In the table on slide 7, there is a column that lists "Median Weight Return." Could you describe the methodology behind calculating those returns? Our best guess at this point, hesitantly confirmed by Sarah Tooth, is that the column describes the weighted median of the 20-stock Max Median portfolio.

The "EqualWeight" return is based on the MaxMedian portfolio weight of 0.05 for each stock; the "MedianWeightReturn" is indeed a weight based on the median return, but in this assignment and in various papers we use the "Equal Weight" return. The "Equal Weight" return does NOT refer to the equal-weighted S&P500.