QUAL: 60-day return history, mean=0.0005, std=0.0073.

Question:
Asset: QUAL
Daily returns (past 60 days): mean=0.0005, std=0.0073, min=-0.0148, max=0.0161
Market regime: sideways
Recent filing/news:
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blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       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 with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   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.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for QUAL. Express as a decimal (e.g., -0.02).

Answer: -0.0128

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0128 (i.e., on a bad day with 5% probability, the loss exceeds 1.28%). CVaR(95%) = -0.0142.


AVAX-USD: 60-day return history, mean=-0.0018, std=0.0472.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0018, std=0.0472, min=-0.0828, max=0.1466
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0645

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0645 (i.e., on a bad day with 5% probability, the loss exceeds 6.45%). CVaR(95%) = -0.0778.


SOL-USD: 60-day return history, mean=0.0150, std=0.0708.

Question:
Asset: SOL-USD
Daily returns (past 60 days): mean=0.0150, std=0.0708, min=-0.1182, max=0.2870
Market regime: sideways
Recent filing/news:
[Kaggle 2023-03-02]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SOL-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0677

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0677 (i.e., on a bad day with 5% probability, the loss exceeds 6.77%). CVaR(95%) = -0.0969.


IYR: 60-day return history, mean=-0.0005, std=0.0103.

Question:
Asset: IYR
Daily returns (past 60 days): mean=-0.0005, std=0.0103, min=-0.0203, max=0.0252
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IYR. Express as a decimal (e.g., -0.02).

Answer: -0.0165

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0165 (i.e., on a bad day with 5% probability, the loss exceeds 1.65%). CVaR(95%) = -0.0195.


DOT-USD: 60-day return history, mean=0.0029, std=0.0373.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=0.0029, std=0.0373, min=-0.0695, max=0.1337
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for DOT-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0564

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0564 (i.e., on a bad day with 5% probability, the loss exceeds 5.64%). CVaR(95%) = -0.0660.


IVV: 60-day return history, mean=0.0003, std=0.0064.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0003, std=0.0064, min=-0.0141, max=0.0143
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-13] ["US presses on with fight against Google's search and advertising clout By Diane Bartz WASHINGTON, Sept 13 (Reuters) - The Justice Department questioned a former Google executive about billion-dollar deals with mobile carriers and others that helped make Google the default search engine, in the second day of a once-in-a-generation antitrust trial on Wednesday. Chris Barton, who was at Google from 2004 to 2011, said the company was quick to see the advantage of people using Google search on handheld devices and early versions of smartphones, spurring dramatic growth in the number of Google executives working on deals to win default status with mobile carriers. Google's clout in search, the government argues, has helped Google, a $1 trillion company, build monopolies in some aspects of online search advertising. Since search is free, Google makes its money through advertising. The government says the Alphabet IncGOOGL.Ounit paid $10 billion annually to wireless companies like AT&T T.N, device makers like Apple AAPL.O and browser makers like Mozilla to fend off rivals and keep its search engine's market share at around 90%. Barton testified that in negotiating revenue-sharing deals with mobile carriers and Android smartphone makers, Google pressed for its search to be the default and to be exclusive. If Microsoft's search engine Bing was the default on an Android phone, Barton said, then users would have a \"difficult time finding or changing to Google.\" Barton said on his LinkedIn profile that he was responsible for leading Google's partnerships with mobile carriers like Verizon and AT&T, estimating that the deals \"drive hundreds of millions in revenue.\" Google attorney John Schmidtlein said in opening arguments on Tuesday that the government was wrong to say that Google broke the law to hold onto its massive market share, noting its search engine was wildly popular because of its quality and that the payments were fair compensation for partners. The fight has major implications for Big Tech, which has been accused of buying or strangling small rivals but has defended itself by pointing out that its services are free, as in the case of Google, or inexpensive, as in the case of Amazon.com AMZN.O. Previous major antitrust trials include Microsoft, filed in 1998, and AT&T, filed in 1974. The AT&T breakup in 1982 is credited with paving the way for the modern cell phone industry, while the fight with Microsoft is credited with opening space for Google and others on the internet. The government's first witness Tuesday was Google economist Hal Varian, who was asked about discussions inside the company about the importance of scale and of Google becoming the default on home pages. If Google is found to have broken the law, Judge Amit Mehta, who is deciding the case, will then decide how best to resolve it. He may decide simply to order Google to stop practices he has found to be illegal or he may order Google to sell assets. EXPLAINER-Why is the US su

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IVV. Express as a decimal (e.g., -0.02).

Answer: -0.0084

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0084 (i.e., on a bad day with 5% probability, the loss exceeds 0.84%). CVaR(95%) = -0.0130.


