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From a hurdle rate perspective, this implies that companies, where the marginal investors (who own a lot of stock and trade that stock) are diversified, should incorporate only macroeconomic or marketrisk into hurdle rates. Download country ERPs What does this mean?
In short, if you don't like betas and have disdain for modern portfolio theory, your choice should not be to abandon risk measurement all together, but to come up with an alternative risk measure that is more in sync with your view of the world.
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