There is no stock market risk, there is only business risk because stock is a part of a business. -If you follow Graham's approach-
Commodity businesses have risk unless you are a low-cost producer.
If you pay too much for a low-risk business, there is usually a risk of time rather than loss of principal.
Volatility is the best friend of *real* investor. Not if you're on margin but, if you're an investor you aren't on margin.
Ignore the financial professors that teach risk equal to volatility.
[Full Videos of Berkshire Hathaway Annual Meeting 1997]
[ABOUT - Collection: Warren Buffett]
Whenever, I search up on fund managers that practice value investing. All of them done 1 common thing that is, they study whatever they can about Warren Buffett from his annual letters, annual meeting or even interviews. Hence, I decided to do the same and share it together with all of you so that we can learn and grow together :)
Check out all Collection: Warren Buffett, click ↑↑↑
[My 2 Cents]
6 minutes talk, 5 takeaways.
This is one of the best videos in Collection: Warren Buffett, will rewatch it every year.