As I progress through my Master of Finance program, I’ve been continually bamboozled as to why Tradfi equates volatility with risk, even if that volatility is to the upside.

But then it clicked for me — many investors are highly levered and can’t afford the downward volatility without being wiped out.

Avoiding leverage is almost heretical in the current financial paradigm (why *wouldn’t* you long assets and short devaluing dollars?), but doing so allows investors to be anti-fragile — that is, to become strengthened from the volatility.

Volatility isn’t risk; it’s opportunity.

#bitcoin