In investing, risk comes primarily from these four aspects –
Inability to sell your investment – Liquidity Risk
Possibility of capital loss – Market Risk and Quality Risk
Possibility of returns lower than annual inflation – Inflation Risk
Focus on a few securities only – Concentration Risk
Specific portfolios can have additional risks, in general, if you are an active investor, these are some standard risks that all portfolios face.
Your job is to manage risk. If you don’t want to or not able to, then you need to manage your managers. If you don’t manage your managers, then they will manage you!