. Data is hypothetical and used as an example only. The % withdrawal rate applies for first year only, then increased by inflation $0 $20,000 $40,000 $60,000 $80,000 $100,000 1 3 5 7 9 11 13 15 17 19 21 23

distribution of public-release seeds for crops that are more resistant to the impacts of climate change using conventional breeding or CRISPR technology. Eligible traits include drought tolerance, flood

demonstrates the effects of trading value on asset price. They define liquidity as the resistant degree of price change when there are more trading volume. The model shows on equation 4.5. 𝑇𝑇𝑡𝑡+1𝑀𝑀 = 𝛾𝛾0

Alpha, Beta, and Now…Gamma David Blanchett, CFA, CFP® Head of Retirement Research Morningstar Investment Management Paul Kaplan, Ph.D., CFA Director of Research Morningstar Canada August 28, 2013 Morningstar Investment Management Page 2 of 27©2013 Morningstar. All rights reserved. This document includes proprietary material of Morningstar. Reproduction, transcription or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The Morningstar I...