I know the formulas for both and understand that CAPM is logical extension from CML line. So if everybody has same market expectations then everybody ends up with the same CAL which is then the SML as everybody holds same assets(=market). If that’s the case then people only get rewarded for systematic risk and the expected return for an indiviudual security is estimated with CAPM. So far so good.

Market Model: Return=a+B(Market Return) +e. Apparently first factor Model? and it’s not returning E® but R… so how is that related to CAPM? Furthermore: MultiFactor models are probably only an extension of market model? Then what about APM Model which looks similar to Multifactor Model but apparently only used to estimate inputs of multifactor models?