Multi-Dimensional Risk
Many people are unaware that Jules Verne was not exclusively a science fiction writer, but Michael Strogoff, a conventional adventure tale, was a childhood favorite of mine. Among its other virtues, at one point it lists all the titles of the Czar, which as I recall occupy most of a page—Prince of Nijni-Novgorod, Governor of the Hyperborean Regions, and so on. Attempts to catalog investment risks soon become even lengthier and more obscure, because every aspect of an investment, from the initial impulse to make one to the reinvestment risk that usually attaches to receipt of the final proceeds from it, involves one or in most cases several risks. Distinction piles on distinction, and the number of separately ...

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