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After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporatefinance and valuation practice, in particular, and this post is my attempt to answer them all with one post. What is a risk free investment? Why does the risk-free rate matter?
After the 2008 market crisis, I resolved that I would be far more organized in my assessments and updating of equity riskpremiums, in the United States and abroad, as I looked at the damage that can be inflicted on intrinsic value by significant shifts in riskpremiums, i.e., my definition of a crisis.
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