Strike Witches

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Three factor model, popularly known as Fama and French three-factor model, is one of the most followed portfolio management models. The model was developed in 1993by Eugene Fama and Kenneth French; by modifying other very popular investing model Capital Asset Pricing Model (CAPM). Three-factor model is widely followed by investors and fund managers to analyze risk and return associated with instruments/markets and to make highest return for risk taken.

For good understanding of three-factor model, understanding of CAPM, the original model, is necessary. CAPM consider only one factor, the market risk or beta, to determine the risk and return. The formula of CAPM is as follows

R = Rf + beta x (Rm - Rf)

Where R is the return, Rf is the return rate of risk-free investments, beta is the risk associated with a security/market, and Rm is the return expected from market. The model says that it is better to invest in instruments/markets whose expected return exceeds required return. CAPM successfully explains around 80% of returns.
Three factor model is more evolved than CAPM. In addition to market risk or beta, it considers two more market factors, size or market capitalization and value or book/market ratio of an instrument. The formula of three factor model is as follows,

R = Rf + beta x (Rm - Rf) + Bs x SMB + Bv x HML

Where SMB is Small cap Minus Big (historic excess returns of small cap instruments), HML is High value Minus Low (historic excess returns of value stocks), and Bs and Bv are beta corresponding to small cap and large cap portfolio having values either 0 to 1. For a portfolio having all small cap stocks Bs will be 1 and Bv will be 0 and for a portfolio having all large cap stocks Bs will be 0 and Bv will be 1.

The idea behind the three factor portfolio management model is that, value and small cap stocks often outperform large-cap stocks. Most possible reason for this out performance include 1) higher reward for compensating higher risk taken, 2) early mispricing of equities resulting in later corrections, and 3) small-cap companies often shows higher growth and this is reflected on their stock prices.

The widespread adoption of three factor model by investors is a result of the fact that mutual funds and portfolio managers following three factor model of investment outperformed most others. Investors can also add custom factors to the model to make it more precise and to enhance reward. But investing only in small cap or value stocks can cause problems for investors, especially in periods of high volatility. Investors should diversify their portfolio investments and should be aware of other risk minimizing strategies.

Learn why the propane generator is becoming the standard for standby generators. The decision on what kind of standby generator to purchase can seemingly be a tough one. With so many types of generators, brands and makes and models, the average consumer is left scratching their head for a long time. To compound the matter, for most homeowners, this is the first time they have purchased this type of a major item. Not to worry though, we are going to help you make the right decision the first time around. For starters there are a number of ways to power generators, you can use diesel fuel, gasoline, the wind, biofuels, natural gas and of course propane.

When we compare the various types of generators, it is easy to see why the propane generator rises to the top of the list as being the best choice for a standby generator. For starters, one gigantic advantage propane generators has over all other generators is its fuel capacity. A propane residential standby generator has fuel tanks that allow it to provide anywhere from two days of backup power all the way up to twelve days or more of backup power. You simply cannot get that type of capacity out of gasoline or diesel generators without constant refueling.

That advantage becomes apparent when a power outage strikes and lasts more than two days. If you recall in the 2009 Ice Storm, particularly in the north and on the east coast, we were hit with some pretty frigid weather that kept many homeowners without power for weeks at a time. If you're keeping notes, the first primary advantage the propane generator has over the other types of generators is its greater fuel capacity.

The second major advantage the propane generator has over the other types of generators is this; the only place to acquire gasoline or diesel fuel is from gas stations. You can acquire propane from gas stations, independent propane dealers, from grocery stores including Walmart and from stores such as Home Depot, Lowe's and other builder outlets. The cylinders that the propane is stored in can either be re-fueled or traded in for new cylinders. A homeowner can even opt to have a propane dealer deliver their fuel. This advantage gives a homeowner numerous options so that they are never without fuel.

The third major advantage a propane generator has over the other types of generators is the cost of fuel. Propane offers an immediate economic stimulus since it is the least expensive fuel available for generators aside from the wind of course! Those three advantages makes choosing a propane generator the best choice for discerning buyers.

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