Will McIntosh Whyte: How did the investor cross the road?

Investment managers operate in an inherently risky business. We need to understand the risks we are taking and, where possible, try to hedge against the ones we are concerned about. Going down this rabbit hole can take you into the realms of the known-knowns, known-unknowns and unknown-unknowns, for those who remember Donald Rumsfeld's (in)famous speech. The various risks that can affect a multi-asset portfolio really are endless: inflation risk on government bonds, default risk on corporate bonds, recession risk for equities, discount risk for investment trusts, as well as geopolitics, ...