!6-8,%,6-%8,76-%8,;  S 6-'6-'6-}'#6-'56-+%,#+',&@6-J:,&M6-J:',&P(S(  0 +(( Single stock performance average+( 6-}@ D(( Mean 6-" %(7( S.D. =6-A D( A( Mean of logs6- "(4( S.D. of logs}:6-> A( &(Geometric mean 6-# &(, "A(- P( ((Annualized mean*(returns:-(C(Arithm}etic mean I6-M P(6 $((Geometric mean 6-$ @ ( (  A0 ; !-1(This number must less }than 11; A A C !&%-9(This number must less than &%C A A .( ( (.}(Enter weight for each stock:$ ( $ (Stock selection options:''( 1. All stocks, equal weights.+(# 2. }All stocks, specified weights.($% -"(Name of portfolio: %$p(B:,"6-Ap( Apq Ap}r0B:,"@6.D:*67@,.06.s;7@<@,0D:&6.D:567@,.;6.w@}x* Ap*@@y7 A-@@"%(7-@@z@@}-@@"-@"@ 6-%&68<,-%+&,'  @}$X$6-F:A,$AR@Y?"Ag!-@@"1( Š5(? ApZ/-@@"}+(ŠԠĠ/([0-@AP &@0 A^dAR@(+-@@"B(}̠ŠŠV-@AZ d A% 6- A6-%6-@# @ Ap# A}#  Ap# A A!jAR@(+-@@ R("-Please enter a valid we}ight!f-@APj #-@@ (# A oAR@(+-@@ W('-Stock w}eights are greater than 1.k-@APo */-@@ (%6-/ A@-P:$A,'A}$'O A5( A&--@@"L(ǠŠԠΠO$ D:PORTFOL1 Ap# Ae ZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZFZZDI}ZZ1ZZ10ZZERZZQ1ZZQ2ZZBZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZZZDPZZLOZZIN} } }!"#$%&'()*+,-./}01234PORTFOL2:7/28/80:REL. 1.1 &&"COPYRIGHT CONTROL DATA 1980"6-}6-@'6-@36-@?6-@K6-@W6-@c6-@o6-@{6-@!6-A%6-}A&6-A 6-@6-@'6-@ 36-@?6-@ K6-@"W6-A(c6-APo6-A}p{6-A6-@#6-Ad6-AU!""6-F:A,$AV&A aP;@5,;,;,;,RJ,6.}" - Invalid data. Resubmit it.46.}@6-J AS ;,6.>:AS,U AU An\%6-A}V$F:A,%F:A,46-F:A,D")"@N ApX A\ o!*@*@! }AR}$~AR$AdAU $ 000$ 000$ 0}00$ 000$ - (6-($< - A(<(#Type to print, to }continue!K:ZZKK)!5"@ A+P:ZZPP5 AAUA } ($0-A 6-F:%,(!A'06-&!@6-&@2(>:%@2,  A} A -(6-$X[( ( (2(! It is a modification of COMPORT5(X(by Prof. D. Lessard, }Amos Tuck[(Y(School of Business.(ZR)(!Ӡ͠ӠϠO(!ҠӠҠؠӮR$}[$(#Z#\(/(# This program is used to evaluate2(Y("portfolios by means of a number of\([#V+(#statistical me}asures. It calculates.(S( the arithmetic mean and standardV(\#T(( deviation, the mean and standard+(Q(!deviation of }the log returns, andT(]#p(( the geometric mean of the period+(R("returns for one or more portfoliosU(p(described by} the user.^#0  (-( It also provides annualized0(_#a)(!arithmetic and geometric means if,(S("the returns are ot}her than annual.] Apa & A% D:PORTFOL1'O AP( A&--@@"L(ǠŠ}ΠO$! D:PORTFOL2! D:PORTFOL3ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZFZZDI.IJ:l1~1ZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZFZZDI }ZZ1ZZ10ZZ3ZZ1ZZERZZQ2ZZBZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZZZDPZZLOZZINSTKP }DIVPRINNON1IOPEN2JKOSTK1BIIHIKIMPORTNAMEPORTNAMEZB1FADC@@@ }@@@@@ @! A% A& A A@@@ @@ @" }A(APApA@#AdAUB6@A@6@ "#!