Investment Packs, Roll Off, and Investment Capital.
Historical Dividends of the S&P 500 Index, getting $40 per share.
Inflation, business cycles, two growth formulas revisited.
Investment Capital, Dividends, Inflation, and Two Growth Formulas
Introduction
“ My Investment Capital of $1.4 million seems to be understated because: 1) the dividends are excluded, 2) inflation seems to have been overstated, in my opinion, and 3) the traditional growth formula is asymmetrical, overstating upward, and understating downward. I will detail it in the next installment, Part 3.
(From “Stacking Investment Packs: An Astonishing Attainment”}
This article is Part 3, following Part 2, titled, “Stacking Investment Packs: An Astonishing Attainment,” and the original article, entitled, “Stacking Investment Packs Or Going On Roll-Off”.
Focus
As said in the above quote, the article focuses:
A brief summary of Investment Capital [IC] thru Investment Packs [IPs].
The Historical Trend and the Future Outlook of the S&P 500 Index’s Dividends.
The Nature of the Overstatement of Inflation, and my Record on the Inflation Trade.
Introduction of the Traditional Asymmetrical Growth Formula [TAGF] and the Moore Symmetrical Growth Formula [MSGF].
An Explanation of the Impact of the TAGF on Inflation and interest rate in the Long Haul.
The Bias on Upward and Downward from the TAGF.
The Vital Adjustment from the Biased Investors with the TAGF to the Unbiased Investors with the MSGF.
Investment Packs [IPs] and Investment Capital [IC]
“5 Investment Packs [IPs] for the starting year 1964 (Age 25):
In the starting year, 1964, at age 25, I invested $10,000 every month. Table 3. shows my monthly investment capital [IC], with annual interest rate 4%, 5%, and 6%, compounded each month….
As of Dec. 1964, my IC was $122,788.58, which are $120,000 (invest money) and $2,788.56 (earned interest), according to Table 3…
The following four years .. after the starting year (1965), I continued investing $10,000 each month. The total IC for five years is $678,484.29, breaking down into $600,000 (invest money) and $78,484.25 (earned interest), as shown in Table 4…
Table 5 summarizes my total IC for a whopping 15 years (from 1969 to 1985). I became a millionaire in 1977, Age 38, when I was in NYU.
(From “Stacking Investment Packs: An Astonishing Attainment” May 28, 2023)
The Historical Trend and Future Projection of the S&P 500 Index’s Dividends
In 1985, my Investment Capital {IC} was $1.41 million which is about 350 shares, assuming S&P price is $4,000. Table 2 projects $40 per share as the S&P’s dividend. The total amount of dividends in my IC was $14K. As a result, My IC becomes $1.424 million.
Table 1 computes three moving averages (6 months, one year, and two years) to smooth out. Since it is too big, so it is placed in Reference after text for any readers who need them.
Table 2. S&P 500 Index’s Future Projection |
||||
YEAR |
6MMA |
1YMA |
2YMA |
average |
2000 – 2005 |
$31.79 |
$31.23 |
$31.44 |
|
2006 – 2010 |
$35.56 |
$35.61 |
$37.31 |
|
2011 – 2015 |
$50.51 |
$49.45 |
$48.99 |
|
2016 – 2020 |
$41.24 |
$40.68 |
$41.08 |
|
Average |
$39.78 |
$39.24 |
$39.71 |
$39.57 |
2021 – 2030 |
$40 |
|||
2031 – 2040 |
$40 |
|||
NOTE |
||||
1. Author made the Table. using Table 1 in Reference. |
||||
2. Data Source: Standard and Poor’s and Robert Shiller. |
All numbers in Table 2 are the averages of each five years.
The 20 years (from 2000 to 2020) had four 5 years: 1) 2000 – 2005 which was the last years of the Moderation period, 2) 2006 – 2010 which was the Great Financial Turmoil and the Great Recession, 3) 2011 – 2015 which was a Great Expansion era, and 4) 2016 – 2020 which was the Expansion, interrupted by the Covid Pandemic in 2020.
Over all, three subperiods, except third one (2011 -2015) well reflected the growth rates and cyclical fluctuations pretty well. The period (2011 – 2015) was outstanding, reaching almost 50. The average of four periods was almost 40.
Consequently, we reasonably can expect $40 per year for coming 20 years (when I would be 101).
Inflation Has Been Overstated?
For many years I have picked up quality equities whenever the market has plunged due to inflation surge. Sooner or later, a sharp upswing of the market has started. Then I have unloaded them with big profits.
