| Start of month
|
S&P 500
|
T.Bond Rate
|
Smoothed Cash Flow: Ten year average yield
|
Cash Flow (Trailing 12 month)
|
Cash Flow (Normalized)
|
Expected growth rate
|
ERP (T12 m with sustainable payout)
|
ERP (T12m)
|
ERP (Smoothed)
|
ERP (Normalized)
|
ERP (Net Cash Yield)
|
| 01-Sep-08
|
1252
|
3.72%
|
|
|
|
|
|
4.22%
|
|
|
|
| 01-Oct-08
|
1166
|
3.83%
|
|
|
|
|
|
4.51%
|
|
|
|
| 01-Nov-08
|
969
|
3.95%
|
|
|
|
|
|
5.90%
|
|
|
|
| 01-Dec-08
|
896
|
2.92%
|
|
|
|
|
|
6.60%
|
|
|
|
| 01-Jan-09
|
903
|
2.21%
|
|
52.58
|
|
4.00%
|
|
6.43%
|
|
|
|
| 01-Feb-09
|
826
|
2.87%
|
|
52.58
|
|
4.00%
|
|
6.87%
|
|
|
|
| 01-Mar-09
|
735
|
3.02%
|
|
52.58
|
|
4.00%
|
|
7.68%
|
|
|
|
| 01-Apr-09
|
798
|
2.71%
|
|
51.55
|
|
4.00%
|
|
7.01%
|
|
|
|
| 01-May-09
|
873
|
3.16%
|
|
51.55
|
|
4.00%
|
|
6.32%
|
|
|
|
| 01-Jun-09
|
919
|
3.47%
|
|
51.55
|
|
4.00%
|
|
5.94%
|
|
|
|
| 01-Jul-09
|
919
|
3.53%
|
|
50.95
|
|
4.00%
|
|
5.86%
|
|
|
|
| 01-Aug-09
|
987
|
3.52%
|
|
50.95
|
|
4.00%
|
|
5.46%
|
|
|
|
| 01-Sep-09
|
1021
|
3.40%
|
|
50.95
|
|
4.00%
|
|
5.30%
|
|
|
|
| 01-Oct-09
|
1057
|
3.30%
|
|
48.52
|
|
4.00%
|
|
4.86%
|
|
|
|
| 01-Nov-09
|
1036
|
3.39%
|
|
48.52
|
|
4.00%
|
|
4.97%
|
|
|
|
| 01-Dec-09
|
1096
|
3.24%
|
|
48.52
|
|
4.00%
|
|
4.73%
|
|
|
|
| 01-Jan-10
|
1115
|
3.84%
|
|
40.38
|
|
7.21%
|
|
4.36%
|
|
|
|
| 01-Feb-10
|
1074
|
3.58%
|
|
40.38
|
|
7.21%
|
|
4.56%
|
|
|
|
| 01-Mar-10
|
1104
|
3.61%
|
|
40.38
|
|
7.21%
|
|
4.44%
|
|
|
|
| 01-Apr-10
|
1169
|
3.83%
|
|
40.34
|
|
7.21%
|
|
4.16%
|
|
|
|
| 01-May-10
|
1187
|
3.65%
|
|
40.34
|
|
7.21%
|
|
4.54%
|
|
|
|
| 01-Jun-10
|
1089
|
3.30%
|
|
40.34
|
|
7.21%
|
|
4.79%
|
|
|
|
| 01-Jul-10
|
1031
|
2.96%
|
|
42.44
|
|
7.21%
|
|
5.10%
|
|
|
|
| 01-Aug-10
|
1106
|
2.91%
|
|
42.44
|
|
7.21%
|
|
4.78%
|
|
|
|
| 01-Sep-10
|
1049
|
2.47%
|
|
42.44
|
|
7.21%
|
|
5.10%
|
|
|
|
| 01-Oct-10
|
1141
|
2.51%
|
|
48.20
|
|
7.21%
|
|
5.31%
|
|
|
|
| 01-Nov-10
|
1183
|
