I was proposing exempting the short-term risk-free rate, and I was imagining using 30 day treasury yield a the metric. (The post originally said that but it got simplified in the interest of clarity—of course “savings account” is vague since they pay different amounts with different risk, but it seems to communicate basically the same stuff.) That’s also roughly the rate at which you’d borrow if using leverage to offset your tax burden (e.g. it’s roughly the rate embedded in futures or at which investors can borrow on margin).
I was proposing exempting the short-term risk-free rate, and I was imagining using 30 day treasury yield a the metric. (The post originally said that but it got simplified in the interest of clarity—of course “savings account” is vague since they pay different amounts with different risk, but it seems to communicate basically the same stuff.) That’s also roughly the rate at which you’d borrow if using leverage to offset your tax burden (e.g. it’s roughly the rate embedded in futures or at which investors can borrow on margin).