Risk Free Assets, from Charles Pennington
If yields on all treasuries of all durations are going to zero forever and ever, it seems possible that a bubble could develop in the Falkenstein-ish safety stocks, the Proctor and Gambles, the Pepsis, the Philip Morrises–anything that has a 2-3 percent dividend yield that's expected to grow slowly with minimal risk and minimal connection to the economy.
Kim Zussman writes:
Relatedly, what exactly is a risk-free asset?