On investing and risk..........................

      Most investors assume that risk is a form of "I know it when I see it."  Unfortunately, risk is nearly impossible to define because it has so many permutations.  To some it's volatility.  To others it's losing money.  Longevity risk—outliving your money—is probably the biggest risk of all.  Then you have all the risks within each investment class:  duration, interest rates, earnings shortfalls, recessions, permanent impairment, innovation, competition, and so on.  The list cold seemingly go on forever.
      If there is an ironclad rule in the world of investing, it's that risk and reward are always and forever attached at the hip. . . . understand that there is no such thing as a free lunch.

-Ben Carlson, A Wealth of Common Sense