CAPM is CRAP, or, The Dead Parrot lives

For instance, let us assume that that someone wants to make the alpha of a manager whose universe is the Russell 1000 and graft in onto the beta from the S&P500. Given these are both large?cap domestic indices the overlap between the two could well be significant. The investor ends up being both potentially long and short exactly the same stock ? a highly inefficient outcome as the cost of ... ................
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