What are the key estimates used in CAPM? Why is the measure so severely criticized? Do you agree with the critics? Why or why not?

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To CAPM or not to CAPM – that is the problem. Capital Asset Pricing Model (CAPM) is a respected tool that often comes under fire for all the appraisals it relies upon. What are the key estimates used in CAPM? Why is the measure so severely criticized? Do you agree with the critics? Why or why not?
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