1. While HDS was started 40 years ago, its common stock has been publicly traded for the past 25 years. 2. The returns on its equity are calculated as arithmetic returns. 3. The historical returns for HDS for 2014 to 2018 are: 0.52 e preceding data, the average realized return on HDS's stock is 0.83 eding data series represents 0.38 returns is 0.45 ors expect the average realized return from 2014 to 2018 on HDS's stock to continue into the future, its coeffi onsed on this conclusion, the st