VLUE: 60-day return history, mean=-0.0006, std=0.0105.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=-0.0006, std=0.0105, min=-0.0242, max=0.0251
Market regime: sideways
Recent filing/news:
[Kaggle 2023-02-28] ["The Zacks Analyst Blog Highlights Apple, Linde, Marsh & McLennan Companies, GSK and Expedia For Immediate Release Chicago, IL \u2013 February 28, 2023 \u2013 Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple Inc. AAPL, Linde plc LIN, Marsh & McLennan Companies, Inc. MMC, GSK plc GSK and Expedia Group, Inc. EXPE. Here are highlights from Monday\u2019s Analyst Blog: Top Analyst Reports from Apple, Linde and Marsh & McLennan The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Apple Inc., Linde plc and Marsh & McLennan Companies, Inc. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today\u2019s research reports here >>> Shares of Apple have roughly matched the broader market over the past year (-10.4% for Apple vs. -10.9% for the S&P 500 index), but handily outperformed the Zacks Tech sector (down - 19.8%). The Zacks analyst covering Apple expects year-over-year revenue growth to decelerate in the fiscal first quarter compared with the fiscal fourth quarter due to unfavorable forex. Mac revenues are expected to be negatively impacted by forex. Apple expects Mac revenues to decline substantially year over year during the December quarter. Services revenue growth is expected to be negatively impacted by challenging macroeconomic conditions, unfavorable forex, as well as weakness in digital advertising and gaming. Nevertheless, a growing subscriber base in the Services business and a strong liquidity position are key catalysts. (You can read the full research report on Apple here >>>) Linde shares have outperformed the Zacks Chemical - Diversified industry over the past year (+18.6% vs. +10.3%). The company\u2019s wide range of applications for its industrial gases, Linde is making the world more productive by the day. The company\u2019s primary products in industrial gases include oxygen, which is used as life support in hospitals. Its process gas, like hydrogen, is being utilized for clean fuels, while its high-purity and specialty gases are employed to manufacture electronics. Linde has long-term contracts with on-site customers backed by minimum purchase requirements, thereby securing stable cashflows. In the profitable industrial gas market, the merger of Praxair and Linde has created an efficient player with considerable size advantages. However, the cost of sales continues to increase, hurting the firm\u2019s bottom line. The firm has mostly been paying a lower dividend yield than the industry\u2019s composite stocks over the past two years. (You can read the full research report on Linde here >>>) Marsh & McLennan shares have outperformed the Zacks Insurance - Bro

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VLUE. Express as a decimal (e.g., -0.02).

Answer: -0.0172

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0172 (i.e., on a bad day with 5% probability, the loss exceeds 1.72%). CVaR(95%) = -0.0220.


STIP: 60-day return history, mean=0.0004, std=0.0010.

Question:
Asset: STIP
Daily returns (past 60 days): mean=0.0004, std=0.0010, min=-0.0029, max=0.0024
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for STIP. Express as a decimal (e.g., -0.02).

Answer: -0.0011

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0011 (i.e., on a bad day with 5% probability, the loss exceeds 0.11%). CVaR(95%) = -0.0021.


EEM: 60-day return history, mean=0.0009, std=0.0093.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0009, std=0.0093, min=-0.0245, max=0.0225
Market regime: sideways
Recent filing/news:
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us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-12-31 0000731766 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnt [...TRUNCATED...] d long-term debt can be found in Note 8 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” Long-term debt obligations of the parent company do not include other financing obligations at subsidiaries which totaled $ 1.1 billion and $ 0.9 billion at December 31, 2023 and 2022. Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows: (in millions) 2024 $ 4,088   2025 3,050   2026 2,500   2027 2,925   2028 3,000   Thereafter 47,002   UnitedHealth Group’s parent company had notes payable to subsidiaries of $ 9.9 billion and $ 8.7 billion as of December 31, 2023 and 2022, respectively, which included on-demand features. 4. Commitments and Contingencies Certain regulated subsidiaries are guaranteed by UnitedHealth Group’s parent company in the event of insolvency. UnitedHealth Group’s parent company also provides guarantees related to its service level under certain contracts. None of the amounts accrued, paid or charged to income for service level guarantees were material as of December 31, 2023, 2022 or 2021. For a summary of commitments and contingencies, see Note 12 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data.” ITEM  16.    FORM 10-K SUMMARY None. 79 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. Dated: February 28, 2024   UNITEDHEALTH GROUP INCORPORATED By /s/    A NDREW W ITTY   Andrew Witty 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 and on the dates indicated.   Signature Title Date /s/ A NDREW W ITTY Director and Chief Executive Officer (principal executive officer) February 28, 2024 Andrew Witty /s/ J OHN R EX Executive Vice President and Chief Financial Officer (principal financial officer) February 28, 2024 John Rex /s/ T HOMAS R OOS Senior Vice President and Chief Accounting Officer (principal accounting officer) February 28, 2024 Thomas Roos * Director February 28, 2024 Charles Baker * Director February 28, 2024 Timothy Flynn * Director February 28, 2024 Paul Garcia * Director February 28, 2024 Kristen Gil * Director February 28, 2024 Stephen Hemsley * Director February 28, 2024 Michele Hooper * Director February 28, 2024 F. William McNabb III * Director February 28, 2024 Valerie Montgomery Rice, M.D. * Director February 28, 2024 John Noseworthy, M.D.   *By /s/ R UPERT B ONDY   Rupert Bondy As Attorney-in-Fact 80

