What causes some investors to fear volatility? I suspect it is that any share price decline signifies a disruption in their expectations. If you work hard and have $10,000 left over from your labor, and choose to buy an ownership stake in a business that has a track record of growing, you expect to not only see that $10,000 be maintained but grow as well. If your investment falls in value to $6,000, the evaporated $4,000 feels as though you had nothing to show for your labor. Even in instances where that investment may first rise to $16,000 but then fall down to $12,000, it still feels like a loss because we are pretty darn good at treating increases in the value of investments as though it is some permanent marker of wealth that has been rebased upward.