This is the inflation trade that is an investing strategy. It takes capital gains from rising stock prices, influenced by inflation or inflation expectations. I have repeated it for a couple of decades. I have wondered why I made money so often and so consistently with inflation swings.
Since 2020 I have not done any inflation trade at all.
The Traditional Asymmetrical Growth Formula [TAGF] vs. the Moore Symmetrical Growth Formula [MSGF]
Inflation is the rate of change in prices, and the price level is the cumulations of past inflations.
“If [A] represents the price level last year, and [B] represents today’s price level, then the inflation rate [(ir)] over the past year can be written as:
ir = (B-A)/A [(1)]”
(Macroeconomics, Rudiger Dornbusch, Stanly Fischer, and Richard Startz, McGraw Hill Irwin, 9th ed, 2004, p. 38)
Equation (1) is the Traditional Asymmetrical Grow Formula {TAGF], showing that it overstates upward while understates downward. This formula has obviously misled economic policy and research for many years.
Geoffrey H. Moore invented the Moore Symmetric Growth Formula [MSGF] as:
ir = 2*(B-A)/(B+A) (2)
Equation (2) cures the problem of Equation (1). For example, the inflation rates 2, 3, 5, 10, and 50 percent, computed by Equation (1), are recalculated by Equation (2) as 1.98, 2.96, 4.88, 9.52, and 40 percent.
The base year of CPI – U is 1980. Imagine how much the current inflation figures overstates, by cumulative inflation rates (which overstated every year) for 42 years (1980 – 2022): It is surely staggering.
On top of the overstatement by Equation (1), Inflation is still overstated:
· The fixed weights for all components are another factor for an overstatement because the substitution effect does not work out.
· There has been a significant improvement of quality for many products. The quality improvements, nonetheless, have not been properly reflected in inflation.
· There are many free services in recent years. Any activity with no cost or no price is excluded in inflation.
The TAGF vs. the MSGF and Inflation Overstatement vs. Understatement
Inflation and two Growth Formulas (the TAGF and the MSGF) have given confusion to investors.
When upswings of inflation and business cycles occur, investors are better to discount the current trends/momentums, and when downswings happen, investors take advantage by escalating the current sluggish downward momentums/trends.
Some Investment Reminders
Inflation and business cycles move together. During upswings of business cycles, inflation advances, and during downswings of business cycles, inflation declines. The co-movement of the two is somewhat distorted by the Russia-Ukraine war and pandemic.
The S&P 500 Index is a leading indicator (roughly six months ahead) for business cycles. The bottom of S&P has been tested many times since the mid-December of last year. S&P 500 hit a bottom several times by the intraday prices, but recovered by the closing values.
Now we witness the solid Uptrend, started at the end of March, and has been stronger every week and every month.
Stay with your long-run investing goals with well-diversified portfolios. Raise cash as much as possible, and send it to your online savings accounts. Short-term trading is possible at any market: Do not allocate more than 10% of your capital in your trading accounts. Do not hold gains longer than a couple of days, sell them (above your minimum gain rate, i.e., +0.1%) immediately.
Some investors completely exited the equity market, sitting on cash, and waiting for a re-entry point. They hardly make the right timing twice: for selling and for buying. It is the on-off method which is not prudent.
If you are a long-term (5 years or longer) investor, you don’t have to do market timing. You can invest with a reliable portfolio anytime.
In general, the Exchange-Traded (Mutual) Funs (ETFs) are more efficient than mutual funds. Not only ETFs can be traded during a session like stocks but also ETFs have the cost- and tax-advantages.
A typical Vanguard ETF portfolio is recommended, allocating permanently as:
Vanguard Total Bond Market Index Fund ETF (BND) (25%), Vanguard Intermediate-Term Corporate Bond Index Fund ETF (VCIT) (20%), Vanguard Total International Bond Index Fund ETF except U.S. ETF (BNDX) (5%), Vanguard Total Stock Market Index Fund ETF (VTI) (25%), Vanguard Extended Market Index Fund ETF (VXF) (20%), and Vanguard Total International Stock Index Fund ETF except U.S. (VXUS) (5%).
Concluding Remarks
The Three Series of “Investment Packs and Roll Off”, Part 1, Part2, and Part 3 (the Article) wind down today (May 28), right before Memorial Day (May 29).
