Here is one article Some Common ways of Measuring Risk. If you delve into this topic I think it is fair to state that it is a complex topic. This comes up a lot in investing and FWIW is basically the "holy grail" for large institutions like public sector pension funds in managing an investment portfolio Capital Asset Pricing Model. Basically investors aren't compensated with a risk premium for accepting individual company risk. Much had been written about this and the main "pioneers" in developing this concept received Nobel priz s in Econ. There is a thread in the Business and Investment forum where a hedge fund manager does a lot of posting that has a lot to do with how his hedge fund manages risk. David Sklansky has made some posts describing what amounts to rank speculation, taking on mostly individual company risk. People that followed these recommendations would have made a lot of money. Point being that he certainly made an EV calculation that certainly involved the concept of measuring the risk involved (there was less risk than what the market was assessing the risk to be).

I don't know.