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Putting VaR in its place

The widespread risk management tool has its uses, but there’s renewed focus on liquidity risk & concentrated trades.

By Eric Uhlfelder  With $2.1 billion in assets, John Burbank’s Passport Capital has long had a reputation for taking controversial positions that create volatile swings in returns. Investors have learned to brace themselves for the ride, believing they’d come out on top in the end. Even last year’s dramatic losses

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