One approach, which became popular in the 1980s, focuses on the volatility (observed variability) in asset prices. Suppose that the futures price for November delivery is f(t, T) = $40 per barrel. Jolicoeur Gucci Sale. Although there is freedom to choose variables to represent the factors, the challenge is the same as for the CAPM: to develop a reliable way to select the factors. Gucci Sandals Canada. A utility function could be found that justifies almost any relationship between wealth and portfolio shares. Jolicoeur Gucci Sale. The construction of excess returns is then just a device to make more transparent comparisons with the Sharpe-Lintner model. Gucci Wallets Chicago. As soon as this happens, existing investors, failing to receive their promised returns, take fright, and try to liquidate their assets. Jolicoeur Gucci Sale. Similarly, as of September 1992 the expected annual inflation rate for 1992 to 2002 was 3.82 per cent (' 8.91 ' 5.09).