Fearing volatility (as defined by modern portfolio theory) can actually lead investors to do very risky things, such as selling stocks at market bottoms or abandoning sound business analysis in pursuit of portfolio smoothness.
causalpending
Speaker
Robert HagstromEvidence Quote
“Fearing that kind of volatility can lead you to do very, very risky things”
Source
Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It— Excess ReturnsCreated: 8/12/2026, 6:12:15 PM
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