Risk vs. Return

Higher expected returns generally accompany a wider distribution of possible outcomes. That distribution includes losses; it is not a hurdle that disappears with patience.

Measuring risk by volatility alone is incomplete. Drawdown depth, liquidity, concentration and time horizon all shape whether a position is appropriate for you.

The relevant question is rarely 'what is the highest return available', but 'which distribution of outcomes can I hold through without being forced to sell'.