risk. Whilst these models work well in theory under stable conditions, they can fail when stable assumptions cease to hold … may not be fully reflected in traditional risk calculations and can lead to ruin. The paper aims to discuss these issues … performance data for normal distribution features and signs of extreme downside risk. For the extreme values, Power Law …

containing varying proportions of gateway and non-gateway markets. Risk-adjusted performance is found to be similar across types … returns even after accounting for capital expenditures. Downside risk appears to be slightly greater for gateway markets than … risk is found to be constant across types of markets. We show that discriminating between gateway and non-gateway markets …