Transcription of Risk: Defining it, Measuring it, and Managing it
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Risk: Defining it, Measuring it, and Managing it
Risk: Defining it, Measuring it, and Managing it Robert A. Jaeger Vice Chairman Chief Investment Officer November 2000. Contents Defining Risk 1 Managing Risk 6. Measuring Risk 2 Prudence 9. Evaluation Associates Capital Markets, Inc. November 2000. The investment business has spawned a thriving sub-business devoted to the measurement of risk. This sub-business features a variety of wonderfully sophisticated approaches to the measurement of price volatility. But the measurement of volatility does not improve our understanding of risk, since the essence of risk is not volatility, but uncertainty. Indeed, highly precise measures of volatility can get in the way of intelligent risk management by suggesting a level of accuracy and control that does not exist.
Risk: Defining it, Measuring it, and Managing it Robert A. Jaeger Vice Chairman Chief Investment Officer November 2000 Contents Defining Risk 1 Managing Risk 6
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