[jamez1]

That is incorrect, most definitions you'll see of VaR are incorrect. Think about it logically - the purpose is to quantify the tail events you've observed in the past. Practically that would be the lower bound (as the future can surprise you more).

Read the discussion on VaR here if you're interested in the detail: https://martinkronicle.com/aaron-browns-red-blooded-risk/