USMV: 60-day history, VaR(99%)=-0.0122, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0004, std=0.0064, worst_day=-0.0132
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[SEC 10-Q BA 2025-07-29] ba-20250630 FALSE 2025 Q2 0000012927 --12-31 P1Y http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure ba:extension_period ba:aircraft ba:tanker ba:lot ba:simulator ba:segment 0000012927 2025-01-01 2025-06-30 0000012927 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0000012927 ba:DepositarySharesMember 2025-01-01 2025-06-30 0000012927 2025-07-22 0000012927 us-gaap:ProductMember 2025-01-01 2025-06-30 0000012927 us-gaap:ProductMember 2024-01-01 2024-06-30 0000012927 us-gaap:ProductMember 2025-04-01 2025-06-30 0000012927 us-gaap:ProductMember 2024-04-01 2024-06-30 0000012927 us-gaap:ServiceMember 2025-01-01 2025-06-30 0000012927 us-gaap:ServiceMember 2024-01-01 2024-06-30 0000012927 us-gaap:ServiceMember 2025-04-01 2025-06-30 0000012927 us-gaap:ServiceMember 2024-04-01 2024-06-30 0000012927 2024-01-01 2024-06-30 0000012927 2025-04-01 2025-06-30 0000012927 2024-04-01 2024-06-30 0000012927 2025-06-30 0000012927 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember 2025-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 2023-12-31 0000012927 2024-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2023-12-31 0000012927 us-gaap:CommonStockMember 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-06-30 0000012927 us-gaap:CommonStockMember 2024-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-06-30 0000012927 us-gaap:RetainedEarningsMember 2024-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2025-06-30 0000012927 us-gaap:CommonStockMember 2025-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-06-30 0000012927 us-gaap:RetainedEarningsMember 2025-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2024-03-31 0000012927 us-gaap:CommonStockMember 2024-03-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-03-31 0000012927 us-gaap:RetainedEarningsMember 2024-03-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-03-31 0000012927 2024-03-31 0000012927 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2024-04-01 2024-06-30 0000012927 us-gaap:ConvertiblePreferredStockMember us-gaap:PreferredStockMember 2025-03-31 0000012927 us-gaap:CommonStockMember 2025-03-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000012927 us-gaap:TreasuryStockCommonMember 2025-03-31 0000012927 us-gaap:RetainedEarningsMember 2025-03-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000012927 us-gaap:NoncontrollingInterestMember 2025-03-31 0000012927 2025-03-31 0000012927 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0000012927 us-gaap:NoncontrollingInterestMember 2025-04-01 2025-06-30 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0000012927 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0000012927 us-gaap:TreasuryStockCommonMember 2025-04-01 2025-06-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-01-01 2025-06-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-06-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2025-04-01 2025-06-30 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-04-01 2024-06-30 0000012927 us-gaap:OperatingSegmentsMem [...TRUNCATED...] m 4. Mine Safety Disclosures Not applicable. Item 5. Other Information During the three months ended June 30, 2025, none of our directors or officers adopted , modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K. 57 Table of Contents Item 6. Exhibits 2.1 Membership Interest Purchase Agreement, dated as of April 22, 2025, among The Boeing Company, JNPR Aero, LLC and Project Maroon, LLC (Exhibit 2.1 to the Company’s Current Report on Form 8-K, dated April 22, 2025) 10.1 Non-Prosecution Agreement, dated May 29, 2025 (Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated May 29, 2025) 10.2 Form of U.S. Notice of Terms of Cash-Based Award (Exhibit 10.1 to the Company's Current Report on Form 8-K, dated June 27, 2025)* 10.3 Form of U.S. Notice of Terms of Supplemental Restricted Stock Units (Exhibit 10.5 to the Company's Form 10-Q for the quarter ended March 31, 2025)* 10.4 Form of U.S. Notice of Terms of Supplemental Non-Qualified Premium-Priced Stock Options (Exhibit 10.3 to the Company's Current Report on Form 8-K, dated June 27, 2025)* 10.5 Letter Agreement with Jesus Malave* † 15 Letter from Independent Registered Public Accounting Firm regarding unaudited interim financial information 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) * Management contract or compensatory plan † Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the SEC upon request. 58 Table of Contents Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE BOEING COMPANY (Registrant) July 29, 2025 /s/ Michael J. Cleary (Date) Michael J. Cleary Senior Vice President and Controller 59

Determine the maximum fraction of total portfolio capital that should be allocated to USMV, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0122 (i.e., a 1.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0122 = 8.2127, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.1217, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0053, std=0.0617, worst_day=-0.1453
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8214

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1217 (i.e., a 12.17% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1217 = 0.8214, capped at 1.0.
Maximum position size = 0.8214 (82.1% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0371, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0018, std=0.0148, worst_day=-0.0371
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-07-01] ["Peter Thiel sold 20 million shares of Facebook just months after its IPO\u2014but they\u2019d be worth nearly $15 billion more if he had held on Billionaire Peter Thiel was Facebook\u2019s first outside investor, but he may now have regrets for how soon he cashed out. Just months after the tech company\u2019s IPO, he sold millions of shares for $20 each for a sum of $400 million; with the stock now worth 37 times more, he could have been $15 billion richer today. Investing is a game of risk and reward. Get it right, and you could build a billion-dollar fortune. Get it wrong, and it might all go up in smoke. For PayPal cofounder Peter Thiel, being the first outside Facebook investor was hardly a bust\u2014but there may be some seller\u2019s remorse. The tech entrepreneur first coughed up $500,000 in 2004 for a 10% stake in the company, just months into its creation\u2014giving it a value of about $4.9 million. Nearly a decade later, following the company\u2019s May 2012 IPO, Thiel decided it was time to cash out. Thiel sold about 20.1 million shares in the company\u2014a majority of his stake\u2014for $19.27 to $20.69 each, netting him about $400 million at the time. Had he held his shares until today, they would be worth about $14.76 billion (Meta\u2019s stock price is $736 at the time of writing), a decision that may haunt even one of Silicon Valley\u2019s savviest investors. What led him to invest in the first place? He believed the college market\u2014which was Facebook\u2019s original audience\u2014had been underestimated. \u201cI think investors always have a bias to invest in things they themselves use and they undervalue things they don\u2019t use so there aren\u2019t many investors who are in college,\u201d he said to This Week in Startups in 2015. Fortune reached out to Thiel for comment. Despite selling a majority of his stake in the company, the 57-year-old remained heavily involved for many years, serving on the board until 2022. \u201cPeter has been a valuable member of our board and I\u2019m deeply grateful for everything he has done for our company\u2014from believing in us when few others would, to teaching me so many lessons about business, economics, and the world,\u201d Facebook cofounder and CEO Mark Zuckerberg said at the time of Thiel\u2019s stepping down. Today, Thiel\u2019s net worth sits at about $21.7 billion, according to Bloomberg, thanks in part to the billions he made from being the cofounder of PayPal and Palantir. And he\u2019s not the only investor to have thrived off the success of Facebook; the social network\u2019s growth has created countless millionaires\u2014and multiple billionaires. Of course, no one has benefited more financially than Zuckerberg, who is currently the second-richest person in the world, according to Bloomberg, with an estimated net worth of $260 billion. In fact, his worth has increased more than any other billionaire this year, with a year-to-date growth of $52.8 billion. But the compan

