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Last reviewed: October 18, 2026
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Terms such as “absolute return,” “margin of safety,” “value,” “yield,” “discount,” “risk budget,” and “diversification” describe analytical concepts. They do not imply that losses can be avoided or that any objective will be achieved. All investments involve risk, including possible loss of principal, illiquidity, volatility, dilution, default, operational failure, and changes in law or market structure.
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