“The investment surveyor must understand the different forms that risk takes, and techniques for its measurement and control. This, again, is a dynamic area of knowledge. Even the academics have got little further than equating risk with volatility, which is inadequate. But I am pointing at such concepts as market risk, specific risk, the tools of ‘alpha’ and ‘beta,’ standard deviation, scenario weighting and the concepts of smoothing out risk by efficient diversification.”

Michael Mallinson’s Summary at his 1989 address to the Investment Surveyors Forum (IPF’s 25th Anniversary Book “Developing property as an asset class – 1988 -2013”)