Book description
Deep risk: How History informs Portfolio Design is the third installment in the investing for adults series. this series is not for novices. This booklet takes portfolio design beyond the familiar “black box” mean-variance framework. Most importantly, the short-term volatility of financial assets, commonly measured as standard deviation, is a…
- Coming soon!
Why read it?
1 author picked Deep Risk as one of their favorite books. Why do they recommend it?
William J Bernstein's third booklet, “Deep Risk ,” circles back to Pfau’s video and blog about this booklet.
– Risk = [size of the loss] X [duration of the loss]
– Shallow Risk = loss of real capital that recovers relatively quickly
– Deep Risk = permanent loss of real capital
– A person may
experience shallow risk, but put themselves into deep risk by buying high and selling low … thus, permanently losing the capital value they would have had if they had stuck it out (goes to the two kinds of risk in the first booklet).
– You…
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