- The philosophy of risk
- The psychology of risk
- The economics of risk

- Risk-based versus return-based investing
- Target volatility versus constant asset allocation strategies
- The empirical case for managing risk to improve return, risk and risk-adjusted returns
- How to use risk as a trading signal
- Understanding the demand for risk-based strategies

- Portfolio Construction
- Risk and return characteristics, success factors
- Empirical characteristics

- Portfolio Construction
- Risk and return characteristics, success factors
- Empirical characteristics

- Portfolio Construction
- Risk and return characteristics, success factors
- Empirical characteristics

- Portfolio Construction
- Risk and return characteristics, success factors
- Empirical characteristics

- Calculating volatility
- Annualizing volatility
- The psychology of volatility
- Statistical tests
- Limitations of volatility
- Robust alternatives to volatility
- The impact of leverage
- Volatility as the lowest common denominator: UCITS

- Semi-variance, Lower Partial Moments, VaR, CVaR, Maximum Drawdown, Drawdown-At-Risk and Conditional Drawdown-At-Risk

- Some stylized facts about financial return time series
- Historical approaches
- Dynamic risk analysis: rolling statistics, exponentially-weighted statistics, introduction to GARCH
- Covariance estimators: Shrinkage estimators (Ledoit/Wolf, Jorion), using random matrix theory to remove noise
- Using economic and statistical factor models (PCA)
- On the relative importance of correlations

- Parametric approaches
- Distributions: NIG, normal mixtures
- Bootstrapping, resampling
- The Cornish-Fisher approximation and its limitations

- Scenario-based estimation of risk
- Handling estimation risk
- Applied Stress Testing and Scenario Analysis
- The historical versus the parametric approach
- Tweaking volatilities and correlations
- Handling low probability scenarios

- Backtesting issues
- Rebalancing strategies
- Turnover analysis
- Benchmarking issues
- Evaluating results: Performance and risk measures to consider
- On numerical optimization
- Using Excel and VBA
- Handling time series data from illiquid assets

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