The first risk investors need to understand is the difference between general obligation and revenue bonds.
The first risk is missing the ball altogether or bunting foul.
The first risk is that the campaign will be a sham: empty posturing about side issues.
The first risk case, "seeds of dystopia," starts from concern that globalization is not delivering on its promises.
"To oversimplify, the first risk is that rates will remain low, and the second is that they will not".
"The very first risk factor we report on Page 1 are significant losses we may face from catastrophes and severe weather," he said.
The first risk is that devolution will be anything but – a decentralisation of responsibility while power remains firmly at the centre.
Old fears have returned to remind them of the many risks 2015 may bring.The first risk, ironically, is the consequence of good news.
The first risk for Geoff Hoon and Tony Blair is that Hutton may conclude that they behaved unreasonably in their actions, and that they equated the government's reputation with a breach of national security.
Mr. Dowd said that the party's first risk would be in national elections, but that it could trickle down to the states as well — particularly in places like Texas, which has a big Hispanic vote.
"Absent that first step, that first risk, we might not have had the momentum to move forward, to get to the Good Friday accords and all that has followed," Clinton said.