Starting early is the most important key. The next key is to set up well-diversified Portfolios with the low-cost and tax-advantageous ETFs. The third key is to stretch your investment domain as far as possible. And the last key is to allocate ETFs permanently, and stay to your course as long as possible.
The article is my 50th Article.
I am dedicating this article to General Douglas MacArthur and his army to land on Inchon Harbor from an aircraft carrier on September 28, 1950, when I, age 11, was freed from the communist occupation in Seoul.
On Memorial Day every year, I sincerely pay homage to the fallen soldiers in their very young ages.
Reference
Table 1.The S&P 500 INDEX MOVING AVERAGE FROM 2000 TO 2020 |
||||
MOVING AVERAGE |
||||
MONTH/YEAR |
PRICE |
6MMA |
1YMA |
2YMA |
30-Nov-97 |
29.01 |
|||
31-Dec-97 |
29.15 |
|||
31-Jan-98 |
29.18 |
|||
28-Feb-98 |
29.22 |
|||
31-Mar-98 |
29.25 |
|||
30-Apr-98 |
29.39 |
$29.20 |
||
31-May-98 |
29.53 |
$29.29 |
||
30-Jun-98 |
29.68 |
$29.38 |
||
31-Jul-98 |
29.77 |
$29.47 |
||
31-Aug-98 |
29.85 |
$29.58 |
||
30-Sep-98 |
29.93 |
$29.69 |
||
31-Oct-98 |
29.89 |
$29.78 |
$29.49 |
|
30-Nov-98 |
29.93 |
$29.84 |
$29.56 |
|
31-Dec-98 |
29.98 |
$29.89 |
$29.63 |
|
31-Jan-99 |
30.06 |
$29.94 |
$29.71 |
|
28-Feb-99 |
30.18 |
$30.00 |
$29.79 |
|
31-Mar-99 |
30.24 |
$30.05 |
$29.87 |
|
30-Apr-99 |
30.02 |
$30.07 |
$29.92 |
|
31-May-99 |
30.02 |
$30.08 |
$29.96 |
|
30-Jun-99 |
30.02 |
$30.09 |
$29.99 |
|
31-Jul-99 |
30.05 |
$30.09 |
$30.01 |
|
31-Aug-99 |
30.09 |
$30.07 |
$30.03 |
|
30-Sep-99 |
30.07 |
$30.05 |
$30.05 |
|
31-Oct-99 |
30.04 |
$30.05 |
$30.06 |
|
30-Nov-99 |
30.06 |
$30.06 |
$30.07 |
$31.03 |
31-Dec-99 |
$30.09 |
$30.07 |
$30.08 |
$31.07 |
31-Jan-00 |
$30.04 |
$30.07 |
$30.08 |
$31.11 |
29-Feb-00 |
$29.91 |
$30.04 |
$30.05 |
$31.14 |
31-Mar-00 |
$29.70 |
$29.97 |
$30.01 |
$31.16 |
30-Apr-00 |
$29.65 |
$29.91 |
$29.98 |
$31.17 |
31-May-00 |
$29.58 |
$29.83 |
$29.94 |
$31.18 |
30-Jun-00 |
$29.39 |
$29.71 |
$29.89 |
$31.18 |
31-Jul-00 |
$29.12 |
$29.56 |
$29.81 |
$31.15 |
31-Aug-00 |
$28.91 |
$29.39 |
$29.71 |
$31.12 |
30-Sep-00 |
$28.55 |
$29.20 |
$29.59 |
$31.06 |
31-Oct-00 |
$28.46 |
$29.00 |
$29.46 |
$31.00 |
30-Nov-00 |
$28.40 |
$28.81 |
$29.32 |
$30.94 |
31-Dec-00 |
$28.37 |
$28.64 |
$29.17 |
$30.88 |
31-Jan-01 |
$28.02 |
$28.45 |
