Excerpted from Artemis Capital Management letter to investors, There is a tiresome debate as to whether or not volatility is an asset class. Let me end that debate... Volatility is the ONLY asset class. We are all volatility traders and the only question is whether we realize it or not.  If you disagree do me a favor and imagine you are an alien that just landed on earth and you know nothing about investing. Stocks, bonds, what are those? All you have to look at are numbers. Most investments will show upward growth in a steady and seductive line until...