Winners in the 2015 Brandes Institute “Call for Papers” contest—Dr. Eben Otuteye and Mohammad Siddiquee—make the case that volatility is not risk. Price volatility is an inherent characteristic of certain assets. When buying stocks or bonds or real estate, we accept that fluctuations in price are inevitable. So when prices fluctuate, we shouldn’t be surprised. Yet we often turn volatility—which is not always risk—into risk by mishandling it. How? By selling when the market is down and buying when the market is up. By acting emotionally, rather than rationally.