Courage in investing isn't the absence of fear—it's acting despite trepidation, and if you wait until you're no longer afraid to invest, the opportunity has already passed, which is why the best time to invest is during a crisis when everyone else is too scared.
Reflecting on deploying $7 billion during the 2008 Lehman collapse with no data or precedent to rely on, Marks argues real conviction means investing while still afraid, because the opportunity disappears once the fear does. ✦ AI generated
Howard Marks · My First Million · 2026-07-15 · original ↗
starts at this moment · 19:32
A battle hero is not somebody who's unafraid. It's somebody who's afraid, but does it anyway. If you're running into a hell of bullets and you're not afraid, there's something wrong with you. But you do it anyway, because it's what you have to do... you have to do it despite your trepidation. And if you wait until you have nothing to be afraid about, probably the opportunity has passed.
verbatim transcript · starts at 19:32
19:32And I said, "Well, tell me your concerns." And he laid out his concerns. And I said, "Okay, I I understand it. Now go back to your desk and do your job." You know, a battle hero is not somebody who's unafraid. It's somebody who's afraid, but does it anyway. If you're running into a hell of bullets and you're not afraid, there's something wrong with you. But you do it anyway, because it's what
20:00you have to do. And I don't want to elevate, I'm not saying we're analogous to a a combat hero, but you have to do it despite your trepidation. And if By the way, if you wait until you have nothing to be afraid about, probably the opportunity has passed. >> That's a great point. You mentioned Bruce, and I wanted to ask you about this, cuz it seems like you guys have
20:26had a very long-term partnership now at what, 30-plus years? I think people don't talk about that enough, the value of compounding in a relationship, and how to be a good partner for the long-term. You know, a bad partnership can ruin you, but we don't really talk about what it takes to make a great partnership at the same time. If you were going to teach me and Sam, if we said, "Hey, Ben and Sam want
20:49to do this podcast for 30 years." Or, you know, I have a business partner, Ben, I want to be in business with him for 30 years. What do we got to get right to do that? >> Well, it's a great question, Jen, and it's very important. Bruce and I have been partners for 39 years this month. And it's one of the greatest things in our lives. After I think we would both say that
21:09after family and and maybe some good friendships it's really the best thing we've had. We've worked together closely for all that period. We've obviously produced a lot of success. Had a lot of fun. Have have never had a fight. We have intellectual disagreements but we've never had a fight. Probably because neither of us is really a financial maximizer. And a lot of fights are probably about money. The bedrock of
- ·Courage means acting despite fear, not without it
- ·A battle hero is afraid but does it anyway
- ·Waiting until fear passes means opportunity is gone
- ·Best time to invest: during a crisis
- ·Deployed $7 billion during the Lehman collapse
- ·No data or precedent to guide the decision
- ·Acted on conviction despite deep trepidation