Charles B. Carlson, CFA

The list below ranks the Dow stocks on the ratio of stock price to 200-day moving average price, from the lowest ratio to the highest ratio. The 10 Dow stocks with the lowest ratios are highlighted. A variation of my Worst-To-First Strategies focuses on creating portfolios from the 10 Dow stocks with the lowest ratio of current stock price to 200-day moving average price (1-stock, 3-stock, 5-stock, or 10-stock portfolios). For example, if you want a 3-stock portfolio, buy the first three stocks in the list and hold for 12 months. The newest member of the Dow Jones Industrial Average - Dow, Inc. (DOW) - was spun off from DowDuPont on April 2, 2019 and has not been trading for 12 months. Thus, Dow is not currently eligible to be chosen based on the strategy's selection criteria.

FURTHEST FROM 200-DAY MOVING AVERAGE (Data as of: 3/29/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Boeing	BA	162.00	-50.3	0.486
Exxon Mobil	XOM	36.95	-47.0	0.554
Dow	DOW	28.56	-47.8	0.602
Chevron	CVX	68.78	-42.9	0.603
United Technologies	UTX	97.15	-35.1	0.710
Disney	DIS	96.40	-33.3	0.711
Travelers	TRV	99.95	-27.0	0.725
American Express	AXP	88.73	-28.7	0.738
Goldman Sachs	GS	158.34	-31.1	0.746
J.P. Morgan Chase	JPM	91.13	-34.6	0.756
IBM	IBM	108.03	-19.4	0.789
Coca-Cola	KO	42.81	-22.7	0.797
Caterpillar	CAT	105.44	-28.6	0.800
McDonald's	MCD	164.01	-17.0	0.804
Cisco Systems	CSCO	38.82	-19.1	0.806
3M	MMM	133.24	-24.5	0.808
Walgreens Boots Alliance	WBA	44.00	-25.4	0.814
Pfizer	PFE	30.90	-21.1	0.819
Merck	MRK	71.73	-21.1	0.851
Home Depot	HD	190.55	-12.7	0.862
Visa	V	161.56	-14.0	0.889
Johnson & Johnson	JNJ	123.16	-15.6	0.900
Verizon Communications	VZ	52.77	-14.1	0.903
NIKE	NKE	83.23	-17.8	0.918
Procter & Gamble	PG	110.17	-11.8	0.920
UnitedHealth	UNH	242.45	-17.5	0.937
Walmart	WMT	109.58	-7.8	0.948
Intel	INTC	52.37	-12.5	0.965
Apple	AAPL	247.74	-15.6	0.993
Microsoft	MSFT	149.70	-5.1	1.008