"No options, no futures, no margin buying, no leverage". You still are confused about what a multiplier is. You seem to be using the term applied to a financial ratio, specifically the debt-to equity ratio, sometimes called the equity multiplier in a very confused way. That is applied to the company and not the shareholders. You reference to "bulge banks' is even more instructive. You seem to think this is a bank run. Even more instructive is the trading range for "the last seven years." What happened 7 years ago? A seem to recall a big stock market crash? The way to measure volatility is the relevant share price to the stock market, called a beta. 1.0 is volatility matching the market, 1.20 means it's 20 percent more volatile. HE's beta is .44, much more like a bond price. HE has paid a quarterly 31 cent divided since 1999. Not like a bond, but more like a British Consol. And in checking the share price today I was shocked to see it seems to have leveled out to just above 3.