What proposition is the missing premise of this enthymeme? 
Definitions:
Fama and French
Two economists known for their research on the factors that influence stock returns, notably the three-factor model which includes market risk, size, and value factors in explaining stock returns.
Multifactor Model
A financial model that evaluates securities by considering multiple economic and financial factors to explain asset prices and predict investment returns.
Market Index
A statistical measure that tracks the performance of a specific basket of stocks representing a particular market or sector.
Arbitrage Opportunity
The chance to buy an asset at a low price in one market and simultaneously sell it at a higher price in another market to make a risk-free profit.
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