Determine the maximum fraction of total portfolio capital that should be allocated to IWM, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0371 (i.e., a 3.71% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0371 = 2.6978, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XHB: 60-day history, VaR(99%)=-0.0322, max drawdown threshold=10%.

Question:
Asset: XHB
Daily returns (past 60 days): mean=-0.0019, std=0.0149, worst_day=-0.0411
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to XHB, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0322 (i.e., a 3.22% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0322 = 3.1068, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0926, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=-0.0060, std=0.0380, worst_day=-0.1157
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0926 (i.e., a 9.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0926 = 1.0803, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLK: 60-day history, VaR(99%)=-0.0201, max drawdown threshold=10%.

Question:
Asset: XLK
Daily returns (past 60 days): mean=0.0023, std=0.0089, worst_day=-0.0218
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-08] ["Jamf\u2019s (NASDAQ:JAMF) Q2 Sales Beat Estimates, Stock Soars Apple device management company, Jamf (NASDAQ:JAMF) reported revenue ahead of Wall Street\u2019s expectations in Q2 CY2025, with sales up 15.3% year on year to $176.5 million. Guidance for next quarter\u2019s revenue was better than expected at $177 million at the midpoint, 0.7% above analysts\u2019 estimates. Its non-GAAP profit of $0.18 per share was in line with analysts\u2019 consensus estimates. Is now the time to buy Jamf? Find out in our full research report. Revenue: $176.5 million vs analyst estimates of $168.6 million (15.3% year-on-year growth, 4.7% beat) Adjusted EPS: $0.18 vs analyst estimates of $0.18 (in line) Adjusted Operating Income: $33.49 million vs analyst estimates of $30.46 million (19% margin, 10% beat) The company lifted its revenue guidance for the full year to $702.5 million at the midpoint from $693 million, a 1.4% increase Operating Margin: -8.5%, up from -13% in the same quarter last year Free Cash Flow Margin: 20.9%, up from 0.6% in the previous quarter Billings: $176.5 million at quarter end, up 11.2% year on year Market Capitalization: $941.5 million Founded in 2002 by Zach Halmstad and Chip Pearson, right around the time when Apple began to dominate the personal computing market, Jamf (NASDAQ:JAMF) provides software for companies to manage Apple devices such as Macs, iPads, and iPhones. A company\u2019s long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last three years, Jamf grew its sales at a 16.3% compounded annual growth rate. Although this growth is acceptable on an absolute basis, it fell slightly short of our standards for the software sector, which enjoys a number of secular tailwinds. This quarter, Jamf reported year-on-year revenue growth of 15.3%, and its $176.5 million of revenue exceeded Wall Street\u2019s estimates by 4.7%. Company management is currently guiding for a 11.1% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to grow 8.6% over the next 12 months, a deceleration versus the last three years. This projection is underwhelming and suggests its products and services will face some demand challenges. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we\u2019ve identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Billings is a non-GAAP metric that is often called \u201ccash revenue\u201d because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized

Determine the maximum fraction of total portfolio capital that should be allocated to XLK, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0201 (i.e., a 2.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0201 = 4.9666, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0736, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0027, std=0.0322, worst_day=-0.0868
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0736 (i.e., a 7.36% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0736 = 1.3582, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ADA-USD: 60-day history, VaR(99%)=-0.1119, max drawdown threshold=10%.

Question:
Asset: ADA-USD
Daily returns (past 60 days): mean=-0.0024, std=0.0398, worst_day=-0.1761
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to ADA-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8938

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1119 (i.e., a 11.19% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1119 = 0.8938, capped at 1.0.
Maximum position size = 0.8938 (89.4% of portfolio).


STIP: 60-day history, VaR(99%)=-0.0033, max drawdown threshold=10%.

Question:
Asset: STIP
Daily returns (past 60 days): mean=0.0004, std=0.0015, worst_day=-0.0037
Maximum acceptable portfolio drawdown: 10%
Market regime: bear

Determine the maximum fraction of total portfolio capital that should be allocated to STIP, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0033 (i.e., a 0.33% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0033 = 29.8975, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.1214, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0141, std=0.0646, worst_day=-0.1493
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.8235

