Tom Howard of AthenaInvest recently published a research report titled Behavioral Portfolio Management which reveals a new look at the misplaced emphasis on volatility AS risk. The startling idea is that the financial industry mistakenly panders to client emotional reactions to short-term investment volatility. In turn, investors are being led into portfolio investments in low return markets. The unintended consequence being they may miss their desired wealth accumulation for retirement simply to get a less bumpy ride along the way.