Understanding risk

The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall. The intelligent investor dreads a bull market, since it makes stocks more costly to buy. And conversely (so long as you keep enough cash on hand to meet your spending needs), you should welcome a bear market, since it puts stocks back on sale.

Jason Zweig – American journalist (b. 1959), in his “Commentary on the introduction” in the revised edition of “The Intelligent Investor” (2003)