…investing is inextricably linked to risk. If there were no risks, there would be virtually no returns either. Indeed, investment returns may very appropriately be thought of as compensation for the intelligent shouldering of risk. If we want to achieve meaningful returns, we must accept and manage risk. Risk, of course, is the opposite of certainty. Therefore, when we acquire a portfolio of investments (each with some degree of risk), it is unrealistic to assume that all of our investments will ultimately perform as we had expected when we purchased them.