#"$ }#$A%A"!&@'()*+,-./012 }3456BLA7A8X A9 : ; < =@>Q ?j @k Ao B }  CD@ E@F@G@H@I@J@K@L@M@N@O@PQ }RS  @TUAVWX- $YZ[%\@ ]>PORTFOL3:7/28/80:REL.1.1 } &&"COPYRIGHT CONTROL DATA 1980"6-6-@'6-@36-@?6-@K6-@W6-@ }c6-@o6-@{6-@!6-A%6-A&6-A6-A 6-@6-@'6-@ 3 }6-@?6-@ K6-@"W6-A(c6-APo6-Ap{6-A6-@#6-Ad6-AU!""6 }-F:A,$AV&A a"36-@6-A'6-@636-@P00;@5,;,;,;@%,;@ },RJ,6." - Invalid data. Resubmit it.46.}@6-J AS ;,6.>:AS,U AZ AP }e g APh(  An\%6-AV$F:A,%F:A,46-F:A,D")"@N ApX A!}\ o!*@*@! r<"A6!-@@"2( Š< A sh A(6(!!} - A result of a calculation]("has exceeded the maximum allowableh(value.u  A0xS(M(BThe !} indicate those that must be input by the userP(S$}$AR!AdAU$$~AR$Ad!}AU $*0@0@'0*$ 000$ 000$ 0!}00$ 000$1 -(6-*-@A . 1$6 - 6(#Type t!}o print, to continue!K:ZZKK)!5"@ A+P:ZZPP5 AA!}UA  ($0-A 6-F:%,(!A'06-&!@6-&@2(>:%@2,!}  A  -(6-$ 6- 6-,6-%N:,$?P$#+6,&6-O:,,6-!}) !6-$?6-%) A 6-&&6-%&!*O:, 6-&&6-$? !-(! }  ) 6-%6-%!!6-&)6-&& - *"(-& A "(.  (* A! }! 6-$6-P:,6-&!(   $,$^uu;AP,9@<@,9@<@,9@<! }@,;@,;@,;@,;@6, 6.}6-@GG;@%,;@,;@,;AP,! };@,;@, 6.,AR@VV6.L ! } bb67@p,.O 6. !}#-@@66. #  A  AP**@@ D:COMDAT1@$S A!}p4@@ D:COMDAT1?@I AS A.@L@ A*@@!}66-@@ AV;6-$F:A,"Ap06-;@W A[$: A-@!}@%(7-@@:$0-@@(--@@0$6-@@)-@@!}/(3 6$: A((:(! PORTFOLIO GENERATION AND UPDATE/)(! -------------------------------,(/()!}&( 1 - Create/destroy portfolio)(*'( 2 - Update existing portfolio*(((( 3 - Perform portfolio analysis"(!}"( 4 - Exit from programP-@@.( OPTION (1,2,3,4) 8 A%<F A&P A-!@)!} @# Ap- A ''A A A`bAP-@@!6-8( PORTFOLIO NAME B!} A%FP A&''B:,")B:,!@A4-@B:,47<,3Z)7<,2AA B:!},"@A M7@<@,4D:C67B:,%@ - A "# Ap- A13@ 68<,-A --@@#(- A1!B A!8}C F-@@@(&Enter price and dividend FD W-!B ))!A) 7 Ap!9}I-@@M(W A19F 7 A#") - Ap7 A19I 68<,-68<,-N A1!:} 9 6."67B:,%@,. 96.7@<@, '-@'6-$@&@ //7<%@,47@!;}<@,A2   6-$ 6- $$\_ A0`7 @)!@# Ap- A07 !<}AGae B - @ *"@)"@?-@@"QAR@[ Be AbGGA"A!=}"PAG APA#A`ApPAe1 A(#( STOCK SYMBOL '1 A2f"Ar!>}h 6-p A1 AG A-@'@6-%@' AP$K-@ !?}/68<,-8<%@,G68<,-8<%@,K ' 6-6-&@! A1'6-9 A-@@!@}/( PERIOD - 9 A?-@@/(Enter price,dividend 9 A%?W-!B ) ?)!A)!A} 7 ApI-@@M(W AP&= - A) )"3 Ap= AP&M68<,-!B}68<,-# A116-&@5 C6-%@M AGp@z Aa{?*@@  D:!C}COMDAT1?