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Aren't they the same thing? Expecting great deals is the same as expecting a crash and therefore risk of such. Unless you mean expectation of great deals in M&A or private equity.
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I don't actually know anything about how big institutional funds do tax planning. I suppose it depends on how much of their funds are in retirement/tax-deferred vehicles etc.
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Yah, those portfolio balance facts are a measure of self-insurance and therefore a measure of precieved risk, which is way more meaningful than a technical measure of volatility.
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