1. Mike is mad at Russia for interfering in the U.S elections. As a result, Mike will not invest anything in the Russian stock market. Using the data from the BRIC portfolio example, Mike will form an equal weighted portfolio Brazil (EWZ), India (INDY), and China (GXC) ETFs. What is the portfolio expected return?

2. What is Mike's portfolio risk as measured by standard deviation?

3. What is Mike's portfolio CV?

	Adjusted close at beginning of October					Total returns
	"Market"	Brazil	Russia	India	China	Market	Brazil	Russia	India	China		Portfolio
Year	VTI	EWZ	RBL	INDY	GXC	Rm	Rb	Rr	Ri	Rc		Rp
2011	60.56	57.05	27.64	24.32	61.06
2012	69.5	50.15	25.85	23.57	65.51	14.76%	-12.09%	-6.48%	-3.08%	7.29%		-3.59%
2013	89.73	48.53	27.84	23.01	74.03	29.11%	-3.23%	7.70%	-2.38%	13.01%		3.77%
2014	104.02	43.24	21.58	31.42	79.59	15.93%	-10.90%	-22.49%	36.55%	7.51%		2.67%
					E[R]	19.93%	-8.74%	-7.09%	10.36%	9.27%		0.95%
					S	7.97%	4.81%	15.10%	22.68%	3.24%		3.97%
					CV	0.40	-0.55	-2.13	2.19	0.35		4.18
					S^2	0.0063
					covar(p,m)	0.0021	0.0021	<- check
					rho_pm	0.6716
					beta	0.3348	<- using covariance
					beta	0.3348	<- using rho
					Rf	2.50%
					E[Rm]	6.30%
					Rp	3.77%	<- required return