Which of the following factors do you think are critical to determine the returns on a security (i.e., stock) or your business?

(1) The overall economy (systematic, market risk) which can be captured by the stock beta.

(2) The size of the business or security which can be captured by SMB (small stocks versus large stocks).

(3) The markets evaluation of the business or security which can be captured by HML (high book-to-market versus low book-to-market stocks).

(4) The momentum of the business which can be captured by the winner minus loser (good times versus bad times)