Aprender
What risk actually means
Volatility, drawdown, Sharpe, CAGR. What each number measures, what it quietly leaves out, and what a large fall actually looks like while you are living through it.
Risk gets reduced to a single number more often than it should.
These notes take the usual measures one by one — what each one is, what it captures, and what it says nothing about. The most useful of them is not a ratio: it is knowing what a deep fall feels like before you meet one.