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The essence of investing is risk management as it defines the risks to accept and the risks to avoid. Inherent in the investment decision is ensuring compensation for any risk taken. To paraphrase the Chinese character for risk: risk must present opportunity; otherwise, it is pure speculation. An institutional investor's core mission is to manage risk from the minutiae of the security to the scope of the investment program to ensure achievement of the strategic intent of the organization. Even when the journey takes a path different than the one expected, achieving the objective is still possible for the risk-focused investor. While success is not guaranteed, focusing on risk keeps the inve