I think it might be remiss of me not to mention this book:
![Value Investing: Tools and Techniques for Intelligent Investment by [Montier, James]](https://images-na.ssl-images-amazon.com/images/I/41hP%2BMD7PkL.jpg)
https://www.amazon.com/Value-Investing-Techniques-Intelligent-Investment-ebook/dp/B0030CHFBM/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
Montier talks about the trinity of risks:
1. Valuation Risk
2. Earnings Risk
3. Balance Sheet Risk
Ultimately, the main idea is that risk is not a number, it is a notion/concept. Confusion sets in when we fail to separate price from value. I have harped on enough about this already. If it is not obvious now, it will never be.
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