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Which of the following statements regarding risk budgeting NOT correct? A. Absolute or asset risk refers to the total possible losses over a horizon. B. Funding risk is the risk that the values of assets will not be sufficient to cover the liabilities of the fund. C. There is a trend toward using a global custodian in the risk management of investment firms. D. Two components of sponsor risk are cash-flow risk, which is the variation of earnings, and economic risk, which addresses variations of contributions to the pension fund. |