(@|(@~7-@)(@8<,7-@==(@8<,8!D}<,8<,%8<,&8<&@,   @5 A`U*@@5@((@3!E}@ A`V@,6. D:COMDAT1,,67@,.7@,2 A2@2!F}@k@a6.L k !G}A  A% D:PORTFOL1D#(F:A,%F:A,$AVD( ERROR ON  = F:A,X3(@3!H}@3@Y A L AsP:ZZPP--A 86-F:%,D!A'L6-&!I}!@6-&@2)(>:%@2, ) AG{AR@'-@@ +(K(-!J}Stock already exists!_-@APc q6-&@{ AG mAR@'-@@ +(K(-St!K}ock does not exist!_-@APc m AGjAR@(+-@@"=( ŠҡQ-@!L}APU `@j AGL!6-+P:$@,'@,!$@2 SIGN.DIGIT DEC.LIMITERE 6-J6-+P:$A!M},'A,O 6-T$ 6-$6-+P:$A,'A,Y 6-6-@$@ A b(AR@!N}+-@@!@(ŠŠҡT-@APX b A4!1 (}+( Ϡ.(1!O}(9!aAR@=(# You have deleted the last stock ina( portfolio . You may create:!&&(another portfolio i!P}f you wish.=! A>!3(@3@3@C! BD!-@A H!$! !Q} A'O AP( A&--@@"L(ǠŠԠΠO$'R B A(}/-@!R}@G(ǠϠՠR%D:MENU'' B Ap(}' A"*=(Š̠,-A!S}0 : B=$.&&@@D:*.*.1@17@<@,4 B ..@%6!T}.7@<@,.6-A:,.$ D:PORTFOL3@5 A`U*@@5@((@3 52,4,5ASA IBM %V} 5040,3,-745,4,938,2,-548,5,157072,7,968,6,262,5.5,-0.554,5,-3 $]MN~$%ZZCPZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZF)X}ZZDIZZSPZZB1ZZINDZZERZZQ1ZZQ2ZZBZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZZZDPZZLOZZ)Y}INRADPWYB1D1YNMDPYDPBBKPKKKK1XVNXYVWWCDTDTDZZP8QQ)Z} )[} !")\}#$%&'()*+,-./012)]}3456@78@9@:@;@<@=@>?@A)^}BCDEFGHIJKLMNOPQ)_}RSTUVWXYZ[\]^_`)`}abcdeRETURN:4/28/80:REL. 1.0""COPYRIGHT CONTROL DATA 1980;@6,((6.)a}COPYRIGHT CONTROL DATA 19806-6-@'6-@36-@?6-@K6-@W6-@c6-)b}@o6-@{6-@!6-A%6-A&6-A6-A 6-@6-@'6-@ 36-@)c}?6-@ K6-@"W6-A(c6-APo6-Ap{6-A6-@#6-Ad6-AU!""6-F:A)d},$AV&A a#(;,;,6.}(6. $ @A%-A $&$@!@)e}@7$$)4 @8+%@!0',4(ATARI* @7 @7+.  (<Q -((A CONTRO)f}L DATA CORPORATION+(8( tmK(  CYBERWAREN(Q(=2&( Personal Computer Product2-@>T( ****)g} *****( ***** *****?(****** ******T(*** ***?T(*** ***-(****** ******A( ****)q}b'DOS SYSb*+DUP SYSbUAUTORUN SYSbWLOGO b^MENU bfPORTFOL bXPORTFOL1 bPORTFOL2 bdPORTFOL3 BUBACK bJWRETURN bSTOKDIV b<STOKDIV1 bVSTOKDIV2 BJNK1D * *****T( **** ****F3 @7((-(STOCK RATE OF RETURN0(3(Gd(( This program computes the annual+(Q()r}!rates of return compounded for anT(d( investment.P;@5,;,;,;,RJ,6." - Invalid data. Resubmit )s}it.46.}@6-J AS ;,6.>:AS,U!-@( ! AZR( (+(Type if an ex)t}pert user.(O( if a novice userR([1 A(4X(' AP1 APdI A@(6( Type )u} for information about theI( programeM("( for a Sample run%(F( to run a problemI(M f)v}14I AU(' A1 @g# 4S( AE# APh(  An\%6-AV$F:A)w},%F:A,46-F:A,D")"@N ApX A\ o!*@*@! sb A(b(M)x} - A result of a calculation has exceeded the maximum allowable valuet  A0xS(M(BThe indi)y}cate those that must be input by the userP(S$}AR$~AR$AdAU $' A5)z}(('(End of problemV(((Type to run another problem+(K( to exit to menuN(R Vb 0Y){} } B-AR@?