How Do You Interpret This VaR Statistic: Prob (R_p $\le$ -009) = 23%?
A) If Your Portfolio Declines by 9

How do you interpret this VaR statistic: Prob (R_p $\le$ -0.09) = 23%?

A) If your portfolio declines by 9% or more, that decline is expected to be followed by a 23% increase in value
B) Your portfolio is expected to lose at least 9%, but not more than 23% in any given year
C) There is a 23% chance that your portfolio will be worth at least 9% less one year from now than it is today
D) Sometime in the future, your portfolio is expected to lose 9% or more in a single year, but have an overall average rate of return of 23%
E) If your portfolio rises in value by at least 23%, you should expect a market correction of 9% or more