Mr. Buffet has a portfolio of $100 million invested in the Data stream Global Index on September 1st, 2019. The index trades then for $1,071.53. Mr. Buffet wants to protect his investment and believes that hedging with S&P 500 futures contracts is a good idea because American stocks are the largest component of Data stream's global index. He is not sure whether to construct his hedge by associating monthly spot changes or monthly returns in both indices so he runs the following two regressions, with the results shown below: