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Quarterly Investment Update Q2 2025: Separating uncertainty from risk as we prepare for what's ahead

Last Updated: November 25, 2025

When it comes to managing wealth, there is a big difference between the concepts of “risk” and “uncertainty”. Risk is deemed to be quantifiable in some way, allowing managers to construct portfolios with the right balance between assets and the right mix within those asset classes. At least then we might have some idea of the potential gains and losses to which clients are exposed.