Dear Young Investor,

I hope you are doing well, and that the lessons we’ve covered so far have been useful in guiding you through the early stages of your investing journey.

In the last letter, I wrote about something I believe sits at the very foundation of investing success: character. We looked at how humility, integrity, tenacity, self-awareness, and adaptability are what really shape an investor’s journey. And if you remember, I shared that character is mostly revealed not when things are easy, but when they’re falling apart.

That brings me to today’s letter. Now, if character is the soil in which good investing habits take root, then courage is the water that keeps those habits alive through storms. And courage, I’ve learned, has a strange yet strong relationship with fear. The more you face fear, the more courage you seem to grow.

There’s a story I read a few years ago, that captures this idea beautifully and moves me every time I revisit it. It’s about a young swordsman who approaches a much older, battle-worn warrior. The young man, full of curiosity and uncertainty (like you are), asks the old fighter, “Aren’t you ever afraid before going into battle?” The old man doesn’t say anything at first. He just keeps sharpening his blade. Eventually, he looks up and says, “Every day.” The young man is surprised. “But how can you be both courageous and scared?” And the old warrior calmly replies, “Without fear, there can be no courage.”

That hit me, especially as an investor. Because to be honest, this whole game of investing, where you commit your hard-earned money to an uncertain future, can be terrifying. When I started, I didn’t fully grasp how much of investing was emotional. I thought it was about formulas, ratios, and research. And yes, those things matter. But they’re not enough. Over time, I realised that what separates a thoughtful investor from a reckless one, or even a consistently successful one from an erratic one, is how they deal with fear.

I’ve been fearful many times in my years of being an investor. Fearful of making mistakes, losing money, missing out on opportunities, and not being able to provide for my family. And I have seen the same emotion of fear run through many of the accomplished investors I have interacted with over these years.

So, fear isn’t rare in this journey. It’s a regular visitor. But it’s what you do with that fear that defines your path. Most of the time, fear leads us to worry about all the worst-case scenarios. But once in a while, if you listen closely, it also points you toward what matters most.

There was a phase in my life, around the late 2000s, when I used to ask myself some difficult, even uncomfortable, questions. What if I lose my job and can’t pay my EMIs? What if I don’t have enough for my family’s healthcare? What if something happens to me and I haven’t protected my family? What if my investments don’t do well and I retire without enough money to see me and my wife through our old age? What if inflation eats away the value of everything I’ve built?

Now, in hindsight, these questions didn’t come because I was paranoid. Instead, I asked them because I cared. They came from a deep desire to not be caught off guard. And over time, they forced me to act cautiously, but also decisively.

So, I built my emergency fund out of fear. I bought term insurance out of fear. I also invested consistently, month after month. And this was not because I had some heroic conviction, but because I didn’t want to look back with regret.

Between 2003 and 2011, I saved and invested a lot (relative to my abilities and needs). And nowhere along the way did I pick some multi-bagger stocks that earned me quick and huge wealth. But I let my worries shape a disciplined system.

That discipline gave me the freedom to pay off my home loan. And that freedom, in turn, gave me the courage to quit my job and build what is now in front of you—this platform, this work, and this independent voice that isn’t afraid to speak what it believes is right.

So yes, worry played a huge role. And I’m not ashamed of it. In fact, I believe that many of the most thoughtful investors out there are worriers at heart. They ask the hard questions. They think through the downsides. They build an adequate margin of safety. And they do all this not because they expect to fail, but because they respect uncertainty. And in doing so, they become warriors. Not the chest-thumping kind, but the silent and resilient ones.

But let me be clear: there’s a difference between worry that guides and worry that cripples. There’s healthy worry that pushes you to plan, prepare, and protect. And there’s toxic worry, that keeps you stuck, over analysing, underacting, and waiting endlessly for perfect clarity.

I’ve seen too many young investors fall into that trap. They think, “I’ll start investing when I know more… when the market is more stable… when the valuation is just right.” But markets are like a pendulum. They are never stable for long. Also, you never have ‘perfect’ knowledge or clarity. In fact, waiting for perfection is just another way of saying you’re afraid to begin.

And that’s okay. But begin anyway. The most courageous investors I know weren’t the ones who waited for the right moment, but the ones who began in spite of their doubts. Who made small bets, learned from their mistakes, and grew their courage with every step.

Even today, fear visits me before every investment decision. But the difference now is that I recognise it, accept it, and then act anyway.

And I want you to do the same. Because courage is not the absence of fear, it’s the act of walking forward even when fear is present.

There’s a powerful line I once read that’s stayed with me:

Visualise yourself dead with all your dreams and aspirations unattempted.

It’s harsh, I know. But sometimes we need that kind of wake-up call. It reminds us that time is slipping away and that, in the end, what matters isn’t how scared we were, but whether we showed up anyway.

So let me leave you with this. You will worry. You will wonder if you’re doing the right thing. And you will feel unprepared, and at times, lost. That’s part of the path. But don’t let that stop you. Instead, let your worry lead you to plan well and be disciplined.

And every time you find yourself asking, “Am I cut out for this?” just remember the old warrior, sharpening his sword. When asked if he was afraid, he didn’t deny it. He accepted it. Because that fear was the very proof that he was still alive, still learning, and still fighting.

Be that kind of investor.

With warmth and a little worry,
Vishal