Rephrase attempt: If you were to buy and hold a company’s stock, and you don’t expect to know better than the market, then your anticipated gains over time are independent of what you think the company’s underlying value will do (since the market has already priced that in). But you should still anticipate gains over time due to volatility’s effect on pricing.
Rephrase attempt: If you were to buy and hold a company’s stock, and you don’t expect to know better than the market, then your anticipated gains over time are independent of what you think the company’s underlying value will do (since the market has already priced that in). But you should still anticipate gains over time due to volatility’s effect on pricing.
Yes. Your understanding is in line with the idea of risk-adjustment.