1. The article analyzes two stocks, SLB and Costco, with SLB having potential upside due to its strong position in the oil industry and Costco facing risks from its high valuation. 2. Interest in low-volatility growth stocks reflects a risk-averse market, but investing in cyclicals and emerging markets may offer better long-term safety. 3. The author suggests that high-quality cyclical and emerging market stocks, despite their volatility, may provide more safety and value in the long run.