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While data can only tell you what has happened in the past, it can in some ways give you a sense of what might be of interest to an audience in the future.
— Kevin Spacey
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Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be described by a single number. Intuitively we understand that risk varies from investment to investment: a government bond is not as risky as the stock of a high-technology company. But investments do not provide information about their risks the way food packages provide nutritional data.
— Seth Klarman
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