Alternativní přístup k určení bezrizikové míry pro individuálního investora

This thesis examines the possibility of using globally diversified equity ETFs as an alternative approach to determining the risk-free rate for an individual investor. The aim is to assess whether ETFs can serve as a pragmatic benchmark for the minimum required return. Through theoretical analysis and an empirical comparison of historical 30-year rolling real returns of U.S. government bonds and global equity ETFs, it was found that the ETF strategy achieved, on average, higher real returns (5.51% p.a.) with lower variability of these long-term returns than the bond strategy (4.23% p.a.). Equity ETFs also showed a significantly higher minimum 30-year real return achieved. The thesis concludes that a globally diversified equity ETF can represent a justified alternative benchmark for a long-term individual investor. However, this choice involves accepting a different kind of uncertainty compared to government bonds and thus should reflect the investor's individual preferences.