PORTFOLIO ANALYSIS  
                                                                                                       This program computes various                                                measures of return and variance                                                 for any portfolio from the holding                                              period returns of the component                                                 stocks.                                                                                                                  COPYRIGHT  CONTROL  DATA  1980

This program requires a data file                                               containing a portfolio.                                                         One, BACK, is supplied with the                                                 program. It is intended solely                                                  for demonstration purposes, and                                                 should be left as is.                                                           The user should create his own                                                  files.  Each file must have a                                                   unique name.  

The user may maintain several                                                   portfolio files on the disk,                                                    but only one may be used in an                                                  individual analysis.                                                                                                                 TAX NOTE                                                           
This program makes no assumptions       
or calculations for taxes.  

This program is used to evaluate                                             portfolios by means of a number of                                              statistical measures. It calculates                                             the arithmetic mean and standard                                                deviation, the mean and standard                                                deviation of the log returns, and                                               the geometric mean of the period                                                returns for one or more portfolios                                              described by the user.  

It also provides annualized                                                  arithmetic and geometric means if                                               the returns are other than annual.                                                                                                                                It is a modification of COMPORT                                               by Prof. D. Lessard, Amos Tuck                                                  School of Business.                                                             THIS PROGRAM MAKES NO ASSUMPTIONS       
OR CALCULATIONS FOR TAX PURPOSES.  

Name of portfolio:  BACK                                                                                                Holding period   (months) 5             
Number of periods         4             
Number of stocks          2                                                     Stock selection options:                  
1. All stocks, equal weights            
2. All stocks, specified weights                                             1                                                                                                                                                                Do you want indexes                     
of portfolio value?     Y                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Summary of results for portfolio                                               Stock #     Name   Weight                                                         1         ASA    0.500                  
2         IBM    0.500                                                        Sum of weights =    1.000


Constant                      Buy/Hold  Proportions                                              Mean           4.9215     4.6610        S.D.           0.3082     0.5991        Mean of logs   1.7772     1.7275        S.D.           0.0521     0.1132        Geom. mean     4.9135     4.6265                                                Annualized                              arithmetic                              mean return    0.4272     0.4144                                                                                        Annualized                              geometric                               mean return    0.4268     0.4127                                                                                                                                                                      

Do you want average figures                                                     (average return--variance of                                                    single stock portfolios) for                                                    comparison purposes? (Y/N) Y                                                                                                                                                                                                                      Please wait for the calculations 

Single stock performance average                                                                                        Mean                   4.6610           S.D.                   1.0472           Mean of logs           1.6873           S.D. of logs           0.2072           Geometric mean         4.4048                                                                                           Annualized mean                         returns:                                                                        Arithmetic mean        0.4144                                                   Geometric mean         0.4014     

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

