Please rate the following (long) statement as "TRUE" of "FALSE". Read carefully:

"Since, the WACC uses the CAPM to evaluate the cost-of-equity, a key underlying assumption of the WACC is that the CAPM holds. Thus, the WACC model implicitly assumes that: (1) the only risk that matters is systematic risk (market risk) and (2) all assets have zero alphas, and thus there is no opportunity for superior risk-adjusted returns beyond the market (no assets can outperform the market portfolio in risk-adjusted terms). While the WACC assumes (1) and (2) above as it assumes the CAPM is valid, in finance we still often apply the WACC to value a firm's fair stock price and attempt to find stocks that are underpriced. Ironically, this means that a primary "real-world" use case of the WACC (valuing stocks) goes completely against the assumptions of the WACC, as the WACC assumes the CAPM holds, and the CAPM implies all investments have zero alpha opportunity- and thus searching for underpriced stocks is futile".