<p>PREFACE<br/>PART ONE<br/>The Nature of Risk 1<br/>CHAPTER 1<br/>The Failure of Invariance by Peter L. Bernstein 3<br/>CHAPTER 2<br/>Inverted Reasoning and Its Consequences: Confusing the Present<br/>with the Future-Discounting by George C. Selden 17<br/>CHAPTER 3<br/>A New Paradigm for Portfolio Risk by Robert H. Jeffrey 27<br/>CHAPTER 4<br/>The Likelihood of Loss by Mark Kritzman 35<br/>PART TWO<br/>Measuring Risk 43<br/>CHAPTER 5<br/>Measuring and Managing Investment Risk by Roger G. Clarke 45<br/>CHAPTER 6<br/>An Assessment of Alternative Models of Financial Market<br/>Volatility by John F. O. Bilson 57<br/>CHAPTER 7<br/>The Case for the Relevancy of Downside Risk Measures<br/>by David Nawrocki 79<br/>contents<br/>v<br/>vii<br/>CHAPTER 8<br/>Measuring Risk for Asset Allocation, Performance Evaluation,<br/>and Risk Control: Different Problems, Same Solution<br/>by Christopher L. Culp, Ph.D., and Ron Mensink 97<br/>CHAPTER 9<br/>Model Risk by Emanuel Derman 129<br/>CHAPTER 10<br/>Technology and the Capital Markets by Ben Warwick 143<br/>CHAPTER 11<br/>Horizon Problems and Extreme Events in Financial Risk<br/>Management by Peter F. Christoffersen, Francis X. Diebold,<br/>and Til Schuermann 155<br/>PART THREE<br/>The Investment Manager’s Viewpoint 171<br/>CHAPTER 12<br/>A Behavioral Framework for Time Diversification<br/>by Kenneth Fisher and Meir Statman 173<br/>CHAPTER 13<br/>Converging Correlations and Market Shocks:<br/>Implications for Managing Risk by Louis Llanes 189<br/>CHAPTER 14<br/>Investing on the Edge of Chaos by Mike Howell 207<br/>CHAPTER 15<br/>Hedge Fund Risk by Brian Cornell 219<br/>CHAPTER 16<br/>The Risk of Informationless Investing: Hedge Fund Performance<br/>Measurement Bias by Andrew B.Weisman 247<br/>INDEX 265</p>

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