Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
Whereas if you’re talking about macro things, the big, long swings in the market, the fact that stocks were so expensive in the 2000s and so cheap in the fall of 2008 is very difficult to arbitrage away. The capital asset pricing model was supposed to allow companies to calculate their cost of capital in a consistent way.
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