My point was and is that the
equity risk premium is bundled up closely with the nature of the security itself (i.e., being a publicly traded, relatively liquid investment asset called an
equity, that has a very
specific bundle of rights and
risks attached to it), which has very different characteristics than the many other financial assets available in the economy (many of which have bundles of
risk that are perceived as «riskier», and many of which are perceived as «less risky»).