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Financial volatility is not constant; it clusters.

GARCH (Generalized ARCH): Similar to EWMA but includes a mean-reverting long-run variance term.

Alpha ($\alpha$): Represents the active return generated by a manager beyond the benchmark. Positive alpha implies skill (or luck).

Risk management is not merely about hedging; it is about value creation and protection. The syllabus emphasizes the corporate governance framework. bionic turtle frm part 1 study notes free download

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VaR is the maximum loss not exceeded with a given probability over a specific time horizon.

Historical Simulation VaR: Re-values the portfolio using historical actual market moves. Non-parametric (does not assume a distribution).

Monte Carlo Simulation: Generates random paths for risk factors based on specified stochastic processes. The most flexible but computationally expensive.