Off Target
Target and WalMart have lost more that 25% of their market values over the past 2 trading sessions.

So r (the denominator) is higher, and if you look at r, it’s not well-explained. It should that r = risk free rate PLUS idiosyncratic adjustment (Jae’s Rib Shack cannot borrow at the same rate as JP Morgan).

So r is ignored (until it isn’t, as in now, to some degree), and two of the inputs are inflation and inflation expectations. The feedback look is to the numerator, a point made in certain videos.