Risk is perceived and subjective. It's not cast in stone. People who perceive risk are often victims of recency bias. They place too much emphasis on recent events, extrapolate them into the future thinking it will last forever. This is why when a metal goes up four years in a row suddenly everyone wants to have a piece of it assuming it will keep rising. When the stock market crashes and stocks hit new lows month after month, suddenly no one wants to own stocks perceiving them as very risky. Ironically they're really far safer than they were at four times the current price when people made a mad scramble for them. They could rise 2-3 fold from the low levels. This makes it a high yield low risk opportunity for patient investors, the downward risk being limited where some stocks are selling for less than cash value.