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is there still positive alpha after evaluating on the 3-factor model?
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I honestly don't know what you're asking. Could you simplify this for those who may be playing along at home?
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Ok, I knew that this was jargon and probably too much for a forum like this... Here's a good explantion:
http://www.moneychimp.com/articles/risk/multifactor.htm
-Tom
Edited: added the link