Not every investor looks at or defines risk in the same way and definitions of risk vary. The author argues that beta is only a moderately relevant measure of price volatility and that volatility is not necessarily risk. In fact, at the right valuation, high beta could be more of an indicator of extraordinary opportunity than high risk. At extremely high valuations, a high beta might imply significant risk. However, high valuation represents high risk, even on a low beta stock.The author suggests that for value investors, beta is no substitute for comprehensive research based on fundamentals.