[hhmc]

There is no risk free investment that will return you 12%. In a year where you are down 30% are you still contributing 5% on initial capital? If not, you are just constructing an instrument where you only pass through downside risk

[WalterBright]

> There is no risk free investment

Fixed that for ya!

[hhmc]

For all practical purposes you can - and the world broadly does - consider e.g. TBills to be risk free (or take your favourite interbank lending rate etc etc).