The rate used to turn future money into today’s value. The higher it is, the less a payment ten years away is worth now.
折现率
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The tenth of a point that moved the whole curve 折现率 · 第 9 张术语卡 | This is the bridge from the bond market to the stock market: a 5 per cent ten-year raises the rate applied to AI profits. 折现率是股债之间的那根管子。一家公司的价值等于未来所有现金流折现之和，利率一升，分母变大，越靠后的现金流被打得越狠。这解释了为什么高估值成长股对收益率最敏感：它们的利润大多在 2030 年以后。反过来，现金流稳定的公用事业受影响小得多。 |