Which of the following is not an advantage of Capital Asset Pricing Model ?

(A) It considers only systematic risk reflecting a reality in which most investors have diversified portfolios from which unsystematic risk has been essentially eliminated

(B) Theoretically derived relationship between required return and systematic risk, which has been subjected to frequent empirical research and testing

(C) It is not superior to WACC in providing discount rate for being used in investment appraisals

(D) Much better method of calculating the cost of equity than the dividend growth model, in that it explicitly considers a company's level of systematic risk relative to stock market as a whole