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December 19, 2017 Apple Market Cap in Perspective

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Page 1: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

December 19, 2017

Apple Market Cap in Perspective

Page 2: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper, “Is Apple the All-Time Market Cap Champ?” At that time, Apple’s market capitalization was in the $700 billion region. With Apple reaching a market-cap record in November 2017, CRSP recently revisited this topic, using two proprietary data sets for analysis.

1

Page 3: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Understanding Datasets Available for Analysis

Two CRSP datasets are available for analysis

Dataset

CRSP Research Data • CRSP US Stock Database • CRSP Historical Indexes • CRSP US Treasury Database

CRSP Investment Indexes • CRSP US Total Market

Description

• Long history (Dec. 1925 – Nov. 2017) • Used by Academic Researchers to analyze

U.S. Markets • Broadest representation of U.S. Markets • High accuracy and consistency of data across

history

• Presents markets and securities from investor perspective since only includes issues that are considered “investable”

• Has a substantial amount of funds (over $700 billion as of 11/30/2017) tracking the index

• Data begins March 2011

2

Page 4: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Approach :

– Use CRSP Research Data to analyze the size of the company within the historical context

– Use CRSP Investment Indexes to take a look at the

difference between theoretical and “investor” experience

Step 1

Step 2

3

Page 5: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Top 20 by Market Cap Unadjusted for Inflation

Step 1

4

Source: CRSP US Stock Database Note: Data as of 11/30/2017 ¹ Refers to the earliest date when the company achieved its highest market cap; note due to trading the company may reach the same closing price on several days resulting in the same total market capitalization ² AT&T Inc. is the company formed after AT&T Corp was acquired by SBC

Unadjusted for Inflation Rank Company Market Cap ($bn) Earliest Date¹ Averages

1 APPLE INC $903 Nov-20172 ALPHABET INC $688 Nov-20173 MICROSOFT CORP $655 Nov-20174 GENERAL ELECTRIC CO $594 Aug-20005 AMAZON COM INC $576 Nov-2017 $6836 EXXON MOBIL CORP $527 Oct-20077 CISCO SYSTEMS INC $524 Mar-20008 INTEL CORP $502 Aug-20009 BERKSHIRE HATHAWAY INC DEL $478 Nov-2017

10 FACEBOOK INC $437 Nov-2017 $49311 JOHNSON & JOHNSON $385 Oct-201712 JPMORGAN CHASE & CO $365 Nov-201713 WAL MART STORES INC $310 Dec-199914 PFIZER INC $308 Jul-200015 WELLS FARGO & CO NEW $301 Jul-2015 $33416 BANK OF AMERICA CORP $295 Nov-201717 CITIGROUP INC $286 Feb-200118 A T & T CORP $270 Mar-200019 A T & T INC² $268 Jul-201620 ORACLE CORP $261 Sep-2000 $276

Page 6: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Step 1

5

$903

$688 $655

$594 $576 $527 $524

$502 $478

$437 $385 $365

$310 $308 $301 $295 $286 $270 $268 $261

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Top 20 by Market Cap ($bn)Unadjusted for Inflation

Source: CRSP US Stock DatabaseNote: Data as of 11/30/2017; ¹ AT&T Inc. is the company formed after AT&T Corp was acquired by SBC

($bn)

Page 7: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Top 20 by Market Cap Adjusted for Inflation¹

Step 1

6

Source: CRSP US Stock Database; CRSP US Treasuries Database Note: Data as of 11/30/2017 ¹ Monthly CPI-U Index was used to adjust for inflation; CPI-U for November 2017 was assigned the value of 246.669 based on data at www.bls.gov ² Refers to the earliest date when the company achieved its highest market cap; note due to trading the company may reach the same closing price on several days resulting in the same total market capitalization

Adjusted for Inflation¹ Rank Company Market Cap ($bn) Earliest Date² Averages

1 APPLE INC $903 Nov-20172 MICROSOFT CORP $901 Dec-19993 GENERAL ELECTRIC CO $848 Aug-20004 CISCO SYSTEMS INC $755 Mar-20005 INTEL CORP $716 Aug-2000 $8256 ALPHABET INC $688 Nov-20177 EXXON MOBIL CORP $623 Jul-20078 AMAZON COM INC $576 Nov-20179 BERKSHIRE HATHAWAY INC DEL $478 Nov-2017

