EFTA01084083Set 9
2007-10-0472p23,940w
appropriate required rate of return, i.e. discount rate, for
AAAALP, return information from Ibbotson and general market rates of return were
considered.
Cost of Equity: The two benchmark methods were ... adjusting historical equity return data. [See Stocks, Bonds, Bills
and Inflation, Chapter Five, Ibbotson Associates8]
Ibbotson Associates ("Ibbotson") analyzes and presents historical annual equity rate
of return data.9 Ibbotson considers ... arithmetic mean of one-year holding periods based upon historical equity returns.
According to Ibbotson's studies, the expected return of the market (specifically the
S&P 500) in excess
https://www.justice.gov/epstein/files/DataSet%209/EFTA01084083.pdf
EFTA00608391Set 9
2007-10-18137p42,170w
discount rate, for
the Management Companies and the Advisor Companies, return information from
Ibbotson and general market rates of return were considered.
Cost of Equity: The two benchmark methods were ... adjusting historical equity return data. [See Stocks, Bonds, Bills
and Inflation, Chapter Five, Ibbotson Associates]
Ibbotson Associates ("Ibbotson") analyzes and presents historical annual equity rate
of return data.' Ibbotson considers ... arithmetic mean of one-year holding periods based upon historical equity returns.
According to Ibbotson's studies, the expected return of the market (specifically the
S&P 500) in excess
https://www.justice.gov/epstein/files/DataSet%209/EFTA00608391.pdf
EFTA02691355Set 11
2011-06-0740p3,425w
Source: St. Louis Fed, Ibbotson, Research Affiliates, NEPC, NYC MOPI
6/28/2011 4.21
PM
'Merrill Lynch US Treasury Master Annualized Total Return 4
EFTA_R1_02033249
EFTA02691358
Progressively More Equity Needed ... Negative Economic Indicator 16
*Source: Bureau of Economic Analysis, Federal Reserve Bank of Minneapolis, Ibbotson SBBI, Deutsche Bonk
EFTA_R1_02033261
EFTA02691370
NYC Mayor's
Office of
Pensions &
... Driving Asset ... Class in decade 17
•Source: Bureau of Economic Analysis, Federal Reserve Bank of Minneapolis, Ibbotson SBIII, Deutsche Bank
EFTA_R1_02033262
EFTA02691371
Environmental Risk: NYC Mayor's
Office of
Pensions
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02691355.pdf
EFTA00810614Set 9
2019-02-0427p12,087w
bonds, Treasury bills, and international stocks (20% each). Small stocks are represented by the Ibbotson* Small Company Stock Index. Large stocks are represented by
the Ibbotsore Large Company Stock Index ... international stocks (20% each). CI 2018 Morningstar. All Rights Reserved.
Page 19
EFTA00810633
Ibbotson° SBBI®: Stocks, bonds, bills, and inflation
1926 — 2017 t,15 Merrill Lynch
MS Bank of America ... made directly in an index. Small stocks in this example are represented by the Ibbotson' Small Company Stock Index. Large stocks are represented by the Ibbotson' Large
Company Stock Index
https://www.justice.gov/epstein/files/DataSet%209/EFTA00810614.pdf
EFTA01079016Set 9
2015-12-3169p22,497w
Robert P. Schweihs, The Handbook of Advanced Business Valuation, McGraw-Hill, 2000.
12 Ibbotson SBBI, 2014 Valuation Yearbook, Morningstar, Inc., 2014.
13 Pratt, Shannon P. and Alina V. Niculita, Valuing ... Robert P. Schweihs, The Handbook ofAdvanced Business Valuation, McGraw-Hill, 2000.
19 Ibbotson, Roger G. and Peng Chen, "Long-Run Stock Returns: Participating in the Real Economy," Financial Analysts Journal ... Company-Specific Risk in the Delaware Chancery Court," Business Valuation Update
(December 2011).
29 Ibbotson SBBI, 2014 Valuation Yearbook, Morningstar, Inc., 2014.
Berkshire Capital Page 18
EFTA01079035
Rockefeller Financial Services
https://www.justice.gov/epstein/files/DataSet%209/EFTA01079016.pdf
EFTA00598276Set 9
40p16,756w
funds can sustain spending at a
rate above five percent. See Roger G. Ibbotson & Rex A. Sinquefield, Stocks, Bonds, Bills, and
Inflation: Historical Returns (1926-1987) (Research Foundation
https://www.justice.gov/epstein/files/DataSet%209/EFTA00598276.pdf