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1214 (i.e., a 12.14% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1214 = 0.8235, capped at 1.0.
Maximum position size = 0.8235 (82.3% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0372, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=-0.0003, std=0.0149, worst_day=-0.0372
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q CAT 2025-05-07] cat-20250331 0000018230 FALSE 12/31 2025 Q1 50 http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cat:group_president cat:segment 0000018230 2025-01-01 2025-03-31 0000018230 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000018230 cat:A5.3DebenturesDueSeptember152035Member 2025-01-01 2025-03-31 0000018230 2025-03-31 0000018230 cat:MachineryEnergyTransportationMember 2025-01-01 2025-03-31 0000018230 cat:MachineryEnergyTransportationMember 2024-01-01 2024-03-31 0000018230 cat:FinancialProductsMember 2025-01-01 2025-03-31 0000018230 cat:FinancialProductsMember 2024-01-01 2024-03-31 0000018230 2024-01-01 2024-03-31 0000018230 cat:AllOtherExcludingFinancialProductsMember 2025-01-01 2025-03-31 0000018230 cat:AllOtherExcludingFinancialProductsMember 2024-01-01 2024-03-31 0000018230 2024-12-31 0000018230 cat:FinancialProductsMember 2025-03-31 0000018230 cat:FinancialProductsMember 2024-12-31 0000018230 cat:MachineryEnergyTransportationMember 2025-03-31 0000018230 cat:MachineryEnergyTransportationMember 2024-12-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000018230 us-gaap:TreasuryStockCommonMember 2023-12-31 0000018230 us-gaap:RetainedEarningsMember 2023-12-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000018230 us-gaap:NoncontrollingInterestMember 2023-12-31 0000018230 2023-12-31 0000018230 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0000018230 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-03-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0000018230 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-03-31 0000018230 us-gaap:TreasuryStockCommonMember 2024-03-31 0000018230 us-gaap:RetainedEarningsMember 2024-03-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000018230 us-gaap:NoncontrollingInterestMember 2024-03-31 0000018230 2024-03-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000018230 us-gaap:TreasuryStockCommonMember 2024-12-31 0000018230 us-gaap:RetainedEarningsMember 2024-12-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000018230 us-gaap:NoncontrollingInterestMember 2024-12-31 0000018230 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0000018230 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-31 0000018230 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-03-31 0000018230 us-gaap:TreasuryStockCommonMember 2025-03-31 0000018230 us-gaap:RetainedEarningsMember 2025-03-31 0000018230 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000018230 us-gaap:NoncontrollingInterestMember 2025-03-31 0000018230 2025-04-01 2025-03-31 0000018230 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-03-31 0000018230 us-gaap:EmployeeStockOptionMember 2025-03-31 0000018230 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-03-31 0000018230 us-gaap:EmployeeStockOptionMember 2024-03-31 0000018230 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0000018230 us-gaap:RestrictedStockUnitsRSUMember 2025-03-31 0000018230 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-03-31 0000018230 us-gaap:RestrictedStockUnitsRSUMember 2024-03-31 0000018230 us-gaap:PerformanceSharesMember 2025-01-01 2025-03-31 0000018230 us-gaap:PerformanceSharesMember 2025-03-31 0000018230 us-gaap:PerformanceSharesMember 2024-01-01 2024-03-31 0000018230 us-gaap:PerformanceSharesMember 2024-03-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-03-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000018230 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-03-31 0000018230 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000018230 us-gaap:DesignatedAsHedgingInstrumentMember 2025-03-31 0000018230 us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-03-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-12-31 0000018230 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2025-03-31 0000018230 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2024-12-31 0000018230 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember 2025-03-31 0000018230 us-gaap:TotalReturnSwapMember us-gaap:NondesignatedMember 2024-12-31 0000018230 us-gaap:NondesignatedMember 2025-03-31 0000018230 us-gaap:NondesignatedMember 2024-12-31 0000018230 us-gaap:ForeignExchangeContractMember 2025-01-01 2025-03-31 0000018230 us-gaap:ForeignExchangeContractMember 2024-01-01 2024-03-31 0000018230 us-gaap:InterestRateContractMember 2025-01-01 2025-03-31 0000018230 us-gaap:InterestRateContractMember 2024-01-01 2024-03-31 0000018230 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-01-01 2025-03-31 0000018230 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-01-01 2024-03-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-01-01 2025-03-31 0000018230 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-01-01 2024-03-31 0000018230 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2025-01-01 2025-03-31 0000018230 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2024-01-01 2024-03-31 0000018230 us-gaap [...TRUNCATED...] ately 50,000 shares of Caterpillar common stock were purchased by the EIP Plans pursuant to the terms of such plans. Item 5. Other Information During the three months ended March 31, 2025, none of the company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933). 67 Table of Contents Item 6. Exhibits 31.1 Certification of Chief Executive Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32 Certification of Chief Executive Officer of Caterpillar Inc. and Chief Financial Officer of Caterpillar Inc., as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH   Inline XBRL Taxonomy Extension Schema Document 101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive File (embedded within the Inline XBRL document and included in Exhibit 101) The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. 68 Table of Contents SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.       CATERPILLAR INC.               May 7, 2025 /s/ Joseph E. Creed Chief Executive Officer   Joseph E. Creed         May 7, 2025 /s/ Andrew R.J. Bonfield Chief Financial Officer   Andrew R.J. Bonfield               May 7, 2025 /s/ Derek Owens Chief Legal Officer and General Counsel   Derek Owens             May 7, 2025 /s/ William E. Schaupp Vice President and Chief Accounting Officer   William E. Schaupp   69

Determine the maximum fraction of total portfolio capital that should be allocated to XLF, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0372 (i.e., a 3.72% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0372 = 2.6872, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ACWI: 60-day history, VaR(99%)=-0.0309, max drawdown threshold=10%.

