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As a young lad growing up in South Dublin, I received certain geography lessons on where I could, or could not, safely roam.\xa0 In particular, I was warned not to stray north of O\u2019Connell Street.\xa0 I remember debating my mother on the issue, once when I wanted to go to a movie at a theatre near Parnell Square.\xa0 I can\u2019t remember exactly what I said, but I probably claimed that bad things didn\u2019t happen on the North Side quite as frequently as South Side mothers thought they did.\xa0 But my mother held her ground on this occasion\u2026someone might or might not get beaten up in Parnell Square that afternoon.\xa0 But if her son wasn\u2019t there, it wouldn\u2019t be him.\nAfter almost every speech, someone asks me about risks \u2013 what keeps me up at night.\xa0 And today, with a soft-landing economy and the stock market near record highs, it does seem like a good time to review risks.\xa0 But it\u2019s important to recognize the most obvious point about market risk.\xa0 The risk to you, as an investor, isn\u2019t simply the danger of some negative event \u2013 it is the product of the probability of that event and your exposure to it.\xa0 How you are positioned says a great deal about how worried you should be about any risk.