2.60%
|
|
48.20
|
|
7.21%
|
|
5.11%
|
|
|
|
| 01-Dec-10
|
1181
|
2.80%
|
|
48.20
|
|
7.21%
|
|
5.08%
|
|
|
|
| 01-Jan-11
|
1258
|
3.29%
|
|
53.96
|
|
6.95%
|
|
5.20%
|
|
|
|
| 01-Feb-11
|
1286
|
3.38%
|
|
53.96
|
|
6.95%
|
|
5.07%
|
|
|
|
| 01-Mar-11
|
1327
|
3.42%
|
|
53.96
|
|
6.95%
|
|
4.90%
|
|
|
|
| 01-Apr-11
|
1326
|
3.47%
|
|
58.54
|
|
6.95%
|
|
5.31%
|
|
|
|
| 01-May-11
|
1364
|
3.29%
|
|
58.15
|
|
6.95%
|
|
5.16%
|
|
|
|
| 01-Jun-11
|
1345
|
3.06%
|
|
58.15
|
|
6.95%
|
|
5.27%
|
|
|
|
| 01-Jul-11
|
1321
|
3.17%
|
|
62.24
|
|
6.95%
|
|
5.72%
|
|
|
|
| 01-Aug-11
|
1292
|
2.80%
|
|
62.24
|
|
6.95%
|
|
5.92%
|
|
|
|
| 01-Sep-11
|
1219
|
2.23%
|
|
62.24
|
|
6.95%
|
|
6.39%
|
|
|
|
| 01-Oct-11
|
1131
|
1.92%
|
|
68.65
|
|
6.95%
|
|
7.64%
|
|
|
|
| 01-Nov-11
|
1253
|
2.05%
|
|
68.65
|
|
5.50%
|
|
6.49%
|
|
|
|
| 01-Dec-11
|
1247
|
2.07%
|
|
68.65
|
|
5.50%
|
|
6.51%
|
|
|
|
| 01-Jan-12
|
1258
|
1.87%
|
59.01
|
72.23
|
|
7.18%
|
|
7.32%
|
6.01%
|
|
|
| 01-Feb-12
|
1312
|
1.81%
|
59.01
|
72.23
|
|
7.18%
|
|
7.04%
|
5.78%
|
|
|
| 01-Mar-12
|
1366
|
1.98%
|
59.01
|
72.23
|
|
7.18%
|
|
6.73%
|
5.52%
|
|
|
| 01-Apr-12
|
1408
|
2.21%
|
66.29
|
74.07
|
|
7.18%
|
|
6.64%
|
5.96%
|
|
|
| 01-May-12
|
1398
|
1.92%
|
66.29
|
74.07
|
|
7.18%
|
|
6.76%
|
6.06%
|
|
|
| 01-Jun-12
|
1310
|
1.55%
|
66.29
|
74.07
|
|
7.18%
|
|
7.28%
|
6.54%
|
|
|
| 01-Jul-12
|
1362
|
1.65%
|
64.06
|
71.55
|
|
6.56%
|
|
6.59%
|
5.91%
|
|
|
| 01-Aug-12
|
1379
|
1.47%
|
64.06
|
71.55
|
|
6.56%
|
|
6.55%
|
5.88%
|
|
|
| 01-Sep-12
|
1407
|
1.55%
|
64.06
|
71.55
|
|
6.56%
|
|
6.41%
|
5.75%
|
|
|
| 01-Oct-12
|
1441
|
1.62%
|
67.74
|
72.74
|
|
6.56%
|
|
6.35%
|
5.92%
|
|
|
| 01-Nov-12
|
1412
|
1.75%
|
67.74
|
72.74
|
|
6.56%
|
|
6.44%
|
6.01%
|
|
|
| 01-Dec-12
|
1416
|
1.62%
|
67.74
|
72.74
|
|
6.56%
|
|
6.45%
|
6.02%
|
|
|
| 01-Jan-13
|
1426
|
1.76%
|
69.46
|
72.25
|
|
5.27%
|
|
6.00%
|
5.78%
|
|
|
| 01-Feb-13
|
1498
|
2.00%
|
69.46
|
