波动到底是风险还是收益？一文说清各种应对波动的策略︱重阳荐文

Core Viewpoint - Volatility is not risk itself; the true risk is "permanent loss." However, volatility manifests as risk, triggering investor fear and behavioral biases, turning risk into reality and providing opportunities for counterparties to profit [4][38]. Group 1: Perspectives on Volatility - Three views on volatility have emerged: 1. Risk-averse investors see volatility as risk that needs to be avoided [5]. 2. Risk-seeking investors view volatility as a source of returns that should be embraced [6]. 3. Value investors consider volatility to be neutral, with investment risk stemming solely from operational risks leading to permanent losses [7][39]. Group 2: Academic Perspective - The Sharpe Ratio, a key metric for assessing fund performance, emphasizes that returns should be evaluated against the risks taken to achieve them [17]. - Traditional financial theories, such as Markowitz's Modern Portfolio Theory, define risk as the uncertainty of future returns, represented by price volatility [18]. - Historical price fluctuations can create a false sense of security, as investors may not recognize the potential for future losses during periods of volatility [19][20]. Group 3: Practical Perspective - Warren Buffett has explicitly rejected the notion that volatility equates to risk, emphasizing that the most significant risk is the permanent loss of capital [24][26]. - Buffett's investment philosophy focuses on the intrinsic value of companies, viewing short-term volatility as mere "noise" that does not pose a substantial threat unless forced to sell at a loss [27]. Group 4: Trading Perspective - The view that "volatility equals returns" stems from the fact that many investors dislike uncertainty and volatility, particularly large funds [29]. - High volatility assets often trade at a discount, reflecting the risk aversion of investors, while the actual risk remains objectively present [30][31]. - Volatility can be treated as a tradable commodity, with strategies like options trading reflecting the relationship between volatility and risk [32][33]. Group 5: Nature of Volatility - Volatility is an inherent aspect of the financial world, reminding investors of the constant changes and the need to distinguish between what can and cannot be controlled [42].