> Yes, all assets are priced relative to the risk free rate. Based on your name I bet you work in research at a hedge fund. I hate to break it to you but ask

> Yes, all assets are priced relative to the risk free rate. Based on your name I bet you work in research at a hedge fund. I hate to break it to you but ask most people who are price setters what their discount is and they’ll say 10% regardless of 10Y treasury yields (since you know, TINA) As a result securities are increasingly priced on liquidity more than cash flows and that’s a function of the credit cycle way more than it’s a function of productivity. It’s a weird post modern approach to the economy, but hey that’s showbiz baby.