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Suppose youve estimated that the fifth-percentile value at risk of a portfolio is 30%. Now you wish to estimate the portfolios first-percentile VaR (the value

Suppose youve estimated that the fifth-percentile value at risk of a portfolio is 30%. Now you wish to estimate the portfolios first-percentile VaR (the value below which lie 1% of the returns). Will the 1% VaR be greater or less than 30%?

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