Bill Bernstein On the Four Essentials To Investing Successfully
Macro Hive Conversations With Bilal Hafeez
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How to Define Risk in the Short Term
The conventional way to look at risk is standard deviation of returns. But that doesn't really cut it because it's when you have volatility, he says. "A junk bond is going to clobber you just when you need the liquidity the most" Even corporate bonds don't function very well in a bad state of the world, he adds. 'You better not be depending upon corporate bonds'
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