10 WAL MART STORES INC $454 Dec-1999 $56411 PFIZER INC $440 Jul-200012 FACEBOOK INC $437 Nov-201713 CITIGROUP INC $402 Feb-200114 A T & T CORP $389 Mar-200015 JOHNSON & JOHNSON $385 Oct-2017 $41116 LUCENT TECHNOLOGIES INC $378 Dec-199917 ORACLE CORP $371 Sep-200018 INTERNATIONAL BUSINESS MACHS COR $370 Jul-199919 JPMORGAN CHASE & CO $365 Nov-201720 AMERICAN INTERNATIONAL GROUP INC $340 Dec-2000 $365

Page 8: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Step 1

7

$903 $901 $848

$755 $716

$688

$623 $576

$478 $454 $440 $437

$402 $389 $385 $378 $371 $370 $365 $340

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Top 20 by Market Cap ($bn)Adjusted for Inflation¹

Source: CRSP US Stock Database; CRSP US Treasuries DatabaseNote: Data as of 11/30/2017¹Monthly CPI-U Index was used to adjust for inflation; CPI-U for November 2017 was assigned the value of 246.669 based on data at www.bls.gov

($bn)

Page 9: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Top 20 by Percent of Total Market¹ (since 1925)

Step 1

8

Source: CRSP US Stock Database; CRSP Historical Indexes Note: Data as of 11/30/2017 ¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200) ² Number of issues refers to the number of companies included in the CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index ³ Refers to the earliest date when the company achieved its highest percent

Data for the period Dec. 1925 – Nov. 2017 Rank Company Percent of Total Market¹ Number of Issues in the Index² Earliest Date³ Averages

1 A T & T CORP 12.97% 704 May-19322 GENERAL MOTORS CORP 7.94% 584 Mar-19283 INTERNATIONAL BUSINESS MACHS COR 6.78% 2,303 Jan-19704 DU PONT E I DE NEMOURS & CO 6.02% 1,050 Jul-19555 EXXON MOBIL CORP 6.00% 1,065 Sep-1957 7.94%6 GENERAL ELECTRIC CO 3.96% 729 Apr-19307 CONSOLIDATED EDISON INC 3.77% 702 Dec-19328 MICROSOFT CORP 3.70% 7,938 Dec-19999 APPLE INC 3.19% 6,340 Sep-2012

10 MARATHON OIL CORP 3.02% 724 Dec-1930 3.53%11 CHEVRON CORP NEW 2.89% 518 Jul-192612 CISCO SYSTEMS INC 2.87% 7,884 May-200013 EASTMAN KODAK CO 2.84% 2,606 Jul-197214 INTEL CORP 2.76% 7,921 Aug-200015 U G I CORP NEW 2.59% 702 Dec-1932 2.79%16 TEXACO INC 2.48% 2,103 Nov-196417 R J R NABISCO INC 2.40% 624 Jan-192918 UNION CARBIDE CORP 2.40% 801 Dec-194219 WAL MART STORES INC 2.36% 6,609 Oct-200220 PFIZER INC 2.32% 6,371 May-2003 2.39%

Page 10: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Step 1

9

12.97%

7.94%

6.78%6.02% 6.00%

3.96% 3.77% 3.70%3.19% 3.02% 2.89% 2.87% 2.84% 2.76% 2.59% 2.48% 2.40% 2.40% 2.36% 2.32%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

Market Cap as Percent of Total Market¹ Dec. 1925 – Nov. 2017

Source: CRSP US Stock Database; CRSP Historical IndexesNote: Data as of 11/30/2017¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200)

Page 11: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Top 20 by Percent of Total Market (since 1980)

Step 1

10

Source: CRSP US Stock Databases; CRSP Historical Indexes Note: Data as of 11/30/2017 ¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200) ² Number of issues refers to the number of companies included in the CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index ³ Refers to the earliest date when the company achieved its highest percent

