Opinion: Rate hikes are spooking the market, but stock investors are focusing on the wrong rate

The stock market has been spooked by rising interest rates. Let’s think carefully, from a value investing standpoint, about these fears. Warren Buffett famously argued that investors should think of stocks as “disguised bonds,” in that stocks pay dividends, analogous to the coupons paid by bonds, and can be valued similarly. Bonds are routinely valued […]