Every investor has been taught - either by an adviser, a fund manager, or the financial media - that volatility equals risk and is therefore a bad thing. If your balance goes up and down a lot, you’re “high risk.” If it barely moves, you’re “low risk.” Sounds tidy. Sounds scientific. Sounds like something an MBA would put on a whiteboard. But in the real world? Volatility is one of the least important  risks faced by everyday investors. The real dangers are far more practical