72.25
|
|
5.27%
|
|
5.67%
|
5.46%
|
|
|
| 01-Mar-13
|
1515
|
1.88%
|
69.46
|
72.25
|
|
5.32%
|
|
5.65%
|
5.43%
|
|
|
| 01-Apr-13
|
1569
|
1.85%
|
76.76
|
75.31
|
|
5.31%
|
|
5.68%
|
5.79%
|
|
|
| 01-May-13
|
1598
|
1.65%
|
76.76
|
75.31
|
|
5.23%
|
|
5.60%
|
5.71%
|
|
|
| 01-Jun-13
|
1631
|
2.14%
|
76.76
|
75.31
|
|
5.43%
|
|
5.45%
|
5.55%
|
|
|
| 01-Jul-13
|
1606
|
2.49%
|
78.66
|
78.58
|
|
5.57%
|
|
5.73%
|
5.74%
|
|
|
| 01-Aug-13
|
1686
|
2.57%
|
78.66
|
78.58
|
|
5.60%
|
|
5.46%
|
5.46%
|
|
|
| 01-Sep-13
|
1633
|
2.79%
|
78.66
|
78.58
|
|
5.69%
|
|
5.62%
|
5.61%
|
|
|
| 01-Oct-13
|
1682
|
2.61%
|
82.35
|
80.33
|
|
5.62%
|
|
5.59%
|
5.73%
|
|
|
| 01-Nov-13
|
1757
|
2.55%
|
82.35
|
80.33
|
|
5.59%
|
|
5.36%
|
5.49%
|
|
|
| 01-Dec-13
|
1806
|
2.75%
|
82.35
|
80.33
|
|
5.67%
|
|
5.19%
|
5.32%
|
|
|
| 01-Jan-14
|
1848
|
3.04%
|
90.52
|
84.16
|
|
4.28%
|
|
4.96%
|
5.33%
|
|
|
| 01-Feb-14
|
1783
|
2.65%
|
90.52
|
84.16
|
|
4.13%
|
|
5.17%
|
5.56%
|
|
|
| 01-Mar-14
|
1859
|
2.66%
|
90.52
|
84.16
|
|
4.13%
|
|
4.96%
|
5.33%
|
|
|
| 01-Apr-14
|
1874
|
2.72%
|
95.39
|
88.13
|
|
4.15%
|
|
5.15%
|
5.57%
|
|
|
| 01-May-14
|
1884
|
2.65%
|
95.39
|
88.13
|
|
4.13%
|
|
5.12%
|
5.54%
|
|
|
| 01-Jun-14
|
1924
|
2.48%
|
95.39
|
88.13
|
|
4.06%
|
|
5.03%
|
5.45%
|
|
|
| 01-Jul-14
|
1960
|
2.52%
|
99.78
|
96.01
|
|
4.07%
|
|
5.38%
|
5.59%
|
|
|
| 01-Aug-14
|
1931
|
2.56%
|
99.78
|
96.01
|
|
4.09%
|
|
5.45%
|
5.67%
|
|
|
| 01-Sep-14
|
2003
|
2.35%
|
99.78
|
96.01
|
|
4.00%
|
|
5.28%
|
5.48%
|
|
|
| 01-Oct-14
|
1973
|
2.49%
|
97.52
|
96.92
|
|
4.04%
|
|
5.43%
|
5.59%
|
|
4.87%
|
| 01-Nov-14
|
2018
|
2.34%
|
100.41
|
97.52
|
|
4.00%
|
|
5.32%
|
5.48%
|
|
4.78%
|
| 01-Dec-14
|
2068
|
2.17%
|
100.41
|
97.52
|
|
3.93%
|
|
5.21%
|
5.36%
|
|
4.68%
|
| 01-Jan-15
|
2059
|
2.17%
|
107.97
|
100.50
|
|
5.58%
|
|
5.78%
|
6.21%
|
|
5.21%
|
| 01-Feb-15
|
1995
|
1.70%
|
107.97
|
100.50
|
|
5.38%
|
|
6.01%
|
6.45%
|
|
5.42%
|
| 01-Mar-15