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for EEM. Express as a decimal (e.g., -0.02).

Answer: -0.0152

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0152 (i.e., on a bad day with 5% probability, the loss exceeds 1.52%). CVaR(95%) = -0.0206.


EEM: 60-day return history, mean=-0.0020, std=0.0089.

Question:
Asset: EEM
Daily returns (past 60 days): mean=-0.0020, std=0.0089, min=-0.0242, max=0.0158
Market regime: sideways
Recent filing/news:
[Kaggle 2023-10-24] ["US STOCKS-Wall Street eyes higher open as Treasury yields retreat; earnings in focus For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window. Coca-Cola raises annual sales forecast 3M raises FY adjusted profit forecast GM withdraws 2023 guidance, beats Q3 profit estimates General Electric raises FY profit forecast Futures up: Dow 0.50%, S&P 0.58%, Nasdaq 0.59% Updated at 8:37 a.m. ET/ 1237 GMT By Shubham Batra and Shashwat Chauhan Oct 24 (Reuters) - Wall Street's main indexes were set to open higher as a selloff in U.S. Treasuries eased on Tuesday, while shares of General Electric and Coca-Cola surged on upbeat forecasts. General ElectricGE.N jumped 5.9% in premarket trading after the aircraft engine manufacturer lifted its full-year profit forecast, while Coca-ColaKO.N advanced 2.8% on raising its annual sales outlook. General MotorsGM.N added 1.3% after beating third-quarter profit estimates, while 3MMMM.N gained 4.5% after raising its full-year adjusted profit forecast. The yield on the 10-year Treasury note US10YT=RR was last at 4.8504%, after breaching the 5% mark in the previous session. \"Yesterday, Bill Ackman, head at Pershing Square, (who's) been very bearish on U.S. bonds for a number of months closed that bearish position ... he's got a very good track record from a macro perspective of calling things well in the past,\" said Dan Boardman-Weston, chief executive officer at BRI Wealth Management. \"The impact that interest rates have on an economy are lagged, so we're only now just really starting to see those rate increases bite and start to impact the underlying economy.\" Megacaps including Apple AAPL.O, Tesla TSLA.O, Meta Platforms META.O and Amazon.com AMZN.O rose between 0.2% and 2.4%. U.S. technology giants are expected to post their strongest quarterly revenue growth in at least a year as their legacy businesses have stabilized, with Microsoft MSFT.O and Alphabet GOOGL.O scheduled to report results after markets close on Tuesday. Of the 86 companies in the S&P 500 .SPX that have reported earnings so far, 78% have topped analysts' expectations, LSEG data showed. Overall, third-quarter earnings are expected to rise 1.2% year-on-year. The benchmark index has fallen sharply from its July highs on worries the Federal Reserve could keep its monetary policy restrictive for longer than expected against the backdrop of a still-strong economy, though the index is up nearly 10% this year as of last close. On the data front, investors will closely monitor the S&P Global Purchasing Managers' Index for manufacturing and services to assess the strength of the American economy. The Commerce Department will announce third-quarter GDP on Thursday, which is seen accelerating to 4.3%. Its wide-ranging Personal Consumption Expenditures (PCE) report is due on Friday. The turmoil in the Middle East is also in focus as Israel intensifies its assault on Hamas in Gaza. At 8:37 a.m. ET, Dow e-minis 1YM

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for EEM. Express as a decimal (e.g., -0.02).

Answer: -0.0148

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0148 (i.e., on a bad day with 5% probability, the loss exceeds 1.48%). CVaR(95%) = -0.0190.


AVAX-USD: 60-day return history, mean=0.0154, std=0.0552.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0154, std=0.0552, min=-0.1393, max=0.2132
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-05]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0569

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0569 (i.e., on a bad day with 5% probability, the loss exceeds 5.69%). CVaR(95%) = -0.1046.


XHB: 60-day return history, mean=0.0015, std=0.0164.