Question:
Asset: ACWI
Daily returns (past 60 days): mean=-0.0010, std=0.0128, worst_day=-0.0309
Maximum acceptable portfolio drawdown: 10%
Market regime: bear
Recent filing/news:
[SEC 10-Q GOOGL 2025-04-25] goog-20250331 FALSE 2025 Q1 0001652044 --12-31 0.45 http://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax http://fasb.org/us-gaap/2024#NonoperatingIncomeExpense http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentNet http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent P1Y P1Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:EUR goog:investigation 0001652044 2025-01-01 2025-03-31 0001652044 us-gaap:CommonClassAMember 2025-01-01 2025-03-31 0001652044 goog:CapitalClassCMember 2025-01-01 2025-03-31 0001652044 us-gaap:CommonClassAMember 2025-04-17 0001652044 us-gaap:CommonClassBMember 2025-04-17 0001652044 goog:CapitalClassCMember 2025-04-17 0001652044 2024-12-31 0001652044 2025-03-31 0001652044 us-gaap:CommonClassAMember 2024-12-31 0001652044 us-gaap:CommonClassAMember 2025-03-31 0001652044 us-gaap:CommonClassBMember 2025-03-31 0001652044 us-gaap:CommonClassBMember 2024-12-31 0001652044 goog:CapitalClassCMember 2024-12-31 0001652044 goog:CapitalClassCMember 2025-03-31 0001652044 2024-01-01 2024-03-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001652044 us-gaap:RetainedEarningsMember 2023-12-31 0001652044 2023-12-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0001652044 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-03-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001652044 us-gaap:RetainedEarningsMember 2024-03-31 0001652044 2024-03-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001652044 us-gaap:RetainedEarningsMember 2024-12-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001652044 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001652044 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-03-31 0001652044 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001652044 us-gaap:RetainedEarningsMember 2025-03-31 0001652044 goog:GoogleSearchOtherMember goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:GoogleSearchOtherMember goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:YouTubeAdvertisingRevenueMember goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:YouTubeAdvertisingRevenueMember goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:GoogleNetworkMember goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:GoogleNetworkMember goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:GoogleAdvertisingRevenueMember goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:GoogleAdvertisingRevenueMember goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:SubscriptionsPlatformsAndDevicesRevenueMember goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:SubscriptionsPlatformsAndDevicesRevenueMember goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:GoogleServicesMember 2024-01-01 2024-03-31 0001652044 goog:GoogleServicesMember 2025-01-01 2025-03-31 0001652044 goog:GoogleCloudMember 2024-01-01 2024-03-31 0001652044 goog:GoogleCloudMember 2025-01-01 2025-03-31 0001652044 us-gaap:AllOtherSegmentsMember 2024-01-01 2024-03-31 0001652044 us-gaap:AllOtherSegmentsMember 2025-01-01 2025-03-31 0001652044 country:US 2024-01-01 2024-03-31 0001652044 country:US us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-03-31 0001652044 country:US 2025-01-01 2025-03-31 0001652044 country:US us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2025-01-01 2025-03-31 0001652044 us-gaap:EMEAMember 2024-01-01 2024-03-31 0001652044 us-gaap:EMEAMember us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-03-31 0001652044 us-gaap:EMEAMember 2025-01-01 2025-03-31 0001652044 us-gaap:EMEAMember us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2025-01-01 2025-03-31 0001652044 srt:AsiaPacificMember 2024-01-01 2024-03-31 0001652044 srt:AsiaPacificMember us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-03-31 0001652044 srt:AsiaPacificMember 2025-01-01 2025-03-31 0001652044 srt:AsiaPacificMember us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2025-01-01 2025-03-31 0001652044 goog:AmericasExcludingUnitedStatesMember 2024-01-01 2024-03-31 0001652044 goog:AmericasExcludingUnitedStatesMember us-gaap:GeographicConcentrationRiskMember us-gaap:RevenueFromContractWithCustomerMember 2024-01-01 2024-03-31 0001652044 goog:AmericasExcludingUnitedStatesMember 2025-01-01 2025-03-31 0001652044 goog:AmericasExcludingUnitedStates [...TRUNCATED...] 0;  Repurchases are being executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. The repurchase program does not have an expiration date. For additional information related to share repurchases, see Note 11 of the Notes to Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. (2)      Average price paid per share includes costs associated with the repurchases. ITEM 5. OTHER INFORMATION 10b5-1 Trading Plans During the quarter ended March 31, 2025, no Section 16 director or officer adopted , modified, or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act). There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified, or terminated during the quarter ended March 31, 2025 by our directors and Section 16 officers. 47 ITEM 6. EXHIBITS Exhibit Number    Description Incorporated by reference herein Form Date 31.01 * Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.02 * Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.01 ‡ Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS * Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH * Inline XBRL Taxonomy Extension Schema Document 101.CAL * Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF * Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB * Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE * Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 * Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) __________________________  * Filed herewith. ‡ Furnished herewith. 48 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALPHABET INC. April 24, 2025 By: /s/ ANAT ASHKENAZI Anat Ashkenazi Senior Vice President, Chief Financial Officer ALPHABET INC. April 24, 2025 By: /s/    AMIE THUENER O'TOOLE         Amie Thuener O'Toole Vice President, Corporate Controller and Principal Accounting Officer 49

Determine the maximum fraction of total portfolio capital that should be allocated to ACWI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0309 (i.e., a 3.09% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0309 = 3.2314, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TLT: 60-day history, VaR(99%)=-0.0132, max drawdown threshold=10%.

Question:
Asset: TLT
Daily returns (past 60 days): mean=0.0001, std=0.0067, worst_day=-0.0138
Maximum acceptable portfolio drawdown: 10%
Market regime: bull

Determine the maximum fraction of total portfolio capital that should be allocated to TLT, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0132 (i.e., a 1.32% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0132 = 7.5970, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BTC-USD: 60-day history, VaR(99%)=-0.0530, max drawdown threshold=10%.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0031, std=0.0230, worst_day=-0.0532
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BTC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0530 (i.e., a 5.30% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0530 = 1.8876, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0654, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0016, std=0.0328, worst_day=-0.0681
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0654 (i.e., a 6.54% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0654 = 1.5302, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


JNK: 60-day history, VaR(99%)=-0.0142, max drawdown threshold=10%.

Question:
Asset: JNK
Daily returns (past 60 days): mean=-0.0002, std=0.0053, worst_day=-0.0142
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to JNK, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0142 (i.e., a 1.42% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0142 = 7.0283, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


LINK-USD: 60-day history, VaR(99%)=-0.0704, max drawdown threshold=10%.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0046, std=0.0372, worst_day=-0.0752
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to LINK-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0704 (i.e., a 7.04% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0704 = 1.4211, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 43-day history, VaR(99%)=-0.1350, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 43 days): mean=-0.0075, std=0.0432, worst_day=-0.1586
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to MATIC-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.7405

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1350 (i.e., a 13.50% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1350 = 0.7405, capped at 1.0.
Maximum position size = 0.7405 (74.1% of portfolio).


