{"id":1839,"date":"2024-12-22T12:58:43","date_gmt":"2024-12-22T08:58:43","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1839"},"modified":"2026-04-14T20:27:09","modified_gmt":"2026-04-14T16:27:09","slug":"capm-pitfalls-2","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/capm-pitfalls-2\/","title":{"rendered":"\u10e0\u10d0\u10e1 \u10d5\u10d4\u10e0 \u10ee\u10e1\u10dc\u10d8\u10e1 KAPM (2)<\/span>"},"content":{"rendered":"

Regardless of the level of diversification, why is it more rational to invest in a low \u03b2 portfolio than a high \u03b2 one?<\/p>\n\n\n\n

The issue is that CAPM’s predictions and actual statistics diverge. As the graph shows, low \u03b2 portfolios generate higher returns than CAPM predicts, and vice versa.<\/p>\n\n\n\n

Although high \u03b2 portfolios generate higher returns, the risk-return ratio is better for low \u03b2 portfolios.<\/p>\n\n\n\n

Why does this happen? What is the reason? I didn’t know either, so I asked ChatGPT:<\/p>\n\n\n\n

    \n
  1. Market Anomalies:<\/strong> CAPM assumes all investors have the same information and preferences. In reality, market anomalies and behavioral biases can affect asset prices. Factors such as value (Book-to-Market), momentum (panic), and size (Big vs. Small) influence returns, and these are not accounted for in CAPM.<\/li>\n\n\n\n
  2. Non-Market Risk:<\/strong> CAPM relies solely on systematic risk. However, individual stocks also have unsystematic risks. Low \u03b2 stocks might also have better fundamental foundations (there could be some correlation between market and specific risks, so the degree of portfolio diversification will significantly impact the outcomes).<\/li>\n\n\n\n
  3. Investor Behavior:<\/strong> Investor sentiment can influence stock prices. High \u03b2 stocks may experience greater price volatility due to investor sentiment, while low \u03b2 stocks might remain unnoticed or undervalued. For example, it\u2019s trendy now to invest in ESG companies, which are environmentally conscious, but this doesn\u2019t necessarily mean that tobacco or beer manufacturers yield lower returns.<\/li>\n\n\n\n
  4. Changing Market Conditions:<\/strong> Economic or geopolitical events can impact asset returns. These changes may not be adequately reflected in CAPM (the changing range of market fluctuations might affect unanticipated returns\u2014CAPM predicts expectations, not real returns, so the more unexpectedly the market behaves, the more predictions deviate from actual statistics).<\/li>\n\n\n\n
  5. Time Horizon:<\/strong> CAPM considers a single investment horizon. In reality, investors might have different time horizons and risk preferences, leading to variations in returns (if we break this statistic into different time segments or add another 30 years of data, we might see a different picture).<\/li>\n<\/ol>\n\n\n\n

    P.S. There is a modified version of the CAPM model that takes into account the size and balance sheet value of an organization. Since these two factors are necessary for evaluating local companies, I will write about this separately later.<\/p>\n\n\n\n

    Photo from the book:<\/strong><\/p>\n\n\n\n

    Principles of Corporate Finance,\u00a012th Edition
    By Richard Brealey, Stewart Myers and Franklin Allen<\/p>","protected":false},"excerpt":{"rendered":"

    \u10db\u10d8\u10e3\u10ee\u10d4\u10d3\u10d0\u10d5\u10d0\u10d3 \u10d3\u10d8\u10d5\u10d4\u10e0\u10e1\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ee\u10d0\u10e0\u10d8\u10e1\u10ee\u10d8\u10e1\u10d0, \u10e0\u10d0\u10e2\u10dd\u10db \u10d0\u10e0\u10d8\u10e1 \u10e3\u10e4\u10e0\u10dd \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0\u10d1\u10d0\u10da \u03b2 \u10de\u10dd\u10e0\u10d7\u10e4\u10d4\u10da\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 \u10db\u10d0\u10e6\u10d0\u10da\u10e8\u10d8?\u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0, \u10e0\u10dd\u10db CAPM-\u10d8\u10e1 \u10ec\u10d8\u10dc\u10d0\u10e1\u10ec\u10d0\u10e0\u10db\u10d4\u10e2\u10e7\u10d5\u10d4\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10e1 \u10ea\u10d3\u10d4\u10d1\u10d0. \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d6\u10d4 \u10e9\u10d0\u10dc\u10e1, \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u03b2 \u10de\u10dd\u10e0\u10d7\u10e4\u10d4\u10da\u10d4\u10d1\u10d8 \u10d0\u10d2\u10d4\u10dc\u10d4\u10e0\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e1 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675666,503653,37372],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445703,784445690],"eon_framework":[],"class_list":["post-1839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-principles-of-corporate-finance-by-f-allen-r-a-brealey-s-myers","category-market-efficiency","category-risk","eon_idea-market-efficiency","eon_idea-risk"],"yoast_head":"\nCAPM Pitfalls-2 - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/capm-pitfalls-2\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAPM Pitfalls-2 - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10db\u10d8\u10e3\u10ee\u10d4\u10d3\u10d0\u10d5\u10d0\u10d3 \u10d3\u10d8\u10d5\u10d4\u10e0\u10e1\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ee\u10d0\u10e0\u10d8\u10e1\u10ee\u10d8\u10e1\u10d0, \u10e0\u10d0\u10e2\u10dd\u10db \u10d0\u10e0\u10d8\u10e1 \u10e3\u10e4\u10e0\u10dd \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d3\u10d0\u10d1\u10d0\u10da \u03b2 \u10de\u10dd\u10e0\u10d7\u10e4\u10d4\u10da\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d5\u10d8\u10d3\u10e0\u10d4 \u10db\u10d0\u10e6\u10d0\u10da\u10e8\u10d8?\u10e1\u10d0\u10e5\u10db\u10d4 \u10d8\u10db\u10d0\u10e8\u10d8\u10d0, \u10e0\u10dd\u10db CAPM-\u10d8\u10e1 \u10ec\u10d8\u10dc\u10d0\u10e1\u10ec\u10d0\u10e0\u10db\u10d4\u10e2\u10e7\u10d5\u10d4\u10da\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0 \u10d4\u10e0\u10d7\u10db\u10d0\u10dc\u10d4\u10d7\u10e1 \u10ea\u10d3\u10d4\u10d1\u10d0. \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d6\u10d4 \u10e9\u10d0\u10dc\u10e1, \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u03b2 \u10de\u10dd\u10e0\u10d7\u10e4\u10d4\u10da\u10d4\u10d1\u10d8 \u10d0\u10d2\u10d4\u10dc\u10d4\u10e0\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da \u10e3\u10d9\u10e3\u10d2\u10d4\u10d1\u10d0\u10e1 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/capm-pitfalls-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-22T08:58:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-14T16:27:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1697695874037.jpeg?fit=800%2C323&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"323\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1839\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10e0\u10d0\u10e1 \u10d5\u10d4\u10e0 \u10ee\u10e1\u10dc\u10d8\u10e1 KAPM (2)\",\"datePublished\":\"2024-12-22T08:58:43+00:00\",\"dateModified\":\"2026-04-14T16:27:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/12\\\/22\\\/capm-pitfalls-2\\\/\"},\"wordCount\":378,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/12\\\/22\\\/capm-pitfalls-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/1697695874037.jpeg?fit=800%2C323&ssl=1\",\"articleSection\":[\"Principles of Corporate Finance - 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