-@@W(ǠϠՠb%D:MENU# @*0@0)|}@'0*$$0@0!0$$ 000$ 000$ 0)}}00$ - (6-($< - A(<(#Type to print, to continue!K:Z)~}ZKK)!5"@ A+P:ZZPP5 AAUA   $0-A 6-F:)}%,(!A'06-&!@6-&@2(>:%@2,  A A -()}6-$ 6- 6-,6-%N:,$?P$#+6,&6-O:,,6-) !6-$?6-%) A)} 6-&&6-%&!*O:, 6-&&6-$? !-(  ) 6-%6-%!!6-&)6)}-&& - *"(-& A "(.  (* A! 6-$6-P:,6-&!(  )} $,559@@,;,9,9,9<,9,9,9,6))3,1972,0,47.25,1.05,49.25,1.15,49.5@$^ A#"6)}-&r2 ( A$( * A%2-|$ "68,-68,-$68,-=(Year 6-%&6-6%6)}-) 1( 76-=6- (,6-6-  (   A A# -@6-)}&  )!  A    - A$ -@@! )!A ! A0)}    AP -)(No. of years and first year,(G((separated by a comma)J(P' 6-& )!)}) ' AP    A%:6-F:@,-;@A<E -#()}' 5-@;-A(E ? 6-&D3 - Year 6-%&%6-6+6-/ 3 I-@J)}  )   AK 6-% L 6- 6-O$ 68,-68,-"$68,-Q !68,-%8&,X )}b! -  A"P! A'v! -6-6-!-%6-%8,((6-++8,&8@,,%,'8@,42)}68<,-$A A&$ ( 2 Af 00p]( /( PERCENT RETURN ON INVESTMENTP( )} COMPOUNDED ANNUALLYZ A"P](-@-!6-%'!-6-; -( TO-#6-%*6-606-)}4 8 ;(=((FROM(-$6-%&+6-616-5 =-!  ( ! A  6-8<%,6)}-6-    ($P:',&A "A0+ A@--!(% +-! @)}*! A@! --(!  Z 6-6-6- dP 00@()@P)}(" AVERAGE RETURN FOR EACH YEAR HELDnA A"P(-"-%-6-8<,56-%=6-%A X(Average return )}from&6-%&-6-636-7 @( = L6-'+&,R6-X6- @A01 A@-@!-)}'(+ 1-/ 6-&%(6- (%6-'/ A"P,E(Average return for5(all holding periods A6-@)}E 8 00(8 HOLDING ARITHMETIC ++(#PERIOD IN AVERAGE STAND. COEFF**("YEARS )} RETURN DEV. VAR. ( % % %D( 6-6-6-6-$6-,-4-D%!AP)}$6-8<%,6-% 6-%$ :'6-'+&,-'%!A b06-8<%,6-&"6-$%,6-$%0 ))}6-M:'+&,,6-6-6%6-) 3 ( 6-6-6-# )6-3 A#6-#6-')} 6- ( 6-6-6-@A + A@--!(% +- &"A )}6-M:+$&$,''+&,,E(( All holding#(periods+6-'16-5 ;6-A6-E 76-'+',6- -)}) A"P- 7 A0"-@5(- ("$E(/(#Enter the number of years for whichB(you have data)}.E( b*("Note years of data will provideR(#a base year and έ years of annual_(returns.b($ cD(( by J. RocusA(c( Amos Tuck School of BusinessK#6 A3(!It lets )}the user analyze the per-6(P#@)(!formance of a stock over a period,(:( of years.=(@(U#P'(It uses the dividends per)} share*(M(and the closing stock price toP(Z#M!(compute the return rates.$('(M(!It assumes that all dividends are)}d#+(((reinvested in the same stock.+(n#V A( INPUTS((>(. Number of years of dataA(V(. Starting y)}earx#Q( (((. For each year requested+(N( . Dividend Per Share (DPS)Q(#4*(" . Closing Security Price (CSP)})4 A#b(OUTPUTS(;($The outputs are presented as tables.