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What is Value-at-Risk (VAR) ? How would one communicate a VAR risk measure (i.e. what is the proper wording of how to communicate a VAR)?

What is Value-at-Risk (VAR)? How would one communicate a VAR risk measure (i.e. what is the "proper" wording of how to communicate a VAR)? Is mention of, or at least an implied understanding of, the assumed probability necessary to communicate a VAR risk measure? How could a firm estimate VAR measurements?

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