On that note, interest rates, even long ones, are really really low these days. One way to think about value and growth is to say that you need to discount spe

On that note, interest rates, even long ones, are really really low these days. One way to think about value and growth is to say that you need to discount speculative future incomes. Well it used to be that five or ten years out rates could be 8-15%, and then you had to compound. And that's just the cost of money, you need to think about how likely the income is in the first place. So it shouldn't surprise us that when rates collapse, companies with mostly future unknown income gain in value compared to those with current certain income. The big question is whether rates will ever come back to what we used to see.