The most successful fund managers over time are typically contrarians—those who are inclined to zig when the market zags. Rupal J. Bhansali is one such value investor whose patience and emphasis on risk management has helped set her apart from her peers. In this brief interview, Bhansali draws the important distinction between risk and volatility, addresses the perils of “value traps,” and shares other valuable lessons that she has learned over the course of her investing career.