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Beta has been a controversial measure of risk ever since it was proposed almost half a century ago, and we do not pretend to settle with this article what decades of research has not. We do, however, take advantage of the recent trend of investing in countries and industries through index funds and exchangetraded funds (ETFs), as well as a renewed interest on the impact of black swans, and explore the merits of beta in that context. Ultimately, we ask two questions: 1) Is beta a good measure ofdoi:10.2139/ssrn.1692490 fatcat:dbfn7iybpvel5jm72sdi2mg52a