>(A(_(. Average annual return.b(#<(( . Arith)}metic average return for9( each year<(#L)(!. Average rate of return for allI( possible holding periodsL(#O)}(. Standard deviations!(B(. Coefficients of variationL AO$$  ($D:RETURN17ZZ19ZZ2ZZ76ZZF(iZZCPZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ12ZZ15ZZ17ZZ19ZZ2ZZ76ZZF-}ZZDIZZSPZZB1ZZINDZZB$@@@@@@@ @ @! A%-} A& AA@@@ @@ @"A(APApA@#AdAU-}B6$ .At !STOKDIV:7/22/80:REL. 1.1;@6,((6.COPYRIGHT CONTROL -}DATA 19806-6-@'6-@36-@?6-@K6-@W6-@c6-@o6-@{6-}-@!6-A%6-A&6-A6-A 6-@6-@'6-@ 36-@?6-@ K6--}@"W6-A(c6-APo6-Ap{6-A6-@#6-Ad6-AU!""6-F:A,$AV&A a-}#(;,;,6.}(6. $ @A%-A $&$@!@@7$$)4 @8-}+%@!0'-4(ATARI* @7 @7+.  (<Q -((A CONTROL DATA CORPORATION+(-}8( tmK(  CYBERWAREN(Q(=2&( Personal Computer Product2-@>T( **** *****( ***** *-}****?(****** ******T(*** ***?T(*** ***-(****** ******A( ***** *****T( **** -} ****F6 @7((0(STOCK DIVIDEND ANALYSIS3(6(GF#(This program calculates the&(F(intrinsic value of a st-}ock.U-@@(_ A% D:STOKDIV1}AR$~AR$AdAU $-} 000$'A A&-@@">(ǠŠԠΠA$ D:STOKDIVZ19ZZ2ZZ76ZZF,msAPPPPAAAGT97ZZBZZCPZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ121}ZZ15ZZ17ZZ19ZZ2ZZ76ZZFZZDIZZSPZZB1ZZERZZQ1ZZQ2ZZEFLZZBZZZGOTZZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZ1}RZZZZDPZZLOZZINAZZ2AAAAAAARETURAV  @1} T $ @@@@@@@@@!A%A&A1}A@@@ @@ @"!A("AP#Ap$A%@#&Ad'AU(B61})$ *.+/"#,R-S./U012AU3456781}9:;<=>?@ABCDEFGH1}IJSTOKDIV1:7/22/80:REL 1.1;@6,((6.COPYRIGHT CONTROL DATA 19806-61}-@'6-@36-@?6-@K6-@W6-@c6-@o6-@{6-@!6-A%6-A1}&6-A6-A 6-@6-@'6-@ 36-@?6-@ K6-@"W6-A(c6-AP1}o6-Ap{6-A6-@#6-Ad6-AU!""6-F:A,$AV&A a#(;,;,6.}(6.1} &!@!@@7*+P;@5,;,;,;,RJ,6." - Invalid data. Resubmit it1}.46.}@6-J AS ;,6.>:AS,U AdL A@(6( Type for Information about theI1}( programL(eJ( for a Sample run"(C( to run a problemF(J f14I AU('1} A1 Ag# 4S( AE# APh(  An\%6-AV$F:A,%F:A,46-F:A1},D")"@N ApX A\ o!*@*@! sn A(`(K - A result of a calculat1}ion has exceeded the maximum allowable valued n A0xS(M(BThe indicate those that must be input 1}by the userP(S$}AR$~AR$AdAU $' A5(('(End of problemN1}(((Type to run another problem+(C( to exitF(J N 0Y+ B# @*01}@0@'0*$$0@0!0$$ 000$ 0001}$ 000$ - (6-($< - A(<(#Type to print, to continue!1}K:ZZKK)!5"@ A+P:ZZPP5 AAUA  ($01}-A 6-F:%,(!A'06-&!@6-&@2(>:%@2,  A A1} -(6-$ 6- 6-,6-%N:,$?P$#+6,&6-O:,,6-) !6-$?61}-%) A 6-&&6-%&!*O:, 6-&&6-$? !-(  ) 6-%6-%1}!!6-&)6-&& - *"(-& A "(.  (* A! 6-$6-P:,1}6-&!