$29.01 |
$30.79 |
28-Feb-01 |
$27.73 |
$28.26 |
$28.82 |
$30.70 |
31-Mar-01 |
$27.50 |
$28.08 |
$28.64 |
$30.58 |
30-Apr-01 |
$27.23 |
$27.88 |
$28.44 |
$30.46 |
31-May-01 |
$26.94 |
$27.63 |
$28.22 |
$30.33 |
30-Jun-01 |
$26.73 |
$27.36 |
$28.00 |
$30.19 |
31-Jul-01 |
$26.84 |
$27.16 |
$27.81 |
$30.06 |
31-Aug-01 |
$26.87 |
$27.02 |
$27.64 |
$29.93 |
30-Sep-01 |
$26.77 |
$26.90 |
$27.49 |
$29.79 |
31-Oct-01 |
$26.87 |
$26.84 |
$27.36 |
$29.66 |
30-Nov-01 |
$26.91 |
$26.83 |
$27.23 |
$29.53 |
31-Dec-01 |
$27.02 |
$26.88 |
$27.12 |
$29.40 |
31-Jan-02 |
$26.96 |
$26.90 |
$27.03 |
$29.27 |
28-Feb-02 |
$26.84 |
$26.90 |
$26.96 |
$29.14 |
31-Mar-02 |
$26.69 |
$26.88 |
$26.89 |
$29.00 |
30-Apr-02 |
$26.71 |
$26.86 |
$26.85 |
$28.88 |
31-May-02 |
$26.89 |
$26.85 |
$26.84 |
$28.76 |
30-Jun-02 |
$27.05 |
$26.86 |
$26.87 |
$28.66 |
31-Jul-02 |
$26.88 |
$26.84 |
$26.87 |
$28.55 |
31-Aug-02 |
$26.66 |
$26.81 |
$26.85 |
$28.45 |
30-Sep-02 |
$26.48 |
$26.78 |
$26.83 |
$28.35 |
31-Oct-02 |
$26.59 |
$26.76 |
$26.81 |
$28.27 |
30-Nov-02 |
$26.74 |
$26.73 |
$26.79 |
$28.20 |
31-Dec-02 |
$26.96 |
$26.72 |
$26.79 |
$28.14 |
31-Jan-03 |
$26.92 |
$26.73 |
$26.78 |
$28.08 |
28-Feb-03 |
$26.80 |
$26.75 |
$26.78 |
$28.02 |
31-Mar-03 |
$26.72 |
$26.79 |
$26.78 |
$27.98 |
30-Apr-03 |
$26.75 |
$26.82 |
$26.79 |
$27.95 |
31-May-03 |
$26.76 |
$26.82 |
$26.78 |
$27.93 |
30-Jun-03 |
$26.69 |
$26.77 |
$26.75 |
$27.92 |
31-Jul-03 |
$26.90 |
$26.77 |
$26.75 |
$27.93 |
31-Aug-03 |
$27.03 |
$26.81 |
$26.78 |
$27.94 |
30-Sep-03 |
$27.17 |
$26.88 |
$26.84 |
$27.95 |
31-Oct-03 |
$27.63 |
$27.03 |
$26.92 |
$27.98 |
30-Nov-03 |
$28.15 |
$27.26 |
$27.04 |
$28.04 |
31-Dec-03 |
$28.62 |
$27.58 |
$27.18 |
$28.11 |
31-Jan-04 |
$28.83 |
$27.91 |
$27.34 |
$28.18 |
29-Feb-04 |
$29.02 |
$28.24 |
$27.52 |
$28.27 |
31-Mar-04 |
$29.18 |
$28.57 |
$27.73 |
$28.37 |
30-Apr-04 |
$29.40 |
$28.87 |
$27.95 |
$28.48 |
31-May-04 |
$29.53 |
$29.10 |
$28.18 |
$28.60 |
30-Jun-04 |
$29.75 |
$29.29 |
$28.43 |
$28.72 |
31-Jul-04 |
$30.09 |
$29.50 |
$28.70 |
$28.84 |
31-Aug-04 |
$30.38 |
$29.72 |
$28.98 |
$28.99 |
30-Sep-04 |
$30.61 |
$29.96 |
$29.27 |
$29.15 |
31-Oct-04 |
$30.60 |
$30.16 |
$29.51 |
$29.33 |
30-Nov-04 |
$30.73 |
$30.36 |
$29.73 |
$29.50 |
31-Dec-04 |
$30.99 |
$30.57 |
$29.93 |
$29.68 |
31-Jan-05 |
$31.34 |
$30.78 |
$30.14 |
$29.86 |
