Hi Richard,

Thank you for conveying your opinion about the piece. I hope that you read the other piece as well.

It is my opinion that the "risk-free rate" is simply the intercept in the "slope-intercept" of line geometry we all learned in school in a reconstituted form. The concept still has validity if we want to use line geometry to describe expected rates of return, but the nomenclature is a poor one.

With smiles,

Jason