(   $,9@,16-@ &68,-* 66-6$^''1,302,6.85,7,.16,.4,1,1}.05,30,1976c6-@hH-@ "$68,-( 46-@> A H A` AP6-1}@ A  - 68,-L>8,@*8,@*8,@B L A1} A A P - 68@,-,8@," Ap, A A A! 1}%-@"68@,-%(,8@, " Ap, A% A A!P - 68@1},-&,8@, " Ap, AA+ A0 A"2--@*68@,-'A-(51}?+8@,!@)8@, 5 Ap? Ab7 AD A"PF*-@*68@,-'A1}I?+8@,!@)8@, 5 Ap? AK   A%l 8,"@A@v 1} A# - 68@,-(?+8@,@*8@,@5 Ap? Ap A 8@1},"@A@ A#P"-@"68@,-,8@," Ap, A A1} A A$*-@*68@,-'A##8@, 8@,AX/ -/(!-Must1} be less than discount. 6- ( AE A  A$P"-@"68@ ,-WC8@ , 1})8@ ,&P:8@ ,,)!AM ApW A A A46-@\ A^9 1}Ac9@3@D:NK1D_F B A;@@D:NK1DF@`v1}'@@ D:NK1D;-@P(@8,,T v(@8@ ,,,a@1}p% D:STOKDIV2 A -@ (?" A P-@ "(?# A!-@#(?1} A!P-@ (?! A"-@!(?! A"P-@!(? A A#-1}@ (? A$-@ (?0 A$P-@#(?- A0$(6-@)< -!1}(Calculation wanted:$(<((1) Intrinsic value= ((2) Required duration of=( specific growth rate<((3) Req1}uired future9( price/earnings ratio<$, -)(Current market price ($),$42-@/(Current earnings1}/share ($)2$fJ-@'(Normalized earningsG(this period ($)J$2-@/(Long term discoun1}t rate(%)2$I-@&(Long term dividendF(payout ratio (%)I$> -(Forecast wanted (>((11}) Long term growth rate C#((2) Price/earnings ratio at@( future point in timeC$. E-@@1(Price/ear1}nings ratio atB( future pointE$` A-@@/(Long term growth rate>( (percent)A$ 5-@@2(1}Current year (e.g. 1969)5$(#;-@@ AU;(STOCK DIVIDEND ANALYSIS2#^-@@5(This program 1}calculates the8(^(!intrinsic value of a stock, using<#Z(-("the method of Nicholas Molodovsky.0(3(W(The intrinsic 1}value is the dis-Z(F#R+(#counted present value of the stream.(O(of dividends the shareholderR(P#(expects to rece1}ive.Z#0 A-@@*(INPUTS-(0(d#%%(. Current earnings per sharen#F(#(. Earnings growth rates1}&(C(. Dividend payout ratesF(x#P(. Discount rates(*( . Either-(M( . Long term growth rateP(#++(# 1}. Price/earnings ratio forecast#W A-@@+(OUTPUTS.(T(!To make the intrinsic value equalW(#T((1} to the current market price, the+(Q(!program calculates the following:T(#B+(#. The length of time a growth rate?(1} must persistB(#:*(". The earnings ratio that must be:( achieved#d( (0("This is a modification of NICKMOL,1}S(by D. Downes, Amos Tuck Schoold( of Business.# A$'O AP( A&--@@"L(1}ǠŠԠΠO$ D:STOKDIV1ZZCPZZZZZZZZZZZZZZZZ1ZZ1ZZ2ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ1ZZ2ZZ2ZZ120)CD**ZZZZZZZZZZZZZZZZ1ZZ12ZZ12ZZ18ZZ20ZZZZZZZZ15ZZ17ZZ19ZZDIZZERZZQ1ZZQ2ZZBZZEFLZZBZZZGOTZ5}ZPEEZZDATZZJZZJZZRZZRZZRZZRZZRZZRZZLZZRZZZZDPZZLOZZINXGVYRTZKAARZZZ2AAAAAAAAAAGT97P5}TDTDTGDTTXYDYEPGVEIGKKKBBBDBTTTTTTTTTCRROBZ@@@@5}@@@A% A& A A @ @@ APApAB6"#5}#$%&AU @Re!