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Lecture 5: Risk & Return.pptxSlidesSummaryStudy

Portfolio risk

Stocks rarely move in perfect step
So a portfolio is less risky than its parts

FIN 210 · Corporate Finance27

Risk and diversification

Unique risk falls as you add stocks
With about 20 stocks, most unique risk is gone.

FIN 210 · Corporate Finance28

Market risk

Comes from the economy as a whole
Cannot be diversified away
Measured by beta (β)

FIN 210 · Corporate Finance29

28/ 35

Understand the file

Why does adding more stocks lower the risk?

2 stepsOpened Lecture 5: Risk & Return

Each stock has its own ups and downs. Put a few together and they start to cancel out.

With about 20 stocks, most unique risk is gone. What's left is market risk, which no portfolio can diversify away. Slide 28

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