Finally, investing in hedge funds can pose operational risk: risk of investment loss from inadequate or failed internal processes, people and systems, or problems with external service providers rather than an unsuccessful investment strategy.

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Eni now not only faces the prospect of ceding part of its 18.5% stake in the project to the Kazakh government, through the state-controlled Kazmunaigaz, there's the chance of a breakdown in relations with its fellow group members and the loss of its coveted position as operational leader.

FORBES: Kazakhstan Not Doing Eni Good

Since our price estimate already includes a healthy growth in diners seated over the future as well as the potential impact of the Foodspotting acquisition announced in January (see OpenTable Looks To Boost Diner Growth With Foodspotting Acquisition), we think that investors are underestimating the risks of its loss-making international business and its increasing operational costs.

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Furthermore, investors have become hypersensitive about operational risk and cost matters to business processes and technology that could result in catastrophic loss.

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This includes reviewing the operational risk framework, the effectiveness of the business self-assessment process, and the loss data-collection and reporting activities.

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The plan "will worsen passenger services through the loss of thousands of frontline workers from trains, stations, ticket offices, safety-critical infrastructure and operational roles", the MPs warned.

BBC: MPs criticise government's railway plan