Warren Buffet has about written the difference between volatility and risk and how many investors conflate these concepts, costing themselves money. However, Buffet has also been just as clear that investing in equities should be done with at least a 10 year horizon.
"Stock prices will always be far more volatile than cash-equivalent holdings. It is true, of course, that owning equities for a day or a week or a year is far riskier (in both nominal and purchasing-power terms) than leaving funds in cash-equivalents.
"Anyone that might have meaningful near-term needs for funds should keep appropriate sums in short dated liquid investments or insured bank deposits."
"For the great majority of investors, however, who can — and should — invest with a 10 year plus horizon, stock market declines are unimportant. The focus should remain fixed on attaining significant gains in purchasing power over the longer horizon. A diversified equity portfolio, bought over time, will prove far less risky than low yielding government bonds".