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: 2/20/2020)

Company Name	Ticker	Recent Price $	YTD % Price Change	Close Ratio
Exxon Mobil	XOM	59.86	-14.2	0.847
Pfizer	PFE	35.85	-8.5	0.922
Chevron	CVX	109.81	-8.9	0.925
Cisco Systems	CSCO	46.85	-2.3	0.935
Travelers	TRV	133.98	-2.2	0.941
3M	MMM	158.56	-10.1	0.942
Walgreens Boots Alliance	WBA	51.87	-12.0	0.948
Boeing	BA	336.28	3.2	0.957
Merck	MRK	82.49	-9.3	0.974
Dow	DOW	48.76	-10.9	0.982
Verizon Communications	VZ	58.09	-5.4	0.989
Disney	DIS	140.37	-2.9	1.010
Caterpillar	CAT	136.93	-7.3	1.026
Walmart	WMT	117.69	-1.0	1.032
McDonald's	MCD	215.08	8.8	1.043
Procter & Gamble	PG	126.58	1.3	1.067
United Technologies	UTX	149.90	0.1	1.077
Johnson & Johnson	JNJ	148.37	1.7	1.081
Goldman Sachs	GS	232.73	1.2	1.086
IBM	IBM	151.22	12.8	1.090
Coca-Cola	KO	59.72	7.9	1.113
American Express	AXP	136.58	9.7	1.114
Home Depot	HD	247.02	13.1	1.126
NIKE	NKE	102.53	1.2	1.132
J.P. Morgan Chase	JPM	137.49	-1.4	1.133
Visa	V	211.45	12.5	1.172
UnitedHealth	UNH	302.13	2.8	1.176
Intel	INTC	65.45	9.4	1.230
Microsoft	MSFT	184.42	16.9	1.275
Apple	AAPL	320.30	9.1	1.340