CAPM is CRAP, or, The Dead Parrot lives

The capital asset pricing model (CAPM) is insidious. It creeps into almost every discussion on finance. For instance, every time you mention alpha and beta you are tacitly invoking the CAPM, because the very separation of alpha and beta stems from the CAPM model. ... the achievement of a satisfactory rate of return on invested capital. Among ... ................
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