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Question 9 (4 points) (a) The Capital Asset Pricing Model implies that the market portfolio is equivalent to the tangency portfolio. Can you intuitively explain

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Question 9 (4 points) (a) The Capital Asset Pricing Model implies that the market portfolio is equivalent to the "tangency portfolio". Can you intuitively explain why? (b) Can you describe how Fama and French constructed their size factor r_SMB

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