Hi Jeffrey,

I think your comment has provided useful clarification on exactly why I chose the verbiage I did with "lowest-available risk expected rate of return." In an initial draft of this piece I had written the even bigger mouthful: "lowest available expected risk expected rate of return." It seemed a bit unwieldy but was meant to convey exactly what you point out. Investor expectations of risk and return are the essential thing to log. This, of course, suggests that there is not a purely objective way of logging risk and return a priori. Only in looking backward is there an opportunity at pure objectivity.

I think you are right that Hume would be all hot and humid about the discussion and Kant would say I can't believe it!

With smiles!

Jason