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Power Play: Should you be concerned about volatility?

A trader works on the floor of the New York Stock Exchange.
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Should investors flee or welcome volatility?

The volatility index has been skirting around the teens, inching towards the twenties. It currently stands at 14.87, up 13.96 percent this past month.

But that's not necessarily bad news, according to John Wilson, CEO and co-CIO of Sprott Asset Management.

"To us, volatility equals opportunity. We buy fund equity and options so higher volatility gives us more opportunity to do those trades," Wilson told CNBC's "Power Lunch. "

But one strategist says it's not worth trading volatility because of the high risks.

"Predicting VIX is like predicting oil prices. It's even harder than guessing oil, " according to Zachary Karabell, Head of global strategy at Envestnet, a publicly traded financial services firm.

"Unless you can tell me that you have a high level of conviction of what the market reaction to something like the Fed rate hike is going to be, I don't want to," he said.

Instead of short term volatility, Karabell said to "think more about where you want to be long term."

"Take advantage of when there's not a lot of movement in the market and use that to think about the world and what you want to do moving forward."