Data Update 5 for 2026: Risk and Hurdle Rates

In my first four posts, I looked at markets - equity, debt and collectibles - in the aggregate performed in 2025. In this post, I turn my attention to divergences in risk across companies, looking at alternative measures of risk, some based on prices and others at earnings, and how these differences play out in hurdle rates, a necessary ingredient for businesses trying to determine whether and how…