28-Feb-05 |
$31.58 |
$30.98 |
$30.35 |
$30.05 |
31-Mar-05 |
$31.74 |
$31.16 |
$30.56 |
$30.26 |
30-Apr-05 |
$31.89 |
$31.38 |
$30.77 |
$30.47 |
31-May-05 |
$32.29 |
$31.64 |
$31.00 |
$30.70 |
30-Jun-05 |
$32.64 |
$31.91 |
$31.24 |
$30.95 |
31-Jul-05 |
$32.77 |
$32.15 |
$31.46 |
$31.20 |
31-Aug-05 |
$32.88 |
$32.37 |
$31.67 |
$31.45 |
30-Sep-05 |
$32.76 |
$32.54 |
$31.85 |
$31.69 |
31-Oct-05 |
$33.08 |
$32.74 |
$32.06 |
$31.94 |
30-Nov-05 |
$33.73 |
$32.98 |
$32.31 |
$32.19 |
31-Dec-05 |
$34.25 |
$33.25 |
$32.58 |
$32.45 |
31-Jan-06 |
$34.28 |
$33.50 |
$32.82 |
$32.68 |
28-Feb-06 |
$34.50 |
$33.77 |
$33.07 |
$32.92 |
31-Mar-06 |
$34.59 |
$34.07 |
$33.31 |
$33.15 |
30-Apr-06 |
$34.63 |
$34.33 |
$33.53 |
$33.38 |
31-May-06 |
$34.78 |
$34.51 |
$33.74 |
$33.60 |
30-Jun-06 |
$35.04 |
$34.64 |
$33.94 |
$33.83 |
31-Jul-06 |
$35.27 |
$34.80 |
$34.15 |
$34.06 |
31-Aug-06 |
$35.52 |
$34.97 |
$34.37 |
$34.29 |
30-Sep-06 |
$36.03 |
$35.21 |
$34.64 |
$34.52 |
31-Oct-06 |
$36.62 |
$35.54 |
$34.94 |
$34.77 |
30-Nov-06 |
$37.07 |
$35.93 |
$35.22 |
$35.04 |
31-Dec-06 |
$37.41 |
$36.32 |
$35.48 |
$35.32 |
31-Jan-07 |
$37.60 |
$36.71 |
$35.76 |
$35.60 |
28-Feb-07 |
$37.70 |
$37.07 |
$36.02 |
$35.86 |
31-Mar-07 |
$37.66 |
$37.34 |
$36.28 |
$36.11 |
30-Apr-07 |
$37.75 |
$37.53 |
$36.54 |
$36.36 |
31-May-07 |
$37.85 |
$37.66 |
$36.79 |
$36.61 |
30-Jun-07 |
$38.10 |
$37.78 |
$37.05 |
$36.85 |
31-Jul-07 |
$38.51 |
$37.93 |
$37.32 |
$37.10 |
31-Aug-07 |
$38.97 |
$38.14 |
$37.61 |
$37.36 |
30-Sep-07 |
$39.25 |
$38.41 |
$37.87 |
$37.62 |
31-Oct-07 |
$39.54 |
$38.70 |
$38.12 |
$37.91 |
30-Nov-07 |
$39.66 |
$39.01 |
$38.33 |
$38.18 |
31-Dec-07 |
$40.05 |
$39.33 |
$38.55 |
$38.44 |
31-Jan-08 |
$40.13 |
$39.60 |
$38.76 |
$38.69 |
29-Feb-08 |
$40.29 |
$39.82 |
$38.98 |
$38.94 |
31-Mar-08 |
$40.21 |
$39.98 |
$39.19 |
$39.18 |
30-Apr-08 |
$40.16 |
$40.08 |
$39.39 |
$39.41 |
31-May-08 |
$40.02 |
$40.14 |
$39.57 |
$39.63 |
30-Jun-08 |
$39.81 |
$40.10 |
$39.72 |
$39.84 |
31-Jul-08 |
$39.66 |
$40.03 |
$39.81 |
$40.04 |
31-Aug-08 |
$39.89 |
$39.96 |
$39.89 |
$40.23 |
30-Sep-08 |
$40.01 |
$39.93 |
$39.95 |
$40.41 |
31-Oct-08 |
$40.20 |
$39.93 |
$40.01 |
$40.59 |
30-Nov-08 |
$40.76 |
$40.06 |
$40.10 |
$40.76 |
31-Dec-08 |
$40.96 |
$40.25 |
$40.18 |
$40.92 |
31-Jan-09 |
$40.24 |
$40.34 |
$40.18 |
$41.04 |
28-Feb-09 |
$39.50 |
$40.28 |
