Is it Brexit Uncertainty or Risk?

With all of the uncertainty surrounding the Brexit hoopla I thought it would be wise to take a second and be sure we are properly distinguishing between risk and uncertainty:

"Risk is a known set of possible future outcomes with known probabilities, while uncertainty is an unknown set of possible future outcomes with unknown probabilities. Both can be present in any opportunity.  Risk can be overcome by only undertaking projects with risk adjusted returns or transferred to another party by purchasing insurance or options.  Uncertainty, however, is an entrepreneurs domain and can create unexpected losses or  real opportunity, profit, and community enhancement."


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