U.S. equity markets have been calmer in 2017 than any year in more than two decades. The CBOE Volatility Index (VIX) touched all-time lows. The S&P 500 Index has declined by more than 1% on only four days. And if the trend continues, this year would be the first since 2006 without a single 2% daily decline. But even so, investors should not get complacent. While market volatility is low, global volatility is not, and any number of unexpected events could trigger panic selling and a sudden spike in volatility. But neither should investors overreact. Prudent investors take a long-term view. They view higher volatility as a potential opportunity to find undervalued stocks rather than a threat to be feared.