Download ten years of monthly total return data for individual stocks, US portfolios, and country portfolios. Then use that data to estimate the APT or Intertemporal CAPM (ICAPM) under two sets of factors (Fama-French 3 factors and 3 macro factors) and using the standard Fama-MacBeth methodology. Then use the APT or ICAPM estimates to forecast each asset’s expected return in the next future month, or equivalently, each asset’s cost of equity capital. Finally, determine how much variation of individual stocks, US portfolios, or country portfolios is explained by the APT or ICAPM.