SOL-USD: 60-day history, VaR(99%)=-0.0649, max drawdown threshold=10%.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0045, std=0.0368, worst_day=-0.0785
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to SOL-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0649 (i.e., a 6.49% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0649 = 1.5415, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0129, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0008, std=0.0073, worst_day=-0.0150
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-04] ["Should You Buy MP Materials Corp Stock Right Now? Shares of MP Materials are being carried higher on a wave of optimism. Yet, risks and uncertainties lie ahead for this rare-earth minerals producer. 10 stocks we like better than MP Materials \u203a The narrative surrounding MP Materials (NYSE: MP) is wonderful right now. Following two transformative deals with the U.S. government and Apple, the rare-earth minerals company is receiving heavy investment and commitments to purchase materials and magnets (with pricing floor commitments running for a decade). At the same time, the company is expanding its existing magnet-producing facility in Texas while setting out to build a brand-new magnet production facility. So, is this a good time to buy the stock? The positive news is not lost on investors, and the stock is up an incredible 356% this year as of the time of writing. In a nutshell, investors are buying into the idea that MP Materials can solve the problem of sourcing rare earth materials and magnets domestically, thereby reducing dependence on China -- the country that has a practical monopoly on global rare earth magnets. That's the good news, but before you hit the buy button, consider that this could prove the apex of optimism over the stock. Execution risk remains around the manufacturing plant expansion and new construction projects. The company remains loss-making and may require additional capital, which would dilute the interests of existing shareholders. The involvement of the government in a public-private partnership introduces additional political risk, particularly since the U.S. government is likely to hold a significant amount of stock in MP Materials. In addition, it's incredibly difficult to predict where rare earth product prices will be over an extended period. The risks outlined above are significant, but it's also worth noting that there's an upside risk from other companies seeking to secure a domestic supply of rare earth materials and magnets. MP Materials certainly has a bright future, but investors might be overlooking several risks ahead, and the upside is too uncertain to predict accurately. On that basis, this is a stock most investors will want to avoid for now. Before you buy stock in MP Materials, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now\u2026 and MP Materials wasn\u2019t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you\u2019d have $654,759!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you\u2019d have $1,046,799!* Now, it\u2019s worth noting Stock Advisor\u2019s total average return is 1,042% \u2014 a market-crushing outperformance compared to 183% for the S&P 500. Don\u2019t miss out

Determine the maximum fraction of total portfolio capital that should be allocated to XLI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0129 (i.e., a 1.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0129 = 7.7352, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNO: 60-day history, VaR(99%)=-0.0566, max drawdown threshold=10%.

Question:
Asset: BNO
Daily returns (past 60 days): mean=-0.0015, std=0.0193, worst_day=-0.0619
Maximum acceptable portfolio drawdown: 10%
Market regime: bear

Determine the maximum fraction of total portfolio capital that should be allocated to BNO, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0566 (i.e., a 5.66% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0566 = 1.7676, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0925, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0031, std=0.0389, worst_day=-0.0949
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to DOT-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0925 (i.e., a 9.25% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0925 = 1.0809, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


AVAX-USD: 60-day history, VaR(99%)=-0.0808, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0007, std=0.0461, worst_day=-0.0876
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to AVAX-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0808 (i.e., a 8.08% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0808 = 1.2381, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.1099, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0025, std=0.0495, worst_day=-0.1161
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to XRP-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 0.9099

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1099 (i.e., a 10.99% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1099 = 0.9099, capped at 1.0.
Maximum position size = 0.9099 (91.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0218, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0001, std=0.0096, worst_day=-0.0287
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K BA 2025-02-03] ba-20241231 FALSE 2024 FY BOEING CO 0000012927 http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#Revenues http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LiabilitiesCurrent http://fasb.org/us-gaap/2024#LiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#AccountsPayableCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#DebtCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#OtherAssetsCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure ba:segment ba:extension_period ba:aircraft ba:tanker ba:lot ba:simulator ba:fund 0000012927 2024-01-01 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0000012927 ba:DepositarySharesMember 2024-01-01 2024-12-31 0000012927 2024-06-30 0000012927 2025-01-27 0000012927 ba:T7AProductionMember 2024-01-01 2024-12-31 0000012927 us-gaap:ProductMember 2024-01-01 2024-12-31 0000012927 us-gaap:ProductMember 2023-01-01 2023-12-31 0000012927 us-gaap:ProductMember 2022-01-01 2022-12-31 0000012927 us-gaap:ServiceMember 2024-01-01 2024-12-31 0000012927 us-gaap:ServiceMember 2023-01-01 2023-12-31 0000012927 us-gaap:ServiceMember 2022-01-01 2022-12-31 0000012927 2023-01-01 2023-12-31 0000012927 2022-01-01 2022-12-31 0000012927 2024-12-31 0000012927 2023-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:ConvertiblePreferredStockMember 2023-12-31 0000012927 2022-12-31 0000012927 2021-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2021-12-31 0000012927 us-gaap:CommonStockMember 2021-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2021-12-31 0000012927 us-gaap:RetainedEarningsMember 2021-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2021-12-31 0000012927 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2022-12-31 0000012927 us-gaap:CommonStockMember 2022-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2022-12-31 0000012927 us-gaap:RetainedEarningsMember 2022-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2022-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2023-12-31 0000012927 us-gaap:CommonStockMember 2023-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2023-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2023-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0000012927 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember 2024-12-31 0000012927 us-gaap:CommonStockMember 2024-12-31 0000012927 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000012927 us-gaap:TreasuryStockCommonMember 2024-12-31 0000012927 us-gaap:RetainedEarningsMember 2024-12-31 0000012927 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000012927 us-gaap:NoncontrollingInterestMember 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:CommercialAirplanesSegmentMember 2022-01-01 2022-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:BoeingDefenseSpaceSecuritySegmentMember 2022-01-01 2022-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2024-01-01 2024-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2023-01-01 2023-12-31 0000012927 us-gaap:OperatingSegmentsMember ba:GlobalServicesMember 2022-01-01 2022-12-31 0000012927 ba:CorporateReconcilingItemsAndEliminationsMember 2024-01-01 2024-12-31 0000012927 ba:CorporateReconcilingItemsAndEliminationsMember 2023-01-01 2 [...TRUNCATED...] ation of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 135 Table of Contents 97 The Boeing Company Clawback Policy (Exhibit 97 to the Company ’ s Form 1 0-K for the year ended December 31, 2023) 99.1 Commercial Program Method of Accounting (Exhibit (99)(i) to the Company’s Form 10-K for the year ended December 31, 1997) 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Extension Label Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101      † Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will provide a copy of omitted schedule to the SEC upon request. * Management contract or compensatory plan In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt of the Company are not filed herewith. Pursuant to this regulation, we hereby agree to furnish a copy of any such instrument to the SEC upon request. Item 16. Form 10-K Summary None. 136 Table of Contents Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 3, 2025 THE BOEING COMPANY (Registrant) By:   /s/ Michael J. Cleary   Michael J. Cleary – Senior Vice President and Controller 137 Table of Contents Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 3, 2025. /s/ Robert K. Ortberg /s/ Lynn J. Good Robert K. Ortberg – President and Chief Executive Officer and Director Lynn J. Good – Director (Principal Executive Officer) /s/ Brian J. West /s/ Stayce D. Harris Brian J. West – Executive Vice President and Chief Financial Officer Stayce D. Harris – Director (Principal Financial Officer) /s/ Michael J. Cleary /s/ Akhil Johri Michael J. Cleary – Senior Vice President and Controller Akhil Johri – Director (Principal Accounting Officer) /s/ Robert A. Bradway /s/ David L. Joyce Robert A. Bradway – Director David L. Joyce – Director /s/ Mortimer J. Buckley III /s/ Steven M. Mollenkopf Mortimer J. Buckley – Director Steven M. Mollenkopf – Chair of the Board /s/ Lynne M. Doughtie /s/ John M. Richardson Lynne M. Doughtie – Director John M. Richardson – Director /s/ David L. Gitlin /s/ Sabrina Soussan David L. Gitlin – Director Sabrina Soussan – Director 138

