 We are doing financial risk management and in financial risk management today we're going to do a very important module that is portfolio risk management. We have discussed few areas regarding risk management in the beginning as introduction phase but here we will be doing with the key focus to portfolios because we have seen everywhere no one is keeping assets in their funds in just one asset. They have a portfolio to manage so portfolio risk management is critical for any business any individual as well. What we will be doing in this module we will just discuss a short point what we will be doing in this module and then we should come back and tick once we have done. So in this module we will be talking about portfolio risks and how these are being gauged how these are being calculated how they are going to impact us. In this we will be able to discuss about risk aversion that is with respect to human behavior as well as the norms of risk. Then we will have to greatly learn about return calculation because our main aim is returns so we need to know how they are being calculated specifically with respect to portfolio. Risk aversion is something that needs full attention because there are many types of individual some takes lot of risk some are very reluctant to take risk. So we need to discuss the types of risk their attitude how behavior is impact so overall impact of the neurology science and the impacts of mind what's going in the mind in this particular context. Portfolio standard deviation standard deviation you know is the mayor of risk so we will be applying and calculating with respect to portfolio how the whole portfolio standard deviation could be calculated. Similarly we will be talking about minimum variances and efficient frontier. These are the factors which tells us what is the best portfolio what is with respect to market portfolio where we should stand where we should split our investments. These are being discussed and we will be even looking at graphically how things are being moved on every investor has its own utility every investor has its own expectation. So that we will be discussing in capital allocation line that tells us what is going to be the impact of risk what is the expectation with respect to risk. We need not to worry about when we see these words because we will be spending a lot of time on it. So we don't need to worry about them we need to read them in detail. But we are making a list of what we need to discuss in this module. There are some things which we have basically touched briefly. Some will be revised and some will be discussed further in depth. Then as I have discussed capital asset allocation line separately we will be doing graphically how it's going to be impact how it is being interpreted. We will discuss all of this in detail. Calc is a modified version that is a unified area when we have consensus that make it to CML that is capital market line. So logic is the same but the expectation will be homogeneous. We will be discussing that. Then we will not restrict ourselves to standard aviation which is a total risk mayer. We will also capture other risk mayers like beta or beta as we just discussed in the beginning. And applying that we will be discussing systematic and non systematic risk. This is a categorization we have briefly discussed in the headings. Here we will discuss in depth how they will be captured, how they are being calculated and who gets the reward. Both will get it and one will get it. That's a key point. So this is a question mark in the mind that I have to get the risk return or non systematic return. We should address that. There is a theory of finance that is referred to as a bloodline or a very important one that is CAPM, capital asset pricing model. You might have discussed this in your basics but here we will be discussing it in great depth because its application utility is worldwide. All types of investors, all types of fund managers, they are referring it to it. They are looking into it and applying that. So we have to look at its applicability. We have to look at its uses. We need to know what assumptions are going on. We need to know how its dynamics are moving. We should even do with figures and we will apply it. When we calculate on the basis of beta and apply the risk, then we will be seeing an emerging line that is security market line. The concept is similar to the CML and CAL but here risk may be beta rather than standard. We will discuss this graphically and calculate it. We should have a thorough grip on this. As I said earlier, we will be demonstrating all of these with the aids of diagrams, with the aids of graphical implication which we will route. Then there is a factor which we are going to apply in calculation of returns and risk. So we will do that individual factor like CAPM and multi-factor model in which we will be discussing more than one factor. To further analyse these factors, there are different types of ratios and calculations. So like information ratio, active risk. So we will be talking about that in detail. Tracking risk, residual risk which is left, their strategies and coefficient. So overall, complete learning. Thank you.