|
2105
|
2.00%
|
107.97
|
100.50
|
|
5.51%
|
|
5.67%
|
6.09%
|
|
5.11%
|
| 01-Apr-15
|
2068
|
1.93%
|
108.59
|
101.98
|
|
5.48%
|
|
5.86%
|
6.24%
|
|
5.32%
|
| 01-May-15
|
2086
|
2.05%
|
108.59
|
101.98
|
|
5.53%
|
|
5.80%
|
6.17%
|
|
5.27%
|
| 01-Jun-15
|
2107
|
2.13%
|
108.59
|
101.98
|
|
5.56%
|
|
5.74%
|
6.10%
|
|
5.21%
|
| 01-Jul-15
|
2063
|
2.36%
|
108.34
|
101.58
|
|
5.65%
|
|
5.81%
|
6.19%
|
|
5.23%
|
| 01-Aug-15
|
2104
|
2.18%
|
108.34
|
101.58
|
|
5.58%
|
|
5.90%
|
6.27%
|
|
5.14%
|
| 01-Sep-15
|
1972
|
2.22%
|
108.34
|
101.58
|
|
6.32%
|
|
6.28%
|
6.69%
|
|
5.65%
|
| 01-Oct-15
|
1920
|
2.06%
|
100.83
|
104.20
|
73.27
|
6.25%
|
|
6.63%
|
6.42%
|
4.69%
|
5.96%
|
| 01-Nov-15
|
2079
|
2.15%
|
100.83
|
104.20
|
74.24
|
6.29%
|
|
6.12%
|
5.92%
|
4.38%
|
5.50%
|
| 01-Dec-15
|
2080
|
2.21%
|
100.83
|
104.20
|
74.24
|
6.32%
|
|
6.11%
|
5.92%
|
4.38%
|
5.43%
|
| 01-Jan-16
|
2044
|
2.27%
|
107.33
|
106.10
|
74.24
|
5.55%
|
5.16%
|
6.12%
|
6.19%
|
4.30%
|
5.46%
|
| 01-Feb-16
|
1940
|
1.92%
|
107.33
|
106.10
|
74.24
|
5.61%
|
5.61%
|
6.47%
|
6.54%
|
4.55%
|
5.92%
|
| 01-Mar-16
|
1932
|
1.74%
|
107.33
|
106.10
|
74.24
|
5.29%
|
5.72%
|
6.51%
|
6.58%
|
4.58%
|
5.96%
|
| 01-Apr-16
|
2060
|
1.77%
|
108.35
|
108.16
|
74.24
|
5.32%
|
5.15%
|
6.24%
|
6.23%
|
4.30%
|
5.62%
|
| 01-May-16
|
2065
|
1.83%
|
108.35
|
108.99
|
82.17
|
5.33%
|
5.11%
|
6.22%
|
6.25%
|
4.73%
|
5.69%
|
| 01-Jun-16
|
2097
|
1.83%
|
108.35
|
108.88
|
82.17
|
5.33%
|
5.03%
|
6.12%
|
6.16%
|
4.66%
|
5.54%
|
| 01-Jul-16
|
2099
|
1.47%
|
111.06
|
110.61
|
82.17
|
5.15%
|
5.08%
|
6.27%
|
6.30%
|
4.68%
|
5.68%
|
| 01-Aug-16
|
2174
|
1.45%
|
111.06
|
110.61
|
82.17
|
5.14%
|
4.92%
|
6.06%
|
6.08%
|
4.52%
|
5.49%
|
| 01-Sep-16
|
2171
|
1.59%
|
111.06
|
110.61
|
82.17
|
5.21%
|
4.86%
|
6.06%
|
6.08%
|
4.52%
|
5.56%
|
| 01-Oct-16
|
2168
|
1.60%
|
112.42
|
114.73
|
82.17
|
5.21%
|
4.91%
|
6.16%
|
6.29%
|
4.52%
|
5.64%
|
| 01-Nov-16
|
2126
|
