{"id":1843,"date":"2024-12-22T13:00:46","date_gmt":"2024-12-22T09:00:46","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1843"},"modified":"2026-04-14T20:24:05","modified_gmt":"2026-04-14T16:24:05","slug":"capm-pitfalls-1","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/capm-pitfalls-1\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e0\u10d0\u10e1 \u10d5\u10d4\u10e0 \u10ee\u10e1\u10dc\u10d8\u10e1 CAPM (1)<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">If you plan to profit from investing in stocks, take a close look at this graph.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The graph highlights two significant phenomena that the Capital Asset Pricing Model (CAPM) fails to explain. First, high Book-to-Market stocks (Value Stocks) yield higher returns compared to low Book-to-Market stocks (Growth Stocks), and small companies yield higher returns compared to large companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These two parameters are so important that Morningstar features a dedicated barometer on its homepage: <a href=\"https:\/\/www.morningstar.com\/\">Morningstar<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These two points are crucial because CAPM critics have found little else to counter it in over 50 years, and also because the statistics are quite counter-intuitive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, large companies are generally expected to have a greater competitive advantage, at least due to economies of scale, but statistics show this is not the case.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, currently, leading positions are held by industries where the balance sheet value of capital doesn&#8217;t play a significant role in their market value\u2014particularly tech companies. However, if you follow the hype surrounding such companies, your wallet will be, on average, 4.4% thinner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interesting statistics can be found here: <a href=\"https:\/\/www.dimensional.com\/us-en\/insights\/when-its-value-versus-growth-history-is-on-values-side\">Dimensional<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Photo and insights source:<\/strong> From the book.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Principles of Corporate Finance,<br \/>By Richard Brealey, Stewart Myers and Franklin Allen<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10d7\u10e3 \u10d0\u10de\u10d8\u10e0\u10d4\u10d1\u10d7 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10d7 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0 \u10d2\u10d0\u10d0\u10d9\u10d4\u10d7\u10dd\u10d7, \u10d0\u10db \u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10e1 \u10d9\u10d0\u10e0\u10d2\u10d0\u10d3 \u10d3\u10d0\u10d0\u10d9\u10d5\u10d8\u10e0\u10d3\u10d8\u10d7.\u10d2\u10e0\u10d0\u10e4\u10d8\u10d9\u10d8 \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1 \u10dd\u10e0 \u10db\u10dc\u10d8\u10e8\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10e1 \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea CAPM-\u10d8 \u10d5\u10d4\u10e0 \u10ee\u10e1\u10dc\u10d8\u10e1. \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8, \u10db\u10d0\u10e6\u10d0\u10da\u10d8 Book-to-Market \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8 (Value Stocks) \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2 \u10db\u10dd\u10d2\u10d4\u10d1\u10d0\u10e1 \u10ec\u10d4\u10e0\u10d4\u10dc \u10d3\u10d0\u10d1\u10d0\u10da\u10d7\u10d0\u10dc (Growth Stock) \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7, [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1844,"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-1843","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":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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