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Consider the Modern Portfolio Theory. Is portfolio standard deviation more important than portfolio beta? What if portfolios designed with multiple betas like Arbitrage Pricing Theory

Consider the Modern Portfolio Theory. Is portfolio standard deviation more important than portfolio beta? What if portfolios designed with multiple betas like Arbitrage Pricing Theory (APT) and factor-based portfolios, e.g., Quality, Value, Momentum, etc. Does MPT encompass these multi-factor approaches to portfolio construction?

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