In the context of investing, 'risk disclosure' refers to:

Risk disclosure is a crucial aspect of investing, as it provides potential investors with vital information about the inherent uncertainties associated with an investment. This information includes the volatility and various risks that can affect the investment's performance, such as market risk, credit risk, liquidity risk, and specific risks related to the asset class or the company itself.

Comprehensive risk disclosure helps investors make informed decisions, ensuring they understand not just the potential for returns, but also the likelihood of losses and the factors that could impact their investment negatively. By being fully aware of these risks, investors can better align their investment choices with their risk tolerance and investment goals. This transparency is fundamental to responsible investing and is often mandated by regulatory bodies to protect investors.

The other options lack this comprehensive scope; while potential returns, legal disclaimers, and specific risks relating to penny stocks are relevant, they do not encompass the broader and essential concept of risk disclosure in the context of investing.