Professional gambler and Museum of Old and New Art founder David Walsh issued a brutal warning to the 600-strong audience in Hobart that risk levels are rising and could ultimately sink returns in equities markets. “What is not clear to me is whether the variance, the amount of risk, isn’t also going up. If it is, and if that variance is expanding faster than the growth of the market, then one day it will all turn to shit.” MONA founder David Walsh says equities markets need growth to offset risk. At the annual conference, which raises funds for medical research,…