Risk is a commonly misunderstood concept – even more so for private clients, who have to operate in world that is increasingly tilted toward institutions and professional investors. In this interview, long-time investor Jim Garland, who shepherded the Jeffrey family portfolio for many years, provides his guidance on how families should think about investing and how they can manage risk. The way Jim thinks, risk means the possibility of not having available the money you need at the time when you need it. And you definitely want to hear his analogy about ‘Chicken farmers’ and ‘Egg farmers’.