Corporate Finance Risk Premium Treasury 
Musings on Markets
JULY 31, 2025
At the start of July, I updated my estimates of equity risk premiums for countries, in an semiannual ritual that goes back almost three decades. As with some of my other data updates, I have mixed feelings about publishing these numbers.
Musings on Markets
JANUARY 10, 2025
In corporate finance and investing, which are areas that I work in, I find myself doing double takes as I listen to politicians, market experts and economists making statements about company and market behavior that are fairy tales, and data is often my weapon for discerning the truth. Beta & Risk 1. Equity Risk Premiums 2.
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Musings on Markets
FEBRUARY 8, 2025
In the first five posts, I have looked at the macro numbers that drive global markets, from interest rates to risk premiums, but it is not my preferred habitat. A few years ago, I wrote a paper for practitioners on the cost of capital , where I described the cost of capital as the Swiss Army knife of finance, because of its many uses.
Musings on Markets
AUGUST 5, 2023
If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at the center of almost every substantive debate in markets and investing. That said, I don't blame you, if are confused not only about how I estimate this premium, but what it measures.
Musings on Markets
JANUARY 30, 2023
The US treasury market, considered by some still as a safe haven, was anything but safe or a haven, especially at the long maturities, as long term rates soared, with inflation (not the Fed) being the key driver. That is good advice in most years, but 2022 was not one of those years.
Musings on Markets
AUGUST 15, 2023
After the rating downgrade, my mailbox was inundated with questions of what this action meant for investing, in general, and for corporate finance 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?
Musings on Markets
JANUARY 24, 2024
Government Bond/Bill Rates in 2023 I will start by looking at government bond rates across the world, with the emphasis on US treasuries, which suffered their worst year in history in 2022, down close to 20% for the year, as interest rates surged. The Fed Effect: Where's the beef? The Fed Effect: Where's the beef?
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