Determine the maximum fraction of total portfolio capital that should be allocated to XLI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0218 (i.e., a 2.18% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0218 = 4.5899, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SPY: 60-day history, VaR(99%)=-0.0229, max drawdown threshold=10%.

Question:
Asset: SPY
Daily returns (past 60 days): mean=0.0005, std=0.0076, worst_day=-0.0274
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Determine the maximum fraction of total portfolio capital that should be allocated to SPY, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0229 (i.e., a 2.29% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0229 = 4.3640, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0218, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=-0.0005, std=0.0087, worst_day=-0.0287
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K AMZN 2025-02-07] amzn-20241231 false 2024 FY 0001018724 P3Y P1Y P1Y http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent http://www.amazon.com/20241231#LeaseLiabilityNoncurrent P1Y P2Y 50 419 417 200 414 408 iso4217:USD xbrli:shares iso4217:USD xbrli:shares amzn:segment xbrli:pure iso4217:EUR amzn:extension 0001018724 2024-01-01 2024-12-31 0001018724 2024-06-30 0001018724 2025-01-29 0001018724 2021-12-31 0001018724 2022-12-31 0001018724 2023-12-31 0001018724 2022-01-01 2022-12-31 0001018724 2023-01-01 2023-12-31 0001018724 2024-12-31 0001018724 us-gaap:ProductMember 2022-01-01 2022-12-31 0001018724 us-gaap:ProductMember 2023-01-01 2023-12-31 0001018724 us-gaap:ProductMember 2024-01-01 2024-12-31 0001018724 us-gaap:ServiceMember 2022-01-01 2022-12-31 0001018724 us-gaap:ServiceMember 2023-01-01 2023-12-31 0001018724 us-gaap:ServiceMember 2024-01-01 2024-12-31 0001018724 us-gaap:CommonStockMember 2021-12-31 0001018724 us-gaap:TreasuryStockCommonMember 2021-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001018724 us-gaap:RetainedEarningsMember 2021-12-31 0001018724 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0001018724 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0001018724 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0001018724 us-gaap:CommonStockMember 2022-12-31 0001018724 us-gaap:TreasuryStockCommonMember 2022-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001018724 us-gaap:RetainedEarningsMember 2022-12-31 0001018724 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-31 0001018724 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001018724 us-gaap:CommonStockMember 2023-12-31 0001018724 us-gaap:TreasuryStockCommonMember 2023-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001018724 us-gaap:RetainedEarningsMember 2023-12-31 0001018724 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001018724 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001018724 us-gaap:CommonStockMember 2024-12-31 0001018724 us-gaap:TreasuryStockCommonMember 2024-12-31 0001018724 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001018724 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001018724 us-gaap:RetainedEarningsMember 2024-12-31 0001018724 2022-05-27 2022-05-27 0001018724 2022-05-27 0001018724 us-gaap:MachineryAndEquipmentMember 2024-12-31 0001018724 us-gaap:ServiceLifeMember us-gaap:SubsequentEventMember us-gaap:MachineryAndEquipmentMember 2025-01-01 0001018724 us-gaap:ServiceLifeMember srt:ScenarioForecastMember us-gaap:MachineryAndEquipmentMember 2025-01-01 2025-12-31 0001018724 us-gaap:TechnologyEquipmentMember 2024-12-31 0001018724 us-gaap:ComputerEquipmentMember 2024-12-31 0001018724 us-gaap:ServiceLifeMember us-gaap:SubsequentEventMember us-gaap:TechnologyEquipmentMember 2025-01-01 0001018724 us-gaap:ServiceLifeMember us-gaap:SubsequentEventMember us-gaap:ComputerEquipmentMember 2025-01-01 0001018724 us-gaap:ServiceLifeMember srt:ScenarioForecastMember amzn:TechnologyAndComputerEquipmentMember 2025-01-01 2025-12-31 0001018724 amzn:EarlyRetirementMember amzn:TechnologyAndComputerEquipmentMember 2024-10-01 2024-12-31 0001018724 amzn:EarlyRetirementMember srt:ScenarioForecastMember amzn:TechnologyAndComputerEquipmentMember 2025-01-01 2025-12-31 0001018724 us-gaap:TechnologyEquipmentMember 2023-12-31 0001018724 us-gaap:ServiceLifeMember us-gaap:TechnologyEquipmentMember 2024-01-01 0001018724 us-gaap:ServiceLifeMember 2024-01-01 2024-12-31 0001018724 2022-10-01 2022-12-31 0001018724 us-gaap:SalesReturnsAndAllowancesMember 2022-01-01 2022-12-31 0001018724 us-gaap:SalesReturnsAndAllowancesMember 2023-01-01 2023-12-31 0001018724 us-gaap:SalesReturnsAndAllowancesMember 2024-01-01 2024-12-31 0001018724 us-gaap:ShareBasedCompensationAwardTrancheOneMember 2024-01-01 2024-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2022-01-01 2022-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2023-01-01 2023-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2024-01-01 2024-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember 2024-12-31 0001018724 us-gaap:EquityMethodInvestmentNonconsoli [...TRUNCATED...]  Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350. 97.1 Amazon.com, Inc. Clawback Policy (incorporated by reference to the Company's Annual Report on Form 10-K for the Year ended December 31, 2023). 101 The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of such agreements to the Commission upon request. 104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101). __________________ †    Executive Compensation Plan or Agreement. Item 16. Form 10-K Summary None. 76 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, as of February 6, 2025.   AMAZON.COM, INC. By: /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of February 6, 2025.   Signature Title /s/ Andrew R. Jassy Andrew R. Jassy President and Chief Executive Officer (Principal Executive Officer) and Director /s/ Brian T. Olsavsky Brian T. Olsavsky Senior Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Shelley L. Reynolds Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer) /s/ Jeffrey P. Bezos Jeffrey P. Bezos Executive Chair /s/ Keith B. Alexander Keith B. Alexander Director /s/ Edith W. Cooper Edith W. Cooper Director /s/ Jamie S. Gorelick Jamie S. Gorelick Director /s/ Daniel P. Huttenlocher Daniel P. Huttenlocher Director /s/ Andrew Y. Ng Andrew Y. Ng Director /s/ Indra K. Nooyi Indra K. Nooyi Director /s/ Jonathan J. Rubinstein Jonathan J. Rubinstein Director /s/ Brad D. Smith Brad D. Smith Director /s/ Patricia Q. Stonesifer Patricia Q. Stonesifer Director /s/ Wendell P. Weeks Wendell P. Weeks Director 77

