“If someone comes to you and says they only invest in risky assets, but guarantee you limited downside volatility, they are either extraordinary geniuses – and they’re are probably only two of them on the planet – or they are liars. If you are investing in assets with an annualized volatility of 20 percent to 40 percent, you’re inevitably going to take two or three decent hits to your NAV each year.”

– Martin Taylor