2020 Market Risk Risk Premium 
Equidam
JUNE 30, 2025
Indeed, companies valued primarily on revenue multiples during 2020-2021 are now the most vulnerable to down rounds. Because revenue multiples are procyclical—they amplify market highs during bull markets and market lows during downturns, creating exactly the boom-bust cycles we’re seeing today.
Musings on Markets
FEBRUARY 10, 2021
From a hurdle rate perspective, this implies that companies, where the marginal investors (who own a lot of stock and trade that stock) are diversified, should incorporate only macroeconomic or market risk into hurdle rates. as mature markets. But what if the company is looking at a project in Nigeria or Bangladesh?
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