Valuation
As the great master said "You can lose capital by investing in a good business if you pay a lousy price".
Timing Risk
In capital markets, you can be relatively certain of what will happen, but not when. If you are forced to liquidate your positions to raise capital, that is a recipe for disaster.
Business Moats
Business risk is the potential for loss of value through competition, mismanagement, and financial insolvency.
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