The irony of risk is that when a risk is most obvious, most discussed and most feared, assets are normally being priced attractively to compensate for that risk. When risk is present but not feared, not apparent or not acknowledged, asset prices typically rise, which can lead to investors receiving inadequate compensation for the risks that they are taking. Risks that have not appeared for a long time are often assumed not to exist. But investment risks are always present whether or not we choose to pay attention to them and irrespective of whether or not they cause loss. In the January newsletter we will bravely attempt to discuss this point in the context of Australian residential property values, stay tuned!