A whole generation of quantitative analysts have been taught that volatility equals risk.  The thought process goes that if an asset price is more volatile, then it is much more likely to move against you.

So the more volatility in prices, the more risk in your portfolio.

I was taught that volatility does not equal risk, but rather that volatility equals opportunity.

One of the regular viewers of my daily market recap show reached out after I mentioned Louis Rukeyser and the infamous show Wall Street Week.  He remembered watching the show in the early 1980s and following the insights of technical analyst Robert Nurock who provided a Technical Market Index for the show, also known as “The Elves”.