Question:
Asset: XHB
Daily returns (past 60 days): mean=0.0015, std=0.0164, min=-0.0384, max=0.0435
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XHB. Express as a decimal (e.g., -0.02).

Answer: -0.0233

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0233 (i.e., on a bad day with 5% probability, the loss exceeds 2.33%). CVaR(95%) = -0.0325.


AVAX-USD: 60-day history, VaR(99%)=-0.0875, max drawdown threshold=10%.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0033, std=0.0286, worst_day=-0.1052
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-31]

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 = 0.0875 (i.e., a 8.75% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0875 = 1.1427, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.0912, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=0.0081, std=0.0411, worst_day=-0.0973
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-18]

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: 1.0000

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.0912 (i.e., a 9.12% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0912 = 1.0969, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VLUE: 60-day history, VaR(99%)=-0.0226, max drawdown threshold=10%.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=-0.0004, std=0.0110, worst_day=-0.0240
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-04-06] ["Guru Fundamental Report for AAPL - Warren Buffett Below is Validea's guru fundamental report for APPLE INC (AAPL). Of the 22 guru strategies we follow, AAPL rates highest using our Patient Investor model based on the published strategy of Warren Buffett. This strategy seeks out firms with long-term, predictable profitability and low debt that trade at reasonable valuations. APPLE INC (AAPL) is a large-cap growth stock in the Communications Equipment industry. The rating using this strategy is 100% based on the firm\u2019s underlying fundamentals and the stock\u2019s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest. The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria. EARNINGS PREDICTABILITY: PASS DEBT SERVICE: PASS RETURN ON EQUITY: PASS RETURN ON TOTAL CAPITAL: PASS FREE CASH FLOW: PASS USE OF RETAINED EARNINGS: PASS SHARE REPURCHASE: PASS INITIAL RATE OF RETURN: PASS EXPECTED RETURN: PASS Detailed Analysis of APPLE INC AAPL Guru Analysis AAPL Fundamental Analysis More Information on Warren Buffett Warren Buffett Portfolio Top Warren Buffett Stocks About Warren Buffett: Warren Buffett is considered by many to be the greatest investor of all time. As the chairman of Berkshire Hathaway, Buffett has consistently outperformed the S&P 500 for decades, and in the process has become one of the world's richest men. (Forbes puts his net worth at $37 billion.) Despite his fortune, Buffett is known for living a modest lifestyle, by billionaire standards. His primary residence remains the gray stucco Nebraska home he purchased for $31,500 nearly 50 years ago, according to Forbes, and his folksy Midwestern manner and penchant for simple pleasures -- a cherry Coke, a good burger, and a good book are all near the top of the list -- have been well-documented. Additional Research Links Factor-Based Stock Portfolios Factor-Based ETF Portfolios Harry Browne Permanent Portfolio Ray Dalio All Weather Portfolio About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "3 Cryptos That Day Traders Love Right Now InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cryptocurrencies delivered huge gains for investors during the previous bull market. Yet, more than a few got wiped o

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 = 0.0226 (i.e., a 2.26% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0226 = 4.4321, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0610, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=0.0006, std=0.0254, worst_day=-0.0799
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-16]

Determine the maximum fraction of total portfolio capital that should be allocated to ETH-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 = 0.0610 (i.e., a 6.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0610 = 1.6387, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


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

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0042, std=0.0183, worst_day=-0.0588
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-09-18]

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 = 0.0530 (i.e., a 5.30% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0530 = 1.8884, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.1051, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0002, std=0.0548, worst_day=-0.1133
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       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 with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   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.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, 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: 0.9516

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1051 (i.e., a 10.51% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1051 = 0.9516, capped at 1.0.
Maximum position size = 0.9516 (95.2% of portfolio).


^VIX: 60-day history, VaR(99%)=-0.0976, max drawdown threshold=10%.

