The Importance of Risk Management

When I think of risk management, I really define it very much how you did. You've got the volatility on one side, but loss is really risk management. Losing money, there's where your risk really is. There's a reason we get car insurance and homeowner insurance and life insurance. And for most people, their biggest contingent liability is that they may need a nursing home or full time in home care. All of those things and how you address them are part of risk management outside the portfolio.

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