To evaluate investor income and improve diversification of portfolio assets, a series of research with the help of Harry Markowitz's concepts developed a pricing model of capital assets (CAPM), which illustrates the connection between two important economic factors: risk and expected return. One of the significant aspects of this model is a risk-free rate, which represents the investor's profit without the risk. However, there is currently no such thing as a zero-risk asset with a return, and investors need to recognize a type of security where the interest rate will be minimal. Risk-free income is usually measured at government bond rates because they have little risk. First of all, it is necessary to define the notion of risk-free rate. Damodaran (2008) states that there are two key aspects that determine this conception. On the one hand, the absence of default risk; on the other hand, the reinvestment risk should not be either. He illustrates that, for example, zero-coupon government bonds can be accepted as risk-free, since there are no cash flows and these bonds are issued by the government, which is able to manage and limit the printing of currency. Weinman ( 2011) determines the risk-free rate quite similarly to the previous researcher, however, he operates with different notions. Therefore, according to Weinman, the risk-free rate implies the rate without credit and market risk. While the first corresponds to the absence of default risk for investors, the second indicates the absence of fluctuation in the price of securities. Having considered the definition of a risk-free rate, work can now turn to the question of which assets should be accepted to provide this type of rate. Short-term Treasuries are t...... middle of paper......, US Treasuries continue to be risk-free for the time being, but if the situation does not The change with the debt sovereign towards improvement, the movements of investors and the market in general is unpredictable. While many researchers generally agree with this opinion, others are already suggesting new solutions with a view to a risk-free benchmark. Works CitedDesai, P.S., Koenigsberg, O. and Purohit D. (2010) 'Forward Buying by Retailers' Journal of Marketing Research Vol. 47, February 2010, pp. 90–102Qalli YE (2008) “Forward Price Interpolation from the Application of Liquidally Traded Futures to Energy Models” Journal of Derivatives & Hedge Funds Vol. 47, February 2010, pp. 15, no. 4, pp. 288–303Hagiu, A. (2008) "Financial instruments for risk management in international financial markets" Acta Universitatis anubius. Œeconomica n. 1, pp. 139–144