1.84%
|
112.42
|
114.73
|
82.17
|
5.32%
|
4.89%
|
6.26%
|
6.39%
|
4.60%
|
5.79%
|
| 01-Dec-16
|
2199
|
2.39%
|
112.42
|
114.73
|
82.17
|
5.62%
|
4.50%
|
6.02%
|
6.14%
|
4.42%
|
5.52%
|
| 01-Jan-17
|
2239
|
2.45%
|
117.78
|
108.67
|
85.67
|
5.54%
|
4.50%
|
5.69%
|
6.16%
|
4.50%
|
5.10%
|
| 01-Feb-17
|
2279
|
2.47%
|
117.78
|
108.67
|
85.67
|
5.55%
|
4.41%
|
5.59%
|
6.05%
|
4.42%
|
5.10%
|
| 01-Mar-17
|
2364
|
2.40%
|
117.78
|
108.67
|
85.67
|
5.51%
|
4.29%
|
5.39%
|
5.84%
|
4.26%
|
4.93%
|
| 01-Apr-17
|
2363
|
2.39%
|
124.27
|
108.43
|
86.97
|
5.51%
|
4.51%
|
5.38%
|
6.16%
|
4.33%
|
4.90%
|
| 01-May-17
|
2384
|
2.30%
|
124.27
|
108.43
|
86.97
|
5.46%
|
4.51%
|
5.34%
|
6.11%
|
4.30%
|
4.87%
|
| 01-Jun-17
|
2412
|
2.21%
|
124.27
|
108.43
|
86.97
|
5.42%
|
4.49%
|
5.29%
|
6.05%
|
4.25%
|
4.84%
|
| 01-Jul-17
|
2423
|
2.30%
|
127.46
|
105.68
|
86.97
|
5.46%
|
4.62%
|
5.13%
|
6.17%
|
4.23%
|
4.68%
|
| 01-Aug-17
|
2470
|
2.30%
|
127.46
|
105.68
|
86.97
|
5.46%
|
4.54%
|
5.03%
|
6.05%
|
4.15%
|
4.69%
|
| 01-Sep-17
|
2418
|
2.12%
|
127.46
|
105.68
|
86.97
|
5.37%
|
4.60%
|
5.04%
|
6.06%
|
4.16%
|
4.62%
|
| 01-Oct-17
|
2519
|
2.33%
|
132.51
|
105.49
|
86.97
|
5.48%
|
4.63%
|
4.92%
|
6.16%
|
4.07%
|
4.50%
|
| 01-Nov-17
|
2575
|
2.37%
|
132.51
|
105.49
|
86.97
|
5.50%
|
4.52%
|
4.81%
|
6.03%
|
3.98%
|
4.43%
|
| 01-Dec-17
|
2648
|
2.42%
|
132.51
|
105.49
|
86.97
|
5.52%
|
4.38%
|
4.68%
|
5.86%
|
3.87%
|
4.26%
|
| 01-Jan-18
|
2674
|
2.41%
|
134.09
|
108.28
|
84.7
|
7.05%
|
4.75%
|
5.08%
|
6.27%
|
3.99%
|
4.63%
|
| 01-Feb-18
|
2824
|
2.74%
|
134.09
|
108.28
|
84.7
|
7.17%
|
4.37%
|
4.78%
|
5.90%
|
3.76%
|
4.44%
|
| 01-Mar-18
|
2714
|
2.87%
|
134.09
|
108.28
|
84.88
|
7.22%
|
4.49%
|
4.96%
|
6.12%
|
3.90%
|
4.56%
|
| 01-Apr-18
|
2641
|
2.74%
|
132.62
|
110.03
|
88.8
|
7.17%
|
4.95%
|
5.19%
|
6.23%
|
4.20%
|
4.75%
|
| 01-May-18
|
2648
|
2.95%
|
132.62
|
110.03
|
88.8
|
7.24%
|
4.85%
|
5.16%
|
6.19%
|
4.17%
|
4.78%
|
