[lujim]

That could very well be. That article does mention that he was nearly wiped out by the great recession in 2008. At one point he was putting it all on the line and the risk was very real. I think you are probably right in saying that the risk premium may change over time. I guess I don't know how much that reward should be and how long it should pay off for.

When comparing stocks and bonds you use the risk free interest rate and take a stocks volatility compared to the broad market into account. Maybe the volatility of the business should be a consideration.