Market is now merely abstraction It is not a rigorous Dcf of future cash generation discounted at appropriate risk rate
the risk rate is not a manipulated govt intervention . It is the price of risk free money which has been rendered obfuscated by blanket central bank manipuaktion - but the ecology of investing remains .
the Nasdaq today is pure banker abstraction enforced upon us and is not an investment . It is pure 100% speculation that the fed manipulation IS the risk free rate .
how many banana republics have black market rates that differ sharply from government posted rates ? Bitcoin is the black market rate and it says the dollar is toast and rates should be much higher . What is the rate on high lot risky highly levered debt ? 300% of gdp ? 20% ? 30%?