Question:
Asset: ^VIX
Daily returns (past 60 days): mean=-0.0020, std=0.0589, worst_day=-0.1157
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-11-21] ["AAPL Quantitative Stock Analysis Below is Validea's guru fundamental report for APPLE INC (AAPL). Of the 22 guru strategies we follow, AAPL rates highest using our Twin Momentum Investor model based on the published strategy of Dashan Huang. This momentum model looks for a combination of fundamental momentum and price momentum. APPLE INC (AAPL) is a large-cap growth stock in the Communications Equipment industry. The rating using this strategy is 94% based on the firm\u2019s underlying fundamentals and the stock\u2019s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest. The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria. FUNDAMENTAL MOMENTUM: PASS TWELVE MINUS ONE MOMENTUM: PASS FINAL RANK: PASS Detailed Analysis of APPLE INC AAPL Guru Analysis AAPL Fundamental Analysis More Information on Dashan Huang Dashan Huang Portfolio About Dashan Huang: Dashan Huang is an Assistant Professor of Finance at the Lee Kong Chian School of Business at Singapore Management University. His paper \"Twin Momentum\" looked at combining traditional price momentum with improving fundamentals to generate market outperformance. In the paper, he identified seven fundamental variables (earnings, return on equity, return on assets, accrual operating profitability to equity, cash operating profitability to assets, gross profit to assets and net payout ratio) that he combined into a single fundamental momentum measure. He showed that stocks in the top 20% of the universe according to that measure outperformed the market going forward. When he combined that measure with price momentum, he was able to double its outperformance. Additional Research Links Top NASDAQ 100 Stocks Top Technology Stocks Top Large-Cap Growth Stocks High Momentum Stocks High Insider Ownership Stocks About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "EXPLAINER-What is Black Friday? And will shoppers find bargains this year? By Juveria Tabassum, Savyata Mishra Nov 16 (Reuters) - Retailers are preparing for what they hope will be yet another record-setting global shopping spree on Black Friday, the fourth Friday of November, which this year is Nov. 24. Known for crowds lining up at big-box stores to pounce on doorbuste

Determine the maximum fraction of total portfolio capital that should be allocated to ^VIX, 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 = 0.0976 (i.e., a 9.76% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0976 = 1.0247, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


SGOV: 60-day history, VaR(99%)=-0.0001, max drawdown threshold=10%.

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

Determine the maximum fraction of total portfolio capital that should be allocated to SGOV, 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 = 0.0001 (i.e., a 0.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0001 = 711.3036, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


USMV: 60-day history, VaR(99%)=-0.0102, max drawdown threshold=10%.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0003, std=0.0049, worst_day=-0.0109
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[SEC 10-K WMT 2024-03-15] wmt-20240131 0000104169 2024 FY false http://fasb.org/us-gaap/2023#AccountsPayableCurrent http://fasb.org/us-gaap/2023#AccountsPayableCurrent P1Y P5Y 0000104169 2023-02-01 2024-01-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2023-02-01 2024-01-31 0000104169 wmt:A2.550NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1050NotesDue2026Member 2023-02-01 2024-01-31 0000104169 wmt:A1500NotesDue2028Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2029Member 2023-02-01 2024-01-31 0000104169 wmt:A5750NotesDue2030Member 2023-02-01 2024-01-31 0000104169 wmt:A1800NotesDue2031Member 2023-02-01 2024-01-31 0000104169 wmt:A5625NotesDue2034Member 2023-02-01 2024-01-31 0000104169 wmt:A5250NotesDue2035Member 2023-02-01 2024-01-31 0000104169 wmt:A4875NotesDue2039Member 2023-02-01 2024-01-31 0000104169 2023-07-31 iso4217:USD 0000104169 2024-03-13 xbrli:shares 0000104169 2022-02-01 2023-01-31 0000104169 2021-02-01 2022-01-31 iso4217:USD xbrli:shares 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0000104169 us-gaap:FairValueInputsLevel12And3Member 2021-02-01 2022-01-31 00001 [...TRUNCATED...] sentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. (C) This Exhibit is a management contract or compensatory plan or arrangement (P) This Exhibit was originally filed in paper format. Accordingly, a hyperlink has not been provided. (1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments. (c)    Financial Statement Schedules: None. ITEM 16. FORM 10-K SUMMARY None. 85 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.   Walmart Inc. Date: March 15, 2024   By   /s/ C. Douglas McMillon     C. Douglas McMillon     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 and on the dates indicated: Date: March 15, 2024   By   /s/ C. Douglas McMillon     C. Douglas McMillon     President and Chief Executive Officer and Director     (Principal Executive Officer) Date: March 15, 2024   By   /s/ Gregory B. Penner     Gregory B. Penner     Chairman of the Board and Director Date: March 15, 2024   By   /s/ John David Rainey     John David Rainey     Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: March 15, 2024   By   /s/ David M. Chojnowski     David M. Chojnowski     Senior Vice President and Controller (Principal Accounting Officer) Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2024 86 Date: March 15, 2024   By   /s/ Cesar Conde     Cesar Conde     Director Date: March 15, 2024 By /s/ Timothy P. Flynn Timothy P. Flynn Director Date: March 15, 2024 By /s/ Sarah Friar Sarah Friar Director Date: March 15, 2024 By /s/ Carla A. Harris Carla A. Harris Director Date: March 15, 2024 By /s/ Thomas W. Horton Thomas W. Horton Director Date: March 15, 2024 By /s/ Marissa A. Mayer Marissa A. Mayer Director Date: March 15, 2024 By /s/ Randall L. Stephenson Randall L. Stephenson Director Date: March 15, 2024   By   /s/ S. Robson Walton     S. Robson Walton     Director Date: March 15, 2024   By   /s/ Steuart L. Walton     Steuart L. Walton     Director Signature Page to Walmart Inc. Form 10-K for the Fiscal Year Ended January 31, 2024 87

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 = 0.0102 (i.e., a 1.02% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0102 = 9.7825, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


TLH: 60-day history, VaR(99%)=-0.0162, max drawdown threshold=10%.

