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Question 22 The main criticism of the CAPM is that the CAPM is not testable empirically because the true market portfolio can never be observed

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Question 22 The main criticism of the CAPM is that the CAPM is not testable empirically because the true market portfolio can never be observed O is of limited use because systematic risk can never be entirely eliminated prices idiosyncratic risk O is of no use relative to the Fama-French three-factor model O prices total risk Previous

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