What is beta? How would you estimate it for Union-Pacific Railroad. Please identify each step in the process. What does it represent? Explain to an unsophisticated how to interpret beta. Also explain to this individual the pluses and minuses of beta in terms of measuring risk. Compare and contrast the assessment of risk of a publicly listed stock using beta and ^VIX. Which one is superior in measuring risks? Explain. What is the hurdle rate rate? How would it compare to beta? Would it move higher as beta moves higher?