Question:
Asset: TLH
Daily returns (past 60 days): mean=0.0011, std=0.0098, worst_day=-0.0175
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to TLH, 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 = 0.0162 (i.e., a 1.62% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0162 = 6.1681, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


MATIC-USD: 60-day history, VaR(99%)=-0.1092, max drawdown threshold=10%.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=-0.0035, std=0.0451, worst_day=-0.1591
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-07-27]

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: 0.9161

Explanation:
Step 1: Compute |VaR(99%)| from historical returns = 0.1092 (i.e., a 10.92% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.1092 = 0.9161, capped at 1.0.
Maximum position size = 0.9161 (91.6% of portfolio).


HYG: 60-day history, VaR(99%)=-0.0062, max drawdown threshold=10%.

Question:
Asset: HYG
Daily returns (past 60 days): mean=0.0010, std=0.0038, worst_day=-0.0063
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to HYG, 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 = 0.0062 (i.e., a 0.62% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0062 = 16.0121, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EMB: 60-day history, VaR(99%)=-0.0110, max drawdown threshold=10%.

Question:
Asset: EMB
Daily returns (past 60 days): mean=-0.0010, std=0.0059, worst_day=-0.0112
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to EMB, 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 = 0.0110 (i.e., a 1.10% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0110 = 9.0648, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


BIL: 60-day history, VaR(99%)=-0.0000, max drawdown threshold=10%.

Question:
Asset: BIL
Daily returns (past 60 days): mean=0.0002, std=0.0002, worst_day=-0.0001
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to BIL, 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 = 0.0000 (i.e., a 0.00% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0000 = 2242.4251, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


ETH-USD: 60-day history, VaR(99%)=-0.0852, max drawdown threshold=10%.

Question:
Asset: ETH-USD
Daily returns (past 60 days): mean=-0.0042, std=0.0371, worst_day=-0.1002
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 ETH-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 = 0.0852 (i.e., a 8.52% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0852 = 1.1740, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DOT-USD: 60-day history, VaR(99%)=-0.0653, max drawdown threshold=10%.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0017, std=0.0252, worst_day=-0.0915
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-06-25]

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 = 0.0653 (i.e., a 6.53% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0653 = 1.5322, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


DBC: 60-day history, VaR(99%)=-0.0232, max drawdown threshold=10%.

Question:
Asset: DBC
Daily returns (past 60 days): mean=-0.0006, std=0.0105, worst_day=-0.0233
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to DBC, 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 = 0.0232 (i.e., a 2.32% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0232 = 4.3045, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


EEM: 60-day history, VaR(99%)=-0.0250, max drawdown threshold=10%.

Question:
Asset: EEM
Daily returns (past 60 days): mean=0.0004, std=0.0117, worst_day=-0.0250
Maximum acceptable portfolio drawdown: 10%
Market regime: bull
Recent filing/news:
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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 EEM, 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 = 0.0250 (i.e., a 2.50% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0250 = 3.9997, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


FXI: 60-day history, VaR(99%)=-0.0434, max drawdown threshold=10%.

