Risk is not movement on a screen

Price volatility is visible, so it becomes an easy substitute for risk.

The more consequential risks are often quieter: permanent loss of capital, weak governance, too much debt, a disappearing advantage, or a thesis we refuse to revise.

A stable price can conceal a deteriorating business. A volatile price can surround an improving one.

Risk is not simply how uncomfortable the investment feels today. It is the probability and consequence of being unable to recover tomorrow.