hi, I found this little thing on curriculum vol.3 page 120. To be time effective, asset beta is the weighted average of debt beta and equity beta. And it should be the one you plug into CAPM to get requried rate of return, if specified in problem. pure-play is just the way you use the beta of projects with similar risk in the market to calculate the required rate of return for your project. Apologize for the big mess I created. It is definitely NOT in study notes, supposed to be part of LOS 32.i… Wish you all don’t make the mistake I made…