Question: How does the Arbitrage Pricing Theory (APT) differ from the other asset pricing models (CAPM, Fama-French 3-factor model, Carhart 4-factor model)? What are its strengths

How does the Arbitrage Pricing Theory (APT) differ from the other asset pricing models (CAPM, Fama-French 3-factor model, Carhart 4-factor model)? What are its strengths and weaknesses as an investment tool?

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