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The main points covered in this article comprise:
- future unknown
- any investment strategy bears associated risks
- how can trustees balance return against risk?
- trustees must monitor what delegated managers are doing
- seven types of risk briefly defined
- US definition (price volatility) irrelevant to trustees
- split MVR between “sustainable” and “froth”
- trustees need to know what risk-adjusted returns are
- DVR is a useful tool for identifying “froth”
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