Question:
Asset: FXI
Daily returns (past 60 days): mean=0.0048, std=0.0260, worst_day=-0.0438
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-01-13] ["Tim Cook\u2019s pay re-enters earth\u2019s atmosphere Reuters Reuters NEW YORK (Reuters Breakingviews) - How to compensate Apple Chief Executive Tim Cook is one of the more puzzling questions for corporate governance experts. His pay has been out of this world, but then so has the iPhone maker\u2019s share price performance. Nonetheless Apple, its investors and its board have agreed Cook\u2019s pay should orbit closer to Earth in 2023. The $2.1 trillion company has comfortably outperformed rivals over the past three years, with shareholder returns including reinvested dividends in the top percentile among its peers, according to Institutional Shareholder Services. Likewise, his annual compensation of $99 million in 2022 was over 4 times the median of peers, who include Amazon.com\u2019s Andrew Jassy and AT&T\u2019s John Stankey. On Friday, Apple said Cook\u2019s targeted pay will fall to $49 million. That\u2019s an improvement, but still generous. Apple says it will target his pay between 80th and 90th percentile among peers in future years. A bigger improvement is making Cook\u2019s pay less of a giveaway. In 2022, half of his award of Apple stock paid out automatically over time \u2013 so all he had to do is wait. Now it\u2019s 75% performance-based, and his unvested time-based awards lapse if he retires. This is hardly space-age stuff, but at least Apple\u2019s pay is no longer stuck in the past. (By Robert Cyran) Follow @Breakingviews on Twitter Capital Calls - More concise insights on global finance: BlackRock edges closer to its Blackstone roots The fog lifts for Didi's path to normalcy Inflation drop gives Fed leeway to save jobs Gaming\u2019s winter of discontent bolsters M&A logic TSMC foots the bill for global chip supremacy (Editing by John Foley and Amanda Gomez) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Don't Ignore These Companies' Cash-Generating Abilities It goes without saying that searching for stocks can be challenging, especially with an extensive list of options available. However, one way to cut out the bad apples is by focusing on stocks with strong free cash flow. But what is free cash flow, and why does it matter? In its simplest form, free cash flow is the amount of cash a company keeps after paying for operating costs and capital expenditures. A high free cash flow allows for more growth opportunities, a greater potential for share buybacks, consistent dividend payouts, and the ability to pay off debt easily. Three companies \u2013 Apple AAPL, Alphabet GOOGL, and Verizon Communications VZ \u2013 all generate substantial cash. Below is a chart illustrating the performance of all three stocks over the last year, with the S&P 500 blended in as a benchmark. Image Source: Zacks Investment Research Let\u2019s take a closer look at each one. Apple We\u2019re all familiar with the legendary Apple, the company that\u2019s entirely ch

Determine the maximum fraction of total portfolio capital that should be allocated to FXI, 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 = 0.0434 (i.e., a 4.34% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0434 = 2.3066, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XLF: 60-day history, VaR(99%)=-0.0144, max drawdown threshold=10%.

Question:
Asset: XLF
Daily returns (past 60 days): mean=0.0002, std=0.0077, worst_day=-0.0150
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
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2023-03-31 0001364742 us-gaap:EquitySecuritiesMember blk:ConsolidatedVotingRightsEntitiesMember 2024-03-31 0001364742 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001364742 us-gaap:EquitySecuritiesMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-03-31 0001364742 us-gaap:ForeignExchangeForwardMember 2023-12-31 0001364742 blk:OnePointNineZeroPercentNotesDueTwoThousandThirtyOneMember 2024-03-31 0001364742 blk:EquityFixedIncomeAndMultiAssetMutualFundsMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0001364742 2022-10-01 2022-12-31 0001364742 us-gaap:FairValueMeasurementsRecurringMember us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember 2024-03-31 0001364742 blk:AlternativeInvestmentsProductsMember us-gaap:InvestmentPerformanceMember 2024-01-01 2024-03-31 0001364742 srt:AmericasMember 2023-12-31 0001364742 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember blk:InvestmentsRelatedToDeferredCashCompensationPlansMember 2023-12-31 0001364742 us-gaap:CollateralizedLo [...TRUNCATED...] hat the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 7.9 million shares of BlackRock common stock. 64   Item 6. Exh ibits Exhibit No.   Description       4.1(1)   Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.2(1)   First Supplemental Indenture, dated March 14, 2024, among BlackRock Funding, Inc., BlackRock, Inc. and The Bank of New York Mellon, as trustee.       4.3(1)   Form of Note for the 4.700% Notes due 2029 (included in Exhibit 4.2).       4.4(1)   Form of Note for the 5.000% Notes due 2034 (included in Exhibit 4.2).       4.5(1)   Form of Note for the 5.250% Notes due 2054 (included in Exhibit 4.2).       10.1(2)   Amendment No. 14, dated as of March 12, 2024, by and among BlackRock, Inc., certain of its subsidiaries, Wells Fargo Bank, National Association, as administrative agent, a swingline lender, an issuing lender, L/C agent and a lender, and the banks and other financial institutions referred to therein.       22.1(3)   Subsidiary Issuer of Guaranteed Securities.       31.1   Section 302 Certification of Chief Executive Officer       31.2   Section 302 Certification of Chief Financial Officer       32.1   Section 906 Certification of Chief Executive Officer and Chief Financial Officer       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 with Embedded Linkbases Document       104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)         (1) Incorporated by reference to BlackRock’s Current Report on Form 8-K filed on March 14, 2024. (2) Incorporated by reference to BlackRock's Current Report on Form 8-K filed on March 15, 2024. (3) Incorporated by reference to BlackRock's Registration Statement on Form S-3 (Registration No. 333-278583) filed on April 9, 2024. 65   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.       BLACKROCK, INC.     (Registrant)             By: /s/ Martin S. Small Date: May 7, 2024        Martin S. Small          Senior Managing Director & Chief Financial Officer    (Principal Financial Officer)   66

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 = 0.0144 (i.e., a 1.44% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0144 = 6.9511, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


VNQ: 60-day history, VaR(99%)=-0.0206, max drawdown threshold=10%.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=0.0015, std=0.0117, worst_day=-0.0239
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to VNQ, 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 = 0.0206 (i.e., a 2.06% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0206 = 4.8580, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


PPLT: 60-day history, VaR(99%)=-0.0301, max drawdown threshold=10%.

