Hey Jason,

Interesting post...stands in contrast to some research I've read recently (James Montier -- The Idolatry of Interest Rates Part 1). In particular, the misconception that hurdle rates for corporate investment projects declines in tandem with interest rates. I won't bother to quote it word for word (you can download it for free from GMO's site), but I would be interested to hear your thoughts after consolidating this information.