40 20 0 40 1982-12-01 -60 1984-03-01- 1985-06-01 1986-09-01 1987-12-01 60 1989-03-01 1990-06- 1991-09- 1992-12-01 1994-03-01 -40 20 10 0 1995-11-01 1996-09-01 1997-07-01 1998-05-01 1999-03-0 30 2000-01-09 2000-11-0 2001-09-01 2002-07-0 0 20 60 40 40 2010-07-0 2010-12-01 2011-05-01 2011-10-01 2012-03-01 08 2012-08-01 2013-01-01 100 Source: Bloomberg July 2010-August 2021 Telsa Monthly Returns 2013-06-01 2013-11-01 2014-04-01 2014-09-01 2015-02-01- 2015-07-01 2015-12-01 2016-05-01 2016-10-01 2017-03-01 2017-08-01 2018-01-01 2018-06-01 Source:Bloomberg November 1995-August 2021 RBC Monthly Returns 2003-05-01 2004-03-01 2005-01-01 2005-11-01 2006-09-01 2007-07-01 2008-05 2009-03-01 2010-01-0 2010-11-01 2011-09 2012-07-01 2013-05-01 2014-03-01 Source: Bloomberg December 1982-August 2021 Intel Monthly Return 1995-06-01 1996-09-01 1997-12- 1999-03- 2000-06-01 2001-09-0 2002-12-01 2004-03-01 2005-06-01 2006-09-01 2007-12-01 2009-03-01 2010-06-01 2011-09-01 2015-01-01 2018-11-01 2012-12-01 2015-11-0 2019-04-01 2014-03-01 2016-09-01 2019-09-01 2015-06-01 2017-07-01 2020-02-01 2016-09-01 2018-05-01 2017-12-01 2019-03-0 2020-07-01 2019-03-01 2020-01-01 2020-12-01 2020-06 2020-11-01 2021-05-0 40 -40 -20 1995-06-01 0 1996-04-01 1997-02-01 1997-12-0 1998-10 1999-08-01 20 2000-06-01 2001-04-01 2002-02-07 2002-12-01- 2003-10-01 40 -30 -10 -20 0 2008-12-02 2009-05-01 2009-10-01 2010-03-01 2010-08-01 2011-01-01 2011-06-01 2011-11-01 60 Ninetendo Source: Bloomberg June 1995-August 2021 Monthly Return 2004-08-01 2005-06-01 2006-04-01 2007-02001 2007-02-01 2009-11-01 2009-08-01 2010-06-01 2011-04-01 2012-02-0 2012-10 Source: Bloomberg December 2008-August 2021 Tencent Monthly Return 2012-04-01 2012-09-01 2013-02-01 2013-07-01 2013-12-01 2014-05-01 2014-10-01 2015-03-01 2015-08-01 2016-01-01 2016-06-01 2016-11-0 2017-04-01 2017-09-01 2018-02-015 2018-07 2018-12-01 21 6 11% Horizontal (Ca 2013-10-0 2014-08- 2015-06-01 2016-04-01 2017-02-01 2019 05-01- 2019-10-01 2017-12-01 2020-03-01 2018-10-01 2019-08-01 2020-08-01 06-01 2021-01-01 04-0 of 2021-06-00 Mean 1 2 5 6 Investment Opportunity Set July 2010-August 2021 Source:Bloomberg 0 0 50 100 150 200 250 300 350 Variance TESLA RBC INTEL TENCENT NTD Company Name Mean Return Variance of Min Return Max Date Range Data Source Telsa/88160 5.22306791 327.5567395 -24.625 81.0706 R101 07/30/2010- 08/31/2021 Bloomberg Nintendo/ 1.30168381 104.1002397 -26.5122 44.9944 654445303 06/30/1995- Bloomberg 08/31/2021 RBC/ 1.450221613 41.9011038 -30.725 23.6781 780087102 11/30/1995- Bloomberg 08/31/2021 Intel/45814 1.728779785 110.4693169 -44.4908 48.8095 0100 (%) 12/31/1982- Bloomberg 08/31/2021 0.016719246 (*100) 0.011146899 -0.444908172 0.488095 224 01/31/1980- CRSP 12/31/2020 Tencent/88 032Q109 2.962276316 82.13512936 -18.7251 25.4446 12/31/2008- Bloomberg 08/31/2021