@f"@R`#@5}$@%@&@'@(@)@A*'A+A,kA- A.A/Q A0 A1 A2  3M5}4N5O6@)7@8A9@:@;???@0@AvA@B@5}CAD@E@FAGAH@I?J>sRvK?L?M?fN@O?@P@Q@R5}STUVWXYZ[@\? ]@!^@_@`ab5}cA6defghijklmnoSTOKDIV2:7/5}22/80:REL. 1.1$$COPYRIGHT CONTROL DATA 19806-6-@'6-@36-@?6-@K6-@5}W6-@c6-@o6-A%{6-A&6-A6-A K6-@6-@'6-@ 36-AP?6}6-ApK6-A!""6-F:A,$AV&A aP;@5,;,;,;,RJ,6." - Invalid data. Resubm6}it it.46.}@6-J AS ;,6.>:AS,U AnV%6-AV$F:A,%F:A,46-F:A6},D")"@H R AV o**@ sh A(6(! - A result of a calculation]("has 6}exceeded the maximum allowableh(value.t  A0xS(M(BThe indicate those that must be input b6}y the userP(S$}$AR!AdAU$$~AR$AdAU $' A5(('(En6}d of problem\(((Type to run another problem+(K( to exit to menuN(X A(\b 0Y } 6}B-AR@?-@@W ǠϠՠb%D:MENU A100@@%0@6}-00$00@0@-0@0$00@0@-0@0$$ 006}!0@$$*0@0@'0*$ -@!(6-( $B-@# A(B(#T6 }ype to print, to continue!K:ZZKK)!5"@ A+P:ZZPP5 A6 }AUA  ($6-A 6-F:%,(!A'66-&A(!@6-&@2(6 }>:%@2,  A A! -@!(!6-$ 6- 6-,6-%N:,$?P6 }$#+6,&6-O:,,6-) !6-$?6-%) A 6-&&6-%&!*O:, 6-&&6-$?6 } !-(  ) 6-%6-%!!6-&)6-&& - *"(-& A "(6}.  (* A! 6-$6-P:,6-&!(   $<<9@&,9@&,9@&,9@&,96}@&,RR9@,9@,9@,9@,;@,;@,;@0,6-@)@6}D:NK1D X&&@b] 68,-68,-68,-'68,-068,-968,-B68,-K68,-T6}68,-]68,-l@ APA`R 6.X Ae\ 6.Sa"A p! 6-8,6-8,!6}68,-8,$ 6-6-6-8,%x(y6 0-6(Do you want to forecast from z+ 0S0N*06}Y! + A{ | 4S"(? }4NA %4S*4Y AB% A)0S*4Y 6} A) A  -"68,- 6-A 6-8, 6-6-6-%8,&#"A 6}A"# #"Ap A"#  6-8, -68,-8, @ A2^ 6-8,6-%6}%8,#"A A"# #"Ap A"#  6-8, -%68,-8, v6-6}%8,%8,A -1(#Do you want to continue forecasting<(from A(4SAt- A%0N*06}Y# - Ap  4S"(?4NA  4Y A6-Ap6-6-8,"%6}A A2A4A5#"Ap A"#  6-6- A@*8,"A%46}8,"A'p>8,"A"0H! 6-8,6-8,!6-Af%A!p# 6-6- A2# A"6}A2A4A5 6- A7P A"@ A7 A80% A@("(8, Values%(6} S(Price $#6-)6-/6-3 9( S(Earnings $ Z 6- ( -(P/E ratio 6} P6-P:'$A%?P,'AT Z(  8,"A#`$ K($(Long term growth rate 56-8,$A;66}-A6-E K(%8 X( (Intrinsic value $D6-P:8,$A%?P,'AJ6-P6-T X L 8,"A$ 6}V ,,6-P:8,$8,$A%?P,'A[ V (8,%( Forecasts("(:(P/E ratio C6-8,I6-O6-6 }S V(] 5(Price $!6-'6--6-1 5 t O(-@@=(Do you want a list of values inO( 6!}future yearsu . 0S( 0N*0Y$ . A$ w  ~  4S"(?  4YA$p A(6"}  Aq 68,-8, d -6-8,6-%@6-P:8,$A%?P,'Ad6-P:8,$A%?P,'A6#} R.6-P:+8,'8,,$A%?P,'AR6-P:8,$A%?P,'A 0 6-6-6-6  6-&6-,6-6$}0  !6-$A6-6-!  / 6-6-6- 6-%6-+6-/  (P:'@,&'@"( Aq6%}    A(  A806-8,2 968%,-8,$+%,968,-8,%8%,'+%8,,#+%,< 5-@@5(6&}ǬŠԮF 556-8,%+8%,$++%,'+8,&,,,'+%8,,#+%,P A'@Z 6-%d !