Expected return the average outcome across many possible futures: the center of the cone, not a guarantee for any single run. Where it's taught Risk & Return: Volatility Is the Price of GrowthPay Down Debt or Invest? The Guaranteed-Return Crossover Try it with a calculator Risk vs. Return SimulatorPay Debt Vs Invest Calculator Appears in 4 other lessons You Just Got a Windfall: Where Should It Go?Diversification: The Closest Thing to a Free LunchAsset Allocation: How Much in Stocks vs Bonds?Coast FIRE: The Age You Can Stop Saving and Still Retire On Time Related terms DrawdownEmployer matchGuaranteed returnOrder of operationsRisk premiumRisk-adjusted returnRisk/return trade-offTime diversification