9 Comments
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BoiseCFA's avatar

Thanks for taking the time to write this in the midst of all that's going on for you. Excited for the arrival for your granddaughter; all the best wishes for a safe delivery!

Tony Frank's avatar

Another excellent and timely article by one of the most prolific writers among finance professionals.

Geraldo1's avatar

Enjoyed the read . Thank you.

G Mamlet's avatar

Wishing you and your family great joy from the new arrival from the next generation!

Seema's avatar

Sir you said Bitcoin and gold are collectable , but in your spring valuation you gave us proof that Bitcoin is not a collectables as anyone can mine by staying in Russia, could you please correct me?

Harrison's avatar

Fascinating! I’m Harrison, an ex fine dining industry line cook. My stack "The Secret Ingredient" adapts hit restaurant recipes (mostly NYC and L.A.) for easy home cooking.

check us out:

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Frederik's avatar

Great stuff as always, Professor. Question: If a country is headed towards default, isn't the risk on the companies in that country going up as well? (E.g. risk of higher taxation, higher borrowing costs because country-wide demand for debt has gone up, ...). Therefore, wouldn't it make sense to use that higher discount rate when valuing companies? You say the opposite: remove the default risk from that discounting rate. Would love to hear why my thinking is wrong.

Or is your thinking to account for that increased risk in the equity risk premium?