The APT does not require the restrictive assumptions of the CAPM and its (unobservable) market portfolio. The
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The APT does not require the restrictive assumptions of the CAPM and its (unobservable) market portfolio. The price of this generality is that the APT does not guarantee this relationship for all securities at all times.
P-69
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Related Book For 
ISE Investments
ISBN: 9781266085963
13th International Edition
Authors: Zvi Bodie, Alex Kane, Alan Marcus
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