Data for the period Jan. 1980 – Nov. 2017Rank Percent of Total Market¹ Percent of Total Market¹ Number of Issues in the Index² Earliest Date³ Averages

1 INTERNATIONAL BUSINESS MACHS COR 4.44% 6,225 Dec-19852 A T & T CORP 4.24% 5,256 Aug-19823 MICROSOFT CORP 3.70% 7,938 Dec-19994 EXXON MOBIL CORP 3.67% 6,482 Nov-20085 GENERAL ELECTRIC CO 3.56% 7,267 Jun-2001 3.92%6 APPLE INC 3.19% 6,340 Sep-20127 CISCO SYSTEMS INC 2.87% 7,884 May-20008 INTEL CORP 2.76% 7,921 Aug-20009 WAL MART STORES INC 2.36% 6,609 Oct-2002

10 PFIZER INC 2.32% 6,371 May-2003 2.70%11 AMOCO CORP 1.99% 4,886 Nov-198012 ALPHABET INC 1.98% 6,708 Nov-201713 CITIGROUP INC 1.94% 7,021 Nov-200114 ALTRIA GROUP INC 1.93% 6,696 Sep-199215 COCA COLA CO 1.87% 8,692 May-1997 1.94%16 PROCTER & GAMBLE CO 1.79% 6,482 Nov-200817 AMERICAN INTERNATIONAL GROUP INC 1.76% 7,057 Oct-200118 JOHNSON & JOHNSON 1.75% 6,617 Oct-200219 MOBIL CORP 1.73% 4,761 Mar-198020 AMAZON COM INC 1.66% 6,708 Nov-2017 1.74%

Page 12: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Step 1

11

4.44%4.24%

3.70% 3.67%3.56%

3.19%

2.87%2.76%

2.36% 2.32%

1.99% 1.98% 1.94% 1.93% 1.87% 1.79% 1.76% 1.75% 1.73% 1.66%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

Market Cap as Percent of Total Market¹Jan. 1980 – Nov. 2017

Source: CRSP US Stock Database; CRSP Historical IndexesNote: Data as of 11/30/2017¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200)

Page 13: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Step 1

12

0%

2%

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1980

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Top 10 by Percent of Total Market¹ (plus Alphabet, Amazon, and Facebook)

Jan. 1980 – Nov. 2017 INTERNATIONAL BUSINESS MACHS CORA T & T CORPMICROSOFT CORPEXXON MOBIL CORPGENERAL ELECTRIC COAPPLE INCCISCO SYSTEMS INCINTEL CORPWAL MART STORES INCPFIZER INCALPHABET INCAMAZON COM INCFACEBOOK INC

Source: CRSP US Stock Database; CRSP Historical IndexesNote: Data as of 11/30/2017¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200)

Page 14: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

CRSP Investment Indexes

Goal of CRSP Investment Indexes: CRSP’s investable, real-time indexes strive to blend advancements in academic research with current commercial practice in a fundamentally sound manner and under the premise that an index must reflect the way that money managers actually invest

To achieve the above goal, CRSP Investment Indexes filter out securities that don’t meet “investability criteria”

In addition, CRSP Investment Indexes weight companies based on Float-Adjusted Capitalization, which reflects the portion of company’s Total Shares Outstanding available in the market

Step 2

All Issues on US Exchanges (NYSE, NYSE MKT, ARCA,

NASDAQ)

Corporations & REITs

Common Shares

Domicile in US

• Market Capitalization

• Float Shares • Trading

Volume • Other

Inve

stab

ility

Sc

reen

s

CRSP Historical Index

CRSP Investment Index

Note: The graphic is used for illustration purposes, only to highlight some of the differences between CRSP Historical Index and CRSP Investment Indexes and does not represent the actual process of creating CRSP Investment Indexes. Please refer to Methodology Guide (http://www.crsp.com/files/Equity-Indexes-Methodology-Guide_0.pdf) for CRSP Investable Index methodology.

