There are a variety of comments saying that discount rates are going to 0 because of fed actions which therefore justifies high asset prices. Another version of this story is “the fed printed cash and it has to go somewhere”. While it is true that discount rates are being suppressed by fed action, risk free rates are only one portion of what flows into the discount rate of a DCF. Market risk premium is another component that seems to be completely ignored this HN thread.

The google search term to get your feet wet is “CAPM”. I personally think that risk free rates being 0 is not sufficient to justify some of the valuations we’re seeing in the technology sector.