Quote #45

Brandes' point of view

By nature, markets are volatile. There’s a word for a market where prices never change: ”CLOSED.” Stock price volatility is just a measure of how much prices have moved. At Brandes, when we see prices move significantly away from our estimates of underlying intrinsic value—we see opportunity, not risk. 

Source: Redefining Risk and Return in Common Stock Investment from a Value Investing Perspective, The Brandes Institute Research Paper No. 2015-02, 2015