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Page 15: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Why use CRSP U.S. Total Market Index

CRSP US Total Market Index (NASDAQ Symbol CRSPTMT) covers almost 100 percent of US investable market which is why it is a good representation of the investor’s entire opportunity set

Companies are weighted by float-adjusted market capitalization which represents the proportion that is available to the investor

Includes “US companies,” not companies that are listed in the US

Step 2

14

Page 16: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Comparing Top 10 Companies by Percent of Total Market as of November 30, 2017

Step 2

15

Source: CRSP US Stock Databases; CRSP Historical Indexes; CRSP Investment Indexes Note: Data as of 11/30/2017 ¹ Total Market is defined as CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index (INDNO 1000200); Percent of Total Market is computed using company’s total shares outstanding ² Total Market is defined as CRSP US Total Market (NASDAQ Symbol CRSPTMT); Percent of Total Market is computed using company’s float-adjusted market capitalization

Using CRSP Research Data Using CRSP Investment Index

Rank CompanyPercent of

Total Market¹ Company

Percent of U.S. Investable Total

Market²1 APPLE INC 2.49% APPLE INC COM 2.93%2 ALPHABET INC 1.88% MICROSOFT CORP COM 2.38%3 MICROSOFT CORP 1.84% ALPHABET INC 2.24%4 AMAZON COM INC 1.60% AMAZON COM INC COM 1.76%5 BERKSHIRE HATHAWAY INC DEL 1.35% FACEBOOK INC 1.54%6 FACEBOOK INC 1.20% BERKSHIRE HATHAWAY 1.38%7 JOHNSON & JOHNSON 1.06% JOHNSON & JOHNSON COM 1.37%8 JPMORGAN CHASE & CO 1.03% JPMORGAN CHASE & CO COM 1.35%9 EXXON MOBIL CORP 1.00% EXXON MOBIL CORP COM 1.29%

10 BANK OF AMERICA CORP 0.83% BANK OF AMERICA CORP COM 1.02%

Page 17: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

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Appendix

Page 18: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Market Capitalization as the Size of the Company

• To measure the size of the company we will use Total Market Capitalization

• CRSP computes Market Capitalization as • TCAP = Shares Outstanding (in 1000s) * Closing Price

• Sources for more information: • TCAP: http://www.crsp.com/products/documentation/data-

definitions-c#capitalization-end-of-period • Shares Outstanding:

http://www.crsp.com/products/documentation/data-definitions-s#shares-outstanding

• Closing Price: http://www.crsp.com/products/documentation/data-definitions-p#price-end-of-period

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Page 19: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Adjusting for Inflation

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If we want to compare Market Cap from different times, we may want to adjust for inflation

To adjust for inflation, we will use CPI-U time series monthly values from CRSP US Treasuries Database – Note, this implies that we assume that a dollar at the beginning

of the month and end of the month will be treated the same – We used CPI-U value as published by US Bureau of Statistics – Since we use data through November 2017, CPI-U for

November 2017 was not available in the database. We used value 246.669 from https://data.bls.gov/timeseries/CUUR0000SA0

To convert past dollars to the present adjusting for inflation, we did the following calculation: – Step 1: 𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹 = 𝐶𝐶𝐶𝐶𝐶𝐶−𝑈𝑈𝑁𝑁𝑁𝑁𝑁𝑁2017

𝐶𝐶𝐶𝐶𝐶𝐶−𝑈𝑈𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃

– Step 2: $𝑁𝑁𝑁𝑁𝑁𝑁2017 = $𝐶𝐶𝑃𝑃𝑃𝑃𝑃𝑃 × 𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹𝐹

Page 20: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Percent of Total Market

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Since the Capital Markets have been evolving, it maybe useful to look at the company as a percent of the Total Market

For the historical analysis we define Total Market as market capitalization of CRSP NYSE/NYSEMKT/NASDAQ/Arca Value-Weighted Market Index that includes all issues listed on the exchanges included in the name assuming that there is data to determine the price and shares outstanding – Note, ADRs are excluded from the index

Formula used to compute Percent of Total Market for a company at a given time t:

