Question: Consider figure 12.4 below from the Hull book. It is the probability distribution for gain in portfolio value during time T and at confidence level

Consider figure 12.4 below from the Hull book. It is the probability distribution for gain in portfolio value during time T and at confidence level X%. Discuss the pitfalls of using VaR at level V. Would you recommend another risk measure? If yes, discuss the tradeoff between VaR and this other risk measure.

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