La-z- Kimball Flexsteel Leggett Herman Shaw Boy & Platt Miller Industries 1982 36.67% 0.20% 41.54% 21.92% 26.13% 22.50% 1983 122.82% 61.43% 195.09% 62.27% 73.38% 117.89% 1984 14.44% 63.51% -38.38% -1.27% 45.15% 7.80% 1985 21.39% 28.42% 1.30% 81.17% 24.27% 38.14% 1986 45.36% -7.44% 21,89% 19.83% 10.73% 54,48% 1987 20.19% 48.27% 9.11% -10.21% -11,92% 26.82% 1988 -8.94% -11.28% 12.65% 13.77% 7.06% -6.24% 1989 27.02% 12.85% 12.08% 32.55% -7.55% 123.03% 1990 -11.64% 2.42% -17.13% -6.48% 1.31% 15.48% 1991 20.29% 6.90% 3.62% 50.1296 -5.54% 19.92% 1992 34.08% 22.21% 33.46% 84.40% 5.71% 62.76% mean Sigma Excess return matrix Laz Kimball Flexsteel Leggett Herman Shaw Boy & Platt Miller Industries 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1985 1986 1987 1988 1989 1990 1991 1992 transpose of excess return matrix 1982 1983 1984 & Lazz-Boy Kimball 3 Flexsteel Leggett 0 Miller 1 Shaw Variance-covariance matrix using the excess return method La-z-Boy Kimball Flexsteel Leggett Miller Shaw Laz-Boy Kimball Flexsteel Leggett Miller Shaw La-z- Kimball Flexsteel Leggett Herman Shaw Boy & Platt Miller Industries 1982 36.67% 0.20% 41.54% 21.92% 26.13% 22.50% 1983 122.82% 61.43% 195.09% 62.27% 73.38% 117.89% 1984 14.44% 63.51% -38.38% -1.27% 45.15% 7.80% 1985 21.39% 28.42% 1.30% 81.17% 24.27% 38.14% 1986 45.36% -7.44% 21,89% 19.83% 10.73% 54,48% 1987 20.19% 48.27% 9.11% -10.21% -11,92% 26.82% 1988 -8.94% -11.28% 12.65% 13.77% 7.06% -6.24% 1989 27.02% 12.85% 12.08% 32.55% -7.55% 123.03% 1990 -11.64% 2.42% -17.13% -6.48% 1.31% 15.48% 1991 20.29% 6.90% 3.62% 50.1296 -5.54% 19.92% 1992 34.08% 22.21% 33.46% 84.40% 5.71% 62.76% mean Sigma Excess return matrix Laz Kimball Flexsteel Leggett Herman Shaw Boy & Platt Miller Industries 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1985 1986 1987 1988 1989 1990 1991 1992 transpose of excess return matrix 1982 1983 1984 & Lazz-Boy Kimball 3 Flexsteel Leggett 0 Miller 1 Shaw Variance-covariance matrix using the excess return method La-z-Boy Kimball Flexsteel Leggett Miller Shaw Laz-Boy Kimball Flexsteel Leggett Miller Shaw