Capm Quotes

CAPM also makes use of what is called a "definitional identity." This is something that is automatically true, simply because of the way things have been defined. (Robert Haugen)
The empirical successes of [the three-factor model] suggest that it is an equilibrium pricing model, a three-factor version of Merton's (1973) intertemporal CAPM (ICAPM) or Ross's (1976) arbitrage pricing theory (APT). In this view, SMB and HML mimic combinations of two underlying risk factors or state variables of special hedging concern to investors. View quote
Eugene Fama