$40.12 |
$41.12 |
31-Mar-09 |
$38.87 |
$40.09 |
$40.01 |
$41.17 |
30-Apr-09 |
$37.99 |
$39.72 |
$39.83 |
$41.18 |
31-May-09 |
$37.09 |
$39.11 |
$39.58 |
$41.16 |
30-Jun-09 |
$36.00 |
$38.28 |
$39.26 |
$41.08 |
31-Jul-09 |
$35.26 |
$37.45 |
$38.90 |
$40.96 |
31-Aug-09 |
$34.39 |
$36.60 |
$38.44 |
$40.79 |
30-Sep-09 |
$33.57 |
$35.72 |
$37.90 |
$40.56 |
31-Oct-09 |
$32.84 |
$34.86 |
$37.29 |
$40.30 |
30-Nov-09 |
$32.12 |
$34.03 |
$36.57 |
$39.99 |
31-Dec-09 |
$31.47 |
$33.28 |
$35.78 |
$39.65 |
31-Jan-10 |
$31.13 |
$32.59 |
$35.02 |
$39.27 |
28-Feb-10 |
$30.89 |
$32.00 |
$34.30 |
$38.89 |
31-Mar-10 |
$30.53 |
$31.50 |
$33.61 |
$38.48 |
30-Apr-10 |
$30.54 |
$31.11 |
$32.99 |
$38.08 |
31-May-10 |
$30.58 |
$30.86 |
$32.44 |
$37.68 |
30-Jun-10 |
$30.67 |
$30.72 |
$32.00 |
$37.29 |
31-Jul-10 |
$30.81 |
$30.67 |
$31.63 |
$36.92 |
31-Aug-10 |
$30.92 |
$30.68 |
$31.34 |
$36.55 |
30-Sep-10 |
$31.04 |
$30.76 |
$31.13 |
$36.18 |
31-Oct-10 |
$31.18 |
$30.87 |
$30.99 |
$35.81 |
30-Nov-10 |
$31.34 |
$30.99 |
$30.93 |
$35.45 |
31-Dec-10 |
$31.46 |
$31.13 |
$30.92 |
$35.06 |
31-Jan-11 |
$31.63 |
$31.26 |
$30.97 |
$34.67 |
28-Feb-11 |
$31.80 |
$31.41 |
$31.04 |
$34.32 |
31-Mar-11 |
$31.81 |
$31.54 |
$31.15 |
$34.00 |
30-Apr-11 |
$32.01 |
$31.68 |
$31.27 |
$33.71 |
31-May-11 |
$32.27 |
$31.83 |
$31.41 |
$33.47 |
30-Jun-11 |
$32.71 |
$32.04 |
$31.58 |
$33.29 |
31-Jul-11 |
$33.06 |
$32.28 |
$31.77 |
$33.17 |
31-Aug-11 |
$33.34 |
$32.53 |
$31.97 |
$33.09 |
30-Sep-11 |
$33.67 |
$32.84 |
$32.19 |
$33.06 |
31-Oct-11 |
$34.29 |
$33.22 |
$32.45 |
$33.09 |
30-Nov-11 |
$34.88 |
$33.66 |
$32.74 |
$33.17 |
31-Dec-11 |
$35.52 |
$34.13 |
$33.08 |
$33.31 |
31-Jan-12 |
$35.78 |
$34.58 |
$33.43 |
$33.49 |
29-Feb-12 |
$36.04 |
$35.03 |
$33.78 |
$33.70 |
31-Mar-12 |
$36.17 |
$35.45 |
$34.15 |
$33.92 |
30-Apr-12 |
$36.49 |
$35.81 |
$34.52 |
$34.17 |
31-May-12 |
$36.96 |
$36.16 |
$34.91 |
$34.43 |
30-Jun-12 |
$37.44 |
$36.48 |
$35.30 |
$34.72 |
31-Jul-12 |
$38.06 |
$36.86 |
$35.72 |
$35.03 |
31-Aug-12 |
$38.41 |
$37.26 |
$36.14 |
$35.35 |
30-Sep-12 |
$38.79 |
$37.69 |
$36.57 |
$35.67 |
31-Oct-12 |
$39.53 |
$38.20 |
$37.01 |
$36.03 |
30-Nov-12 |
$40.45 |
$38.78 |
$37.47 |
$36.41 |
31-Dec-12 |
$41.29 |
$39.42 |
$37.95 |
$36.83 |
31-Jan-13 |
$41.54 |
$40.00 |
$38.43 |
$37.25 |
28-Feb-13 |
$41.58 |
$40.53 |
$38.89 |
$37.66 |
