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What does the fundamental factor model intercept represent?

Macroeconomic factor model intercept is risk free rate, but FMFM intercept is not?

pffft

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macro –> expected value without GDP surprises

Funda –> no economic interpretation

"Let's kill him properly this time" (Thor - Endgame)

https://www.youtube.com/watch?v=N5I6235vlok

FRM Holder - 2012
Passed CFA Level III - 2019

It means … pretty much nothing.

Simplify the complicated side; don't complify the simplicated side.

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So much ado about nothing. Thanks.

pffft

isnt the interpret in the fundamental model, the risk free rate?