– %𝑇𝑇𝐹𝐹𝐹𝐹𝐹𝐹𝑇𝑇 𝑀𝑀𝐹𝐹𝐹𝐹𝑀𝑀𝑀𝑀𝐹𝐹𝑃𝑃 = 𝐶𝐶𝑁𝑁𝐶𝐶𝐶𝐶𝑃𝑃𝐶𝐶𝑦𝑦′𝑃𝑃 𝑀𝑀𝑃𝑃𝑀𝑀𝑀𝑀𝑀𝑀𝑃𝑃 𝐶𝐶𝑃𝑃𝐶𝐶𝐶𝐶𝑃𝑃𝑃𝑃𝐶𝐶𝐶𝐶𝐶𝐶𝑃𝑃𝑃𝑃𝐶𝐶𝑁𝑁𝐶𝐶𝑃𝑃𝑇𝑇𝑁𝑁𝑃𝑃𝑃𝑃𝐶𝐶 𝑀𝑀𝑃𝑃𝑀𝑀𝑀𝑀𝑀𝑀𝑃𝑃 𝐶𝐶𝑃𝑃𝐶𝐶𝐶𝐶𝑃𝑃𝑃𝑃𝐶𝐶𝐶𝐶𝐶𝐶𝑃𝑃𝑃𝑃𝐶𝐶𝑁𝑁𝐶𝐶𝑃𝑃

For more information: http://www.crsp.com/products/research-products/crsp-historical-indexes

Page 21: Apple Market Cap in Perspective - Center for … · Apple Market Cap in Perspective . Background Spurred by the inclusion of Apple in the DJIA, in 2015, CRSP produced a paper,

Disclaimer

This material and all of the information herein, including without limitation, text, data, graphs, and charts (collectively, the “Content”) is the property the University of Chicago on behalf of its Center for Research in Security Prices at Chicago Booth (CRSP®). The Content is provided for informational purposes only. The Content may not be modified, reverse-engineered, reproduced or distributed in any forms or by any means, or stored in a database or retrieval system, without the prior written permission of CRSP. Any use or exploitation of the Content, including without limitation: to create derivative works; to verify or correct other data or information; to create indexes, databases, risk models, analytics, software; to create any financial product or service which seeks to match the performance of the indexes, or which otherwise is based on the indexes, is not permitted unless a written license from CRSP has been obtained. The Content is not an offer or recommendation to buy or sell, or a solicitation of an offer to buy or sell any security or instrument, or to participate in any particular trading strategy. Further, none of the Content is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. THE CONTENT IS PROVIDED “AS IS” WITHOUT WARRANTIES OF ANY KIND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE UNIVERSITY OF CHICAGO, CRSP, AND ITS THIRD-PARTY SUPPLIERS HEREBY DISCLAIM ALL EXPRESS, IMPLIED AND STATUTORY WARRANTIES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, REPRESENTATIONS AND WARRANTIES REGARDING ACCURACY, COMPLETENESS, CORRECTNESS, MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE, OR ANY REPRESENTATION AND WARRANTIES ARISING FROM USAGE, CUSTOM, TRADE OR BY OPERATION OF LAW. THE UNIVERSITY OF CHICAGO, CRSP, AND ITS THIRD-PARTY SUPPLIERS ASSUME NO RESPONSIBILITY FOR THE CONSEQUENCES OF ANY ERRORS OR OMISSIONS IN THE CONTENT. IN NO EVENT SHALL THE UNIVERSITY OF CHICAGO, CRSP OR ANY OF ITS THIRD-PARTY SUPPLIERS BE LIABLE FOR ANY CLAIM ARISING OUT OF THE CONTENT OR RELATING TO CRSP-PROVIDED DATA OR INFORMATION, INCLUDING, BUT NOT LIMITED TO, ANY DECISION MADE OR ACTION TAKEN BASED ON THE USE OF THE CONTENT, DATA OR INFORMATION, OR FOR ANY TYPES OF DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT CONSEQUENTIAL, SPECIAL, INCIDENTAL, PUNITIVE OR INDIRECT DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ©2017 CRSP. All rights reserved

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