Mean Standard Deviation Minimum Maximum   1987 122.42 47.56 56.00 252.00 1988 118.91 16.68 98.00 183.00 1989 104.44 22.99 56.00 144.00 1990 65.77 23.76 38.00 159.00 1991 46.02 20.58 15.00 129.00 1992 25.52 12.75 11.00 66.00 1993 16.23 5.55 8.00 29.00 1994 34.81 15.23 11.00 78.00 1995 41.50 8.40 28.00 65.00 1996 36.40 8.15 22.00 70.00 1997 53.64 12.94 33.00 77.00 1998 64.00 19.08 40.00 132.00 1999 64.72 24.60 31.00 133.00   16A reasonable explanation for these trends is that the level of interest rates fell dur- ing this period. However, the same pattern emerges when yield ratios (i.e., 3-month LIBOR/3-month Treasury-bill) are examined.         EXHIBIT 3.10 Summary Statistics for Differences in Holding-Period Returns (Ride minus Buy-and-Hold) in Basis Points from January 1987 through April 1997   Strategy Mean Median Min Max % Positive   Panel A: Three-Month Holding Period   Ride Using 6-Month 10.6 9.0 -34.9 67.2 82.36 Ride Using 9-Month 16.0 14.2 -69.2 106.4 73.60 Ride Using 12-Month 17.9 17.3 -107.9 139.7 65.56   Panel B: Six-Month Holding Period   Ride Using 9-Month 16.1 15.8 -19.9 78.8 80.04 Ride Using 12-Month 25.2 27.9 -68.7 144.1 71.23     Both of these yield curves are positively sloped. With a positively sloped Treasury bill curve, an investor receives an additional yield for extending the bills maturity. This additional yield is compensation for the additional risk of the longer security and reflects the markets implicit forecast of a rise in interest rates. Investors who seek to profit from the tendency for yields to fall relative to this forecast as bills move towards