There are lots of risk forms of investment. One has to do about who may be managing your mutual fund portfolio.
Investors should consider manager risk (though I personally recommend indexed funds). Fund investors are at risk when choosing an investment portfolio that's fully and actively managed.
But what happens if your investment manager leaves or fails to do as well as in the past? Such risk can't be measured by past statistics alone. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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