Quotes of the day:
There is no moral middle ground. Indifference is not an option. ... For the sake of our children, I implore each of you to be unyielding and inflexible in your opposition to drugs.
Arbitrage pricing theory (APT) is a multi-factor asset pricing model based on the idea that an asset’s returns can be predicted using the linear relationship between the asset’s expected return and a number of macroeconomic variables that capture systematic risk. It is a useful tool for analyzing portfolios from a value investing perspective, in order to identify securities that may be temporarily mispriced.