Question:
Asset: PPLT
Daily returns (past 60 days): mean=-0.0006, std=0.0136, worst_day=-0.0337
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to PPLT, 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 = 0.0301 (i.e., a 3.01% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0301 = 3.3236, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


PALL: 60-day history, VaR(99%)=-0.0340, max drawdown threshold=10%.

Question:
Asset: PALL
Daily returns (past 60 days): mean=-0.0000, std=0.0161, worst_day=-0.0346
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways

Determine the maximum fraction of total portfolio capital that should be allocated to PALL, 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 = 0.0340 (i.e., a 3.40% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0340 = 2.9382, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


IWM: 60-day history, VaR(99%)=-0.0295, max drawdown threshold=10%.

Question:
Asset: IWM
Daily returns (past 60 days): mean=-0.0017, std=0.0133, worst_day=-0.0300
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-11] ["TMF, SPXN: Big ETF Inflows Comparing units outstanding versus one week ago at the coverage universe of ETFs at ETF Channel, the biggest inflow was seen in the DIREXION DAILY 20-YR TREASURY BULL 3X Shares, which added 12,750,000 units, or a 7.0% increase week over week. And on a percentage change basis, the ETF with the biggest increase in inflows was the ProShares S&P 500 Ex-Financials ETF, which added 80,000 units, for a 37.2% increase in outstanding units. Among the largest underlying components of SPXN, in morning trading today Apple is down about 0.5%, and Microsoft is lower by about 1%. VIDEO: TMF, SPXN: Big ETF Inflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Apple supplier Foxconn's Q1 profit slumps 56% y/y, lags forecasts Adds details TAIPEI, May 11 (Reuters) - Apple Inc AAPL.O supplier Foxconn 2317.TW reported on Thursday a 56% fall in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, as global economic woes hurt demand for smart consumer electronics. The Taiwanese company, which is the world's largest contract electronics maker, said net profit for the January-March quarter fell to T$12.8 billion ($417.17 million) from T$29.45 billion in the same period the previous year. It was much worse than an average forecast of T$29.18 billion profit from 13 analysts, according to Refinitiv. Foxconn said it expected revenue for its key consumer electronics products to decline year on year in the second quarter. That group includes smartphones and makes up more than half of Foxconn's total revenue. It expects revenues for cloud and networking products in 2023 to be flat, compared to a previous forecast of significant growth for those sectors. Overall, revenues for the second quarter would fall, while full-year revenues would be flat, the Taiwanese company said. Foxconn earlier this year forecast revenue to be flat for 2023. ($1 = 30.6830 Taiwan dollars) (Reporting by Yimou Lee; Editing by Jacqueline Wong and Sonali Paul) ((ben.blanchard@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.", "Get Exposure to NVIDIA Stock Price, Options Income in New YieldMax ETF YieldMax announced the launch of the YieldMax NVDA Option Income Strategy ETF (NYSE Arca: NVDY). The actively managed fund seeks to generate monthly income via a synthetic covered call strategy on NVIDIA (NVDA) stock. The fund, which ZEGA Financial actively manages, does not invest directly in NVDA. As part of its strategy, NVDY will write (sell) call option contracts on NVDA to generate income. Since the fund does not directly own NVDA, these written call options will be sold short. The call options that NVDY writes will generally have an expiration of one month or less. They\u2019ll have a strike price that is around 5% to 15% above the then-current NVDA

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 = 0.0295 (i.e., a 2.95% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0295 = 3.3850, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).


XRP-USD: 60-day history, VaR(99%)=-0.0863, max drawdown threshold=10%.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0046, std=0.0464, worst_day=-0.1006
Maximum acceptable portfolio drawdown: 10%
Market regime: sideways
Recent filing/news:
[Kaggle 2023-05-03]

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 = 0.0863 (i.e., a 8.63% loss in the worst 1% of days).
Step 2: Fixed-fractional formula: f* = 10% / 0.0863 = 1.1587, capped at 1.0.
Maximum position size = 1.0000 (100.0% of portfolio).