Volatility equals opportunity Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” Warren Buffett
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Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.” Benjamin Graham
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I have never thought of volatility as a measure of risk. The investment business tends to think there is some correlation between volatility and risk and I don't think that is true. We are not concerned with price fluctuations and to the extent that the price drops, we can take advantage of that and can buy more of the same thing." Mohnish Pabrai