Читать книгу Practical Risk-Adjusted Performance Measurement - Carl R. Bacon - Страница 15

Risk means very different things to different audiences at different times; risk is truly in the eye of the beholder. In the context of asset management, the Oxford English Dictionary provides a surprisingly good definition of risk:

The potential impact of an event determined by combining the likelihood of the event occurring with the impact should it occur.

Risk is the combination of exposure and uncertainty. As Holton¹ (2004) so eloquently points out it is not risky to jump out of an aircraft without a parachute because death is certain. Holton also points out that we can never operationally define risk; at best, we can operationally define our perception of risk.

Another common and effective, but broader definition of risk is exposure to uncertainty.