Value investors like Graham/Buffett/Klarman generally define risk in terms of the price that you pay relative to intrinsic value. They would not agree that targ

Value investors like Graham/Buffett/Klarman generally define risk in terms of the price that you pay relative to intrinsic value. They would not agree that targeting low-volatility inherently lowers risk, so I can't imagine both sides agreeing to award bonus points for that. Second point not related to parent post: it seems that picking the experts is every bit as hard as directly picking great investments. There are so many investors who were portrayed in the financial press as "The next Buffett" but went on to have poor returns. I can think of four or five of these guys off the top of my head. And then beyond that there must be literally tens of thousands of full-time mutual fund salesmen who fail to pick mutual funds for their clients that beat the market. So in addition to the underperformance of the funds, there's very often another layer of scraping on the transaction.