Text says that Treynor is criticized because it depends on beta and assumptions of the CAPM.
Treynor = (average account return – risk free) / Beta
So where is the CAPM in Treynor?
They’re just referring to the underlying risk measure used in the CAPM, which is also beta. As opposed to something like the Share Ratio, which uses standard deviation and includes both unsystematic and systeamic (beta) risk
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