Hello Jason,

Interesting article. I agree with your statement that there`s no such thing as "risk free". However, one of your statements is completely off base in my opinion.

"Therefore the risk-free rate of return does exist, and it is always zero."
*I assume you mean to say "doesn't exist".

Default Risk premium is already a separate component of interest rates. The fact that the consumption of the capital has been deferred is what drives the risk free rate. The opportunity cost of your capital is the risk free rate.

In summary, risk free rate is not 0 because it ties down your capital.