A. What is the alternative? Is there a better theory? Will it produce more consistent predictions than CAPM (and efficient markets)?

B. How does time play a role here? Do markets need to be efficient every single moment of each day for the model to be valid? If there is a prolonged period of "irrational exuberance" and prices are pushed "too high", then the bubble bursts and it goes back to the value predicted by efficient markets (CAPM) after a year or two, is the model valid or not?

C. In terms of alternatives, what types of behavior may lead to systematic mispricing of assets? For example, herd behavior is a possibility - what does this mean? Can you give some examples of other behavioral activities that might lead to a rejection of the efficient markets hypothesis?

D. Do different types of investors play a role in the outcome here? How might short-run investors be different than long-run investors and how might they impact the market?

E. Is there any element to investing which is not really investment behavior? Could some participants view this as a form of consumption (enjoying the activity of trading)? Could this impact our theory?