Alan Young1

Marvin Appel's One-Decision ETF Portfolio

Hi Roger

I am wondering how you got an annual return of 1.5%. I did a look up and I got data going back, respectively; ICF 5yrs,11 months ; IWN 6 yrs 6 months; AGG 3 yrs 4 mos; IVV 6 yrs, 8mos;

They have 3 yrs, 4 mos in common so the avg annual yield over that time period is , according to my calculations , 11.19%.

What am I missing?

I do not have MorningStar, I simply downloaded the data from Yahoo Finance and ran the numbers.