New Delhi, May 6 -- Eduard Khemchan does not define risk by volatility alone. In his view, the more dangerous risks in modern financial markets are often the ones that remain understated while conditions appear favorable.

That perspective helps explain how he approaches capital. Surface movement matters, but it is rarely the whole story. Price stability can conceal fragility. Liquidity can appear deep until pressure rises. Technology can improve efficiency while increasing interdependence. The market signals most visible to participants are not always the ones that matter most.

Eduard Khemchan's sensitivity to hidden risk did not emerge from market theory in isolation. It developed through operating environments where conditions could s...