31-Mar-13 |
$41.85 |
$41.04 |
$39.37 |
$38.08 |
30-Apr-13 |
$42.40 |
$41.52 |
$39.86 |
$38.52 |
31-May-13 |
$42.82 |
$41.91 |
$40.35 |
$38.97 |
30-Jun-13 |
$43.22 |
$42.24 |
$40.83 |
$39.43 |
31-Jul-13 |
$43.69 |
$42.59 |
$41.30 |
$39.89 |
31-Aug-13 |
$44.13 |
$43.02 |
$41.77 |
$40.35 |
30-Sep-13 |
$44.57 |
$43.47 |
$42.26 |
$40.82 |
31-Oct-13 |
$44.94 |
$43.90 |
$42.71 |
$41.29 |
30-Nov-13 |
$45.29 |
$44.31 |
$43.11 |
$41.74 |
31-Dec-13 |
$45.55 |
$44.70 |
$43.47 |
$42.19 |
31-Jan-14 |
$45.91 |
$45.07 |
$43.83 |
$42.62 |
28-Feb-14 |
$46.28 |
$45.42 |
$44.22 |
$43.06 |
31-Mar-14 |
$46.51 |
$45.75 |
$44.61 |
$43.49 |
30-Apr-14 |
$46.85 |
$46.07 |
$44.98 |
$43.94 |
31-May-14 |
$47.18 |
$46.38 |
$45.34 |
$44.39 |
30-Jun-14 |
$47.58 |
$46.72 |
$45.71 |
$44.83 |
31-Jul-14 |
$48.07 |
$47.08 |
$46.07 |
$45.27 |
31-Aug-14 |
$48.62 |
$47.47 |
$46.45 |
$45.71 |
30-Sep-14 |
$49.06 |
$47.89 |
$46.82 |
$46.15 |
31-Oct-14 |
$49.59 |
$48.35 |
$47.21 |
$46.60 |
30-Nov-14 |
$50.26 |
$48.86 |
$47.62 |
$47.05 |
31-Dec-14 |
$50.96 |
$49.43 |
$48.07 |
$47.49 |
31-Jan-15 |
$51.79 |
$50.05 |
$48.56 |
$47.93 |
28-Feb-15 |
$52.15 |
$50.64 |
$49.05 |
$48.37 |
31-Mar-15 |
$52.43 |
$51.20 |
$49.55 |
$48.82 |
30-Apr-15 |
$52.72 |
$51.72 |
$50.03 |
$49.27 |
31-May-15 |
$52.85 |
$52.15 |
$50.51 |
$49.71 |
30-Jun-15 |
$53.06 |
$52.50 |
$50.96 |
$50.14 |
31-Jul-15 |
$53.39 |
$52.77 |
$51.41 |
$50.56 |
31-Aug-15 |
$53.79 |
$53.04 |
$51.84 |
$50.98 |
30-Sep-15 |
$54.20 |
$53.34 |
$52.27 |
$51.40 |
31-Oct-15 |
$54.60 |
$53.65 |
$52.68 |
$51.82 |
30-Nov-15 |
$55.08 |
$54.02 |
$53.09 |
$52.24 |
31-Dec-15 |
$55.65 |
$54.45 |
$53.48 |
$52.67 |
31-Jan-16 |
$55.77 |
$54.85 |
$53.81 |
$53.10 |
29-Feb-16 |
$55.93 |
$55.21 |
$54.12 |
$53.52 |
31-Mar-16 |
$55.89 |
$55.49 |
$54.41 |
$53.92 |
30-Apr-16 |
$55.88 |
$55.70 |
$54.67 |
$54.31 |
31-May-16 |
$55.90 |
$55.84 |
$54.93 |
$54.68 |
30-Jun-16 |
$55.96 |
$55.89 |
$55.17 |
$55.05 |
31-Jul-16 |
$56.29 |
$55.98 |
$55.41 |
$55.41 |
31-Aug-16 |
$56.47 |
$56.07 |
$55.64 |
$55.76 |
30-Sep-16 |
$56.58 |
$56.18 |
$55.83 |
$56.09 |
31-Oct-16 |
$56.79 |
$56.33 |
$56.02 |
$56.42 |
30-Nov-16 |
$57.16 |
$56.54 |
$56.19 |
$56.73 |
31-Dec-16 |
$57.42 |
$56.79 |
$56.34 |
$57.03 |
31-Jan-17 |
$57.37 |
$56.97 |
$56.47 |
$57.30 |
28-Feb-17 |
$57.48 |
$57.13 |
$56.60 |
$57.53 |
31-Mar-17 |
$57.71 |