@%6'}A'n A& ](((A growth rate of $A5( percent](must last beyond the year 8,%% 1(to ju6(}stify the price.' A1 A( K('(A growth rate of $AK(must last to the year 8,%% +(to jus6)}tify the price.! + A( A80 ""6-+&8,,$+%8,,#+,'8, j()(Required P/E ratio in 8,%`(to 6*}justify price is P:$A%?P,'Af(.j  A0 $$Y,.25,10,.4,.16,3,5,.4,.16,N,Yt  A% D6+}:STOKDIV1u  A% D:STOKDIV1 = -68,-8&,$+%,(68,-668,-8,$: =$ c6-+&,'+&,-%6,}%6-&968,-8&,$+%,G68,-8,$P68,-T Z6-c68,-* "AA"4 A R # 6--%6-}6-%+&,# z 6-& T -%6-&%%6-&$+',968,-8&,$+%,G68,-8,$P68,-T  "A6.}A" A  # 6--%6-%+&,# $ 6-&.a -%6-&#6-&$+',768,-8&,$+%,6/}E68,-8,$N68,-R X6-a68,-~"AA" A .+68,-8,%+8,$+%8,,'+8,&8,,,.$60}68,-8,%8,$8,$ A-68,-O --68,-8,%8,'+%8,,#+&%,7 A; ? C 61}H(L O$h% AE AP-%(?m APP-(?r AQ-(?w! AQP-@62}!(?| AR-@ (?  AS-(?! ASP-@!(? AT-63}(?(   $7( -&(Earnings growth rate4( (percent)7$4 -%(Duration of growth rate1((years)64}4$4 -#(Dividend payout ratio1( (percent)4$.-@+(Discount rate (percent).$PN-@&(Type 65}of adjustment<((1) Straight lineN( (2) Fast lineZ( (3) Slow $3 -$(Duration of adjustment0((years)3$66}S -'(Dividend payout ratio forB(this adjustment periodP( (percent)S$Q-@ *(Discount rate for this67}@(adjustment periodN( (percent)Q$/  (/(There are additional results--  Aq $T0@(68} +@@9T($YEAR EARN. GROWTH VALUE INTR.VALUEk+(# PER RATE /EARN. (AT BEG.S(# SHARE 69}(%) RATIO OF YEAR)V(h@@7k$@"AE !6-6$J -T##7<,4,)7<,4 A@6:}Y##7<,10*7<,/9A0Z)7<,4+)7<,4-)"A0[$7<,4.*"6-$ A0\ AP6;}^  A@6-6$h8 AP6-A:7<&,,%6-%+6-5 A8$rD A6-F:@,& Ap6<},6-36-6A-&@D$ 6- -$ 6-B:,6-6-6-$6-A 6-6-6=}6$ H 6---!6-%% ) /6-76-'A AE H$l S-@#$(Calculation is 26-$A6>}96-6?6-C S( % completev  6-%$$! AP A%! AP$. - 6-'A*68@,-6?}. $ APP$ - 68@,-%)8, )8,&P:8,, ) AP%S8,!@%$-@@"66@}AR@S(-Exceeds 25 yrs.!%*8,!@%&-@AP*  %_8,!@%$-@@"C(6A} UAR_ AP#%  AQ$%* - 6-'A*68@,-&%!8,!6B})8,  ! A(% +% AQP.%0-@!6-'A068@,-0%!8,!)8,  ! A56C}%  AR6%"-@"68@,-:%(8,*8,*8, ( A&<%  A A%?% AS6D}A% - 68@,-D%6(8, )8,&P:8,,)8,!@%, 6 A7I%  ASPK%0-@!66E}-'A068@,-N%!8,!)8,  ! AGP%  ATS%0-@!6-'A068@,-6F}X%!8,!)8,  ! AUZ%   A%l%$q%!@% Ar%$s%!@% At%$%16G}-@!1(Maximum forecast is 25 years.%)6-8,%(6- & A)$%Y6-6-'6-6H}36-G-@@V68,-Y$&< 6-F:@,&-@$&,-2(6 <-&   $'O 6I} AP( A&--@@"L(ǠŠԠΠO$ D:STOKDIV2-6-'6-4]1,67,5,3,0.05,0.07,1,0.02,0,56,1,16,2,1L(ǠŠԠΠO$ D:STOKDIV2-6-'6-:K1,302,6.85,7,0.16,0.4,1,0.05,30,1976,2,1L(ǠŠԠΠO$ D:STOKDIV2-6-'6-8)