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FYI: Among the assumptions in the first formal asset pricing model, the CAPM, are that investors are risk-averse, that they maximize the expected utility of absolute wealth, and that they care only about the mean and variance of returns. However, subsequent research has found that these assumptions don’t hold. Regards, Ted http://www.etf.com/sections/index-investor-corner/swedroe-lotto-stocks-losing-game