$57.32 |
$56.75 |
$57.77 |
30-Apr-17 |
$57.89 |
$57.51 |
$56.92 |
$57.99 |
31-May-17 |
$58.19 |
$57.68 |
$57.11 |
$58.22 |
30-Jun-17 |
$58.48 |
$57.85 |
$57.32 |
$58.46 |
31-Jul-17 |
$58.91 |
$58.11 |
$57.54 |
$58.70 |
31-Aug-17 |
$59.13 |
$58.39 |
$57.76 |
$58.94 |
30-Sep-17 |
$59.21 |
$58.64 |
$57.98 |
$59.16 |
31-Oct-17 |
$59.56 |
$58.91 |
$58.21 |
$59.39 |
30-Nov-17 |
$59.87 |
$59.19 |
$58.44 |
$59.61 |
31-Dec-17 |
$60.21 |
$59.48 |
$58.67 |
$59.82 |
31-Jan-18 |
$60.32 |
$59.72 |
$58.91 |
$60.02 |
28-Feb-18 |
$60.49 |
$59.94 |
$59.16 |
$60.21 |
31-Mar-18 |
$60.78 |
$60.21 |
$59.42 |
$60.41 |
30-Apr-18 |
$60.94 |
$60.44 |
$59.67 |
$60.62 |
31-May-18 |
$61.09 |
$60.64 |
$59.92 |
$60.84 |
30-Jun-18 |
$61.39 |
$60.84 |
$60.16 |
$61.07 |
31-Jul-18 |
$61.92 |
$61.10 |
$60.41 |
$61.32 |
31-Aug-18 |
$62.43 |
$61.43 |
$60.68 |
$61.57 |
30-Sep-18 |
$62.90 |
$61.78 |
$60.99 |
$61.84 |
31-Oct-18 |
$63.35 |
$62.18 |
$61.31 |
$62.12 |
30-Nov-18 |
$64.13 |
$62.69 |
$61.66 |
$62.43 |
31-Dec-18 |
$64.90 |
$63.27 |
$62.05 |
$62.75 |
31-Jan-19 |
$65.25 |
$63.83 |
$62.46 |
$63.08 |
28-Feb-19 |
$65.46 |
$64.33 |
$62.88 |
$63.42 |
31-Mar-19 |
$65.56 |
$64.78 |
$63.28 |
$63.75 |
30-Apr-19 |
$65.67 |
$65.16 |
$63.67 |
$64.08 |
31-May-19 |
$65.98 |
$65.47 |
$64.08 |
$64.42 |
30-Jun-19 |
$66.42 |
$65.72 |
$64.50 |
$64.76 |
31-Jul-19 |
$66.75 |
$65.97 |
$64.90 |
$65.11 |
31-Aug-19 |
$67.21 |
$66.27 |
$65.30 |
$65.46 |
30-Sep-19 |
$67.61 |
$66.61 |
$65.69 |
$65.81 |
31-Oct-19 |
$67.85 |
$66.97 |
$66.07 |
$66.17 |
30-Nov-19 |
$68.29 |
$67.36 |
$66.41 |
$66.53 |
31-Dec-19 |
$68.75 |
$67.74 |
$66.73 |
$66.90 |
31-Jan-20 |
$69.01 |
$68.12 |
$67.05 |
$67.27 |
29-Feb-20 |
$69.35 |
$68.48 |
$67.37 |
$67.65 |
31-Mar-20 |
$70.03 |
$68.88 |
$67.74 |
$68.04 |
30-Apr-20 |
$70.54 |
$69.33 |
$68.15 |
$68.45 |
31-May-20 |
$70.58 |
$69.71 |
$68.53 |
$68.85 |
30-Jun-20 |
$70.23 |
$69.96 |
$68.85 |
$69.23 |
31-Jul-20 |
$69.55 |
$70.05 |
$69.08 |
$69.57 |
31-Aug-20 |
$69.01 |
$69.99 |
$69.23 |
$69.87 |
30-Sep-20 |
$68.59 |
$69.75 |
$69.32 |
$70.12 |
31-Oct-20 |
$68.34 |
$69.38 |
$69.36 |
$70.35 |
30-Nov-20 |
$68.16 |
$68.98 |
$69.35 |
$70.55 |
31-Dec-20 |
$67.87 |
$68.59 |
$69.27 |
$70.71 |
NOTE |
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Author made the Table. |
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