The lessons
- 9.1
Risk and loss are not the same word
One is what might happen. The other already did.
- 9.2
Drawdown vs volatility — two different fears
One measures the bumps, the other measures the hole.
- 9.3
What your maximum drawdown number is telling you
The worst peak-to-trough on record, and how long it took to come back.
- 9.4
What beta measures — and what it doesn't
Sensitivity to the market. Not safety, not quality, not risk in general.
- 9.5
Permanent loss vs temporary decline
A price that recovered and a business that didn't look identical on the way down.
- 9.6
Currency risk when you own overseas shares
The share went up. Your currency went the other way.
- 9.7
Inflation: the risk that doesn't show on the chart
Your portfolio grew. Whether it grew enough is a different number.
- 9.8
Sequence risk: why the order of returns matters
The same average return, in a different order, ends somewhere else entirely.
- 9.9
Single-company risk: suspensions, delistings, insolvency
What actually happens to ordinary shareholders when a company fails.
- 9.10
Liquidity: what happens when you can't sell
Thin markets, wide spreads, and funds that close the door.
Educational content only. It is not personal financial advice.