I think risk tolerance in investing is curvilinear:
When you start you’re looking for quick thrills and to double your money. The stakes are low in absolute terms, slow gains seem too slow, you’re trying to hit big.
Once you have moderate wealth, preservation becomes a priority. You appreciate that time in the market means something, you appreciate the 8th wonder of the world. Dividends become meaningful. You build a moat with bank stocks and precious metals.
Once you’re very wealthy, the marginal benefit of money shrinks. You want to hit home runs, but don’t have concerns about volatile or risky plays. Your quality of life can’t be affected on the downside.