Determine the maximum fraction of total portfolio capital that should be allocated to XLI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000


EFA: 60-day history, VaR(99%)=-0.0188, max drawdown threshold=10%.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0019, std=0.0087, worst_day=-0.0239
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-03-20] Asset Management & Auction Services Stocks Q4 Highlights: OPENLANE (NYSE:KAR) As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the asset management & auction services industry, including OPENLANE (NYSE:KAR) and its peers. Like in other industries, the shift to online platforms can lower transaction costs and improve liquidity for sellers. Increasing digitization, AI-driven pricing analytics, and automation in logistics can enhance efficiency for operators who invest in technology and software. On the other hand, challenges include potential regulatory scrutiny on auction transparency, data privacy concerns with AI-driven valuation models, and shifting environmental policies that could impact the resale market for internal combustion vehicles. Additionally, supply chain volatility in new car production may create unpredictable swings in used vehicle supply, impacting auction volumes. The 4 asset management & auction services stocks we track reported an exceptional Q4. As a group, revenues beat analysts’ consensus estimates by 9.1%. While some asset management & auction services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results. Facilitating the sale of approximately 1.3 million used vehicles in 2023, OPENLANE (NYSE:KAR) operates digital marketplaces that connect sellers and buyers of used vehicles across North America and Europe, facilitating wholesale transactions. OPENLANE reported revenues of $455 million, up 12% year on year. This print exceeded analysts’ expectations by 8.2%. Overall, it was a satisfactory quarter for the company with a decent beat of analysts’ EPS estimates but a slight miss of analysts’ full-year EPS guidance estimates. The stock is up 6% since reporting and currently trades at $21.25. Is now the time to buy OPENLANE? Access our full analysis of the earnings results here, it’s free. Powering what it calls the "circular economy" with over 5.5 million registered buyers across its platforms, Liquidity Services (NASDAQ:LQDT) operates online marketplaces that connect buyers and sellers of surplus assets, from consumer returns to industrial equipment to government property. Liquidity Services reported revenues of $122.3 million, up 71.5% year on year, outperforming analysts’ expectations by 16.1%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates. Liquidity Services scored the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 7% since reporting. It currently trades at $30.47. Is now the time to buy Liquidity Services? Access our full analysis of the earnings results here, it’s free. Starting as a single salvage yard in California in 1982, Copart (NASDAQ:CPRT) operates an online auction platform that connects se

Determine the maximum fraction of total portfolio capital that should be allocated to EFA, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0188 (i.e., a 1.88% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0188 = 5.3113, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BNB-USD: 60-day history, VaR(99%)=-0.0605, max drawdown threshold=10%.

Question:
Asset: BNB-USD
Daily returns (past 60 days): mean=0.0019, std=0.0320, worst_day=-0.0718
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Determine the maximum fraction of total portfolio capital that should be allocated to BNB-USD, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0605 (i.e., a 6.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0605 = 1.6520, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EWJ: 60-day history, VaR(99%)=-0.0205, max drawdown threshold=10%.

