Give a brief explanation of what are the real macroeconomic


Give a brief explanation of what are the real, macroeconomic, aggregate, nondiversifiable risk that are proxied by the returns of the [RM-RF], SMB, HML, RMW, CMA and MOM risk portfolios in the fama french 5 factor model.

For example, why are investors so concerned about holding stocks that do badly at the times that the HML (value less growth) and SMB (small-cap less large-cap) portfolios do badly, even though the market [RM-RF] does not fall?

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Financial Management: Give a brief explanation of what are the real macroeconomic
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