Or why a conservative portfolio is not necessarily made up of only conservative loan grades...
http://blog.lendingrobot.com/research/choosing-loans-with-monte-carlo-diversification-part-2/
This reminds me of that one time, at math camp, I counted to 5 without thinking to myself "One, plus one, plus one, plus one, plus one..."
Soon thereafter I realized that I could set N to anything I wanted and then - working backwards - I realized that there were uncountably infinite ways to reach N. Later, that same summer, the concept of number revealed itself to me. I would stay up, late at night, dreaming.
Is this a through the cycle measure of risk?
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