One challenge when evaluating tech stocks in this particular segment is finding a discount rate (required rate of return) that includes enough of a risk premium.

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Many states still discount their pension liabilities by the assumed rate of return on their assets, often around 8%.

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Operating under guidance from the Government Accounting Standards Board, public plans discount future liabilities at a rate equal to their expected return on assets--which, for the 59 plans in our study, was typically close to 8%.

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Because the dividends on Laffer Shares would vary depending upon GDP growth rates, the markets would discount the expected cash flows at an equity rate of return, which is considerably higher than the interest rate on government bonds.

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