Summary:
The book provides a comprehensive framework for understanding and implementing strategic risk management in investment portfolios, integrating insights from finance theory with practical investment strategies. It covers topics such as risk budgeting, factor-based investing, and the use of derivatives to manage and mitigate risk in diverse market conditions.
Key points:
1. Strategic Risk Management Framework: The book highlights the need for a risk management framework that matches a company's strategic goals. It involves identifying, measuring, and setting tolerance levels for different risks (like market, credit, liquidity, operational) and making decisions that consider the firm's objectives and risk interconnections.
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