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(c) We know that SMB and HML risk present non-diversifiable risk to investors, i.e. E(HML)>0 and E(SMB)>0. Could you describe one story per factor providing

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(c) We know that SMB and HML risk present non-diversifiable risk to investors, i.e. E(HML)>0 and E(SMB)>0. Could you describe one story per factor providing the rationale for this

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