In investing there is uncertainty about returns. Some investments do well, others do poorly. But that is not the only risk that investors are concerned about when they are investing professionally on behalf of others. There is also the issue of perception: it is one thing not to make money in a sector, it is another not to make money in that sector when everyone else appears to be making money in it. Similarly, it is one thing to lose money on a trade, it is another to lose money on a trade t...
