When FTSE100 It dropped early last week so I took a chance and bought more Rolls Royce Shares (LSE:)

If I had been quick or brave enough I would have dived in on Monday (August 6) at the peak of volatility. I missed my moment but I was in early on Tuesday and bought at 455p as the stock started to stabilise.

They closed at just over 485p on Friday, so I’m 6% up on my trade. I don’t care about that “profit.” I’m not taking it. I plan to hold on to the stock for years as the company battles to become a global engineering powerhouse. The lower the entry price, the higher my share will fly, relative to its initial position. I’m not done yet. When the stock market volatility returns—and it always does—I’ll buy more.

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I accept that Rolls-Royce’s share price glory days are over. It’s up an incredible 472.88% in the last two years. It’s up 131.95% in the 12 months. The stock may not go up at all over the next year. It’s very likely to go down.

But the group’s £41bn first-half results, released on 1 August, suggest there is still a huge opportunity here, with chief executive Tufan Erginbilgic raising his full-year profit forecast from between £1.7bn and £2bn to between £2.1bn and £2.3bn.

There’s also revenue in the pipeline as Rolls finally plans to reinstate dividends. It’s on track to generate between £2.1bn and £2.2bn this year, so it can afford to do that.

If Tufan misses its targets, the disappointment will be huge. And if the US goes into recession and takes the rest of us with it, the volatile air travel sector will take a beating. Rolls is high-priced right now, trading at 34.95 times earnings. That’s why I’m holding on to the downside.

My first port of call in the next sell-off will be a FTSE 100 stock I don’t own: private equity specialist Intermediate Capital Group (LSE:ICG).

This is an alternative asset manager that provides capital to growing businesses and has performed remarkably well despite recent economic uncertainty. ICG’s share price is up 46.85% over the past year. It has delivered a total return of 915% over the past decade with dividends invested. I was looking forward to an affordable entry point.

I missed my moment on Monday as shares fell more than most on the FTSE 100, then recovered faster on Tuesday. The week ended 4.79% higher. Looks like I missed my chance again. I’ll be faster next time.

Unlike Rolls-Royce, Intermediate Capital Group seems like a good value to trade at 12.03 times earnings and a solid 3.97% growth. Maybe I don’t need that drop.

Of course, the group could struggle in a recession. Plus, the up-to-date Labor government is set to raise taxes on private equity. But the board is raising $13 billion a year in investment, suggesting growth could continue. I’m desperate to buy this. I’m only half-joking when I say we’re in for another market crash.