It's important to understand that growth stocks have a lot of investor expectations driving them higher. This is why they trade at high PE ratios. In fact, they are the most expensive stocks in the market.
If these expectations are dashed due to poor quarterly results or some unexpected event, then growth stocks will crash.
There's also the risk of higher interest rates. If interest rates rise, it puts breaks on growth stocks and their plans.
Investors who have a low risk-appetite may want to reconsider pursuing a growth-oriented investing strategy.