Question:
Asset: EWJ
Daily returns (past 60 days): mean=0.0006, std=0.0100, worst_day=-0.0241
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-25] ["Warren Buffett's Favorite Stock Is Up Over 4,470,000% Since 1965, but You Won't Find It in His Portfolio Warren Buffett's simple investment strategy has propelled Berkshire Hathaway to market-beating returns since 1965. Buffett has invested in over 100 different companies, including giants like Apple, Coca-Cola, GEICO Insurance, and American Express. But Buffett has plowed more money into one particular company than any other, and investors won't find it listed in Berkshire's portfolio. 10 stocks we like better than Berkshire Hathaway \u203a In 1965, Warren Buffett took a controlling stake in a struggling textiles company called Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). After realizing its operations were no longer viable, he converted it into a holding company for his various investments. Berkshire now manages numerous wholly owned subsidiaries and a $292 billion portfolio of publicly traded stocks and securities. Despite owning a stake in more than a hundred different companies during the past 60 years, Buffett has never expressly named a favorite. But if we follow the money, it's clear he likes some much more than others. For example, he bought about $38 billion worth of Apple (NASDAQ: AAPL) stock on Berkshire's behalf between 2016 and 2023, which is the most he has ever invested in a single company. With that said, Buffett has spent more than twice that much buying shares in another name that has soared by more than 4,470,000% since 1965 -- except you won't find it in Berkshire's portfolio. Buffett likes to invest in companies with steady growth, reliable profits, and strong management teams. He especially likes those with shareholder-friendly initiatives like dividend plans and stock buyback programs, because they compound his money significantly faster. But his most important weapon is time -- when he buys a stake in a company, his preferred holding period is forever. Berkshire's Coca-Cola (NYSE: KO) investment is a great example of Buffett's strategy in action. He bought 400 million shares of the soft-drink giant between 1988 and 1994, for a total cost of $1.3 billion. He has never sold a single share, and today that position is worth a whopping $27.8 billion. Plus, it paid Berkshire $776 million in dividends in 2024, so the conglomerate now recoups its original investment every two years or so. Apple is another company that ticks all of Buffett's boxes, and it has netted Berkshire an enormous profit to date. Heading into 2024, Berkshire's $38 billion investment was worth more than $170 billion and accounted for half of the value of the conglomerate's entire portfolio of stocks and securities. Buffett and his team have since sold two-thirds of Berkshire's Apple stake to cash in some of those gains and to reduce risk. Kraft Heinz, Visa, Bank of America, and American Express are just a few of Berkshire's other long-term holdings that continue to match Buffett's criteria. While Buffett's $38 billion Apple investment remains his biggest

Determine the maximum fraction of total portfolio capital that should be allocated to EWJ, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0205 (i.e., a 2.05% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0205 = 4.8673, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0356, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0007, std=0.0135, worst_day=-0.0356
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-10] ["Heard on the Street: Warner Discovery Splitting Up What happened in markets yesterday: Export controls were at the top of the trade agenda. As U.S. and Chinese delegates met in London, American negotiators were expected to press Xi Jinping\u2019s representatives to speed up exports of rare-earth minerals and magnets.", "Sector Update: Tech Stocks Higher Late Afternoon Tech stocks were higher late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) up", "Citi adds Qorvo and Skyworks Solutions to 90-day upside catalyst watch Investing.com -- Citi analysts have placed Qorvo (NASDAQ:QRVO) and Skyworks Solutions (NASDAQ:SWKS), Inc. on an \"upside 90-day catalyst watch,\" anticipating better-than-expected June and September quarter results for the Apple (NASDAQ:AAPL) suppliers. This outlook is primarily driven by \"pulled forward Apple demand due to tariffs.\" According to Citi\u2019s China Technology analyst, data points from Asia suggest that the Apple supply chain could see improved performance. Furthermore, the \"Asia supply chain currently expects 80-95M or stable Y/Y growth for iPhone 17 build.\" Citi highlights that \"Apple supply chain stocks historically outperform AAPL stock from WWDC through iPhone launch event in September.\" Given these factors, Citi sees \"upside risk to Jun/Sep-Q results on pulled forward Apple demand due to tariffs\" for both companies, with earnings serving as the primary catalyst within the next 90 days. Apple accounts for a significant portion of both companies\u2019 total sales, contributing approximately 66% to Skyworks Solutions\u2019 last reported quarter total sales, and about 47% to Qorvo\u2019s fiscal year 2025 total sales. Despite the short-term positive outlook, Citi maintains its \"long-term concerns around increasing RF semis competition and concentration risk\" for these suppliers. However, the immediate prospect of tariff-driven demand acceleration positions both Qorvo and Skyworks Solutions for potential upside in the near term. Related articles Citi adds Qorvo and Skyworks Solutions to 90-day upside catalyst watch Musk\u2019s public clash with Trump likely calculated, says Morgan Stanley Mizuho upgrades Macerich as its sees risk-reward favorable", "Apple Fails to Clear a Low Bar on AI A program to allow developers to access its \u201cfoundation models\u201d was widely expected and could\u2014over time\u2014result in AI apps that work more easily on Apple\u2019s devices. Apple\u2019s share price, down 19% already this year, slipped further on Monday following the keynote. Apple no doubt wanted to avoid the trap it fell into last year, when it introduced its Apple Intelligence service to great hype only to have its later launch and subsequent updates fall short of promises.", "AMD price target lift, Apple's WWDC, Chewy downgrade Market Domination co-host Josh Lipton tracks today's top moving stocks and biggest market stories in this Market Minute. Advanced Micro Devices (AMD) stock gain

Determine the maximum fraction of total portfolio capital that should be allocated to VLUE, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0356 (i.e., a 3.56% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0356 = 2.8129, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLI: 60-day history, VaR(99%)=-0.0129, max drawdown threshold=10%.

Question:
Asset: XLI
Daily returns (past 60 days): mean=0.0005, std=0.0070, worst_day=-0.0150
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Determine the maximum fraction of total portfolio capital that should be allocated to XLI, given the drawdown constraint. Report as a decimal between 0.00 and 1.00 (e.g., 0.25 = 25%; maximum is 1.00 = 100% of portfolio).

Answer: 1.0000