Wealth with Intention

Courage is the principle people picture wrong. It sounds like a bold move made at the bottom of a crash. In practice, it is almost always the opposite: sitting still while every instinct you have argues for action.

A historical perspective helps inform and guide investment decisions, and I have written about how that pairs with the investing principle of consistency. But perspective alone is not enough. Holding a disciplined position through uncertainty and fear takes something more, and that is where courage comes in. It is one of three principles we come back to constantly, and the overview of all three explains how they connect.

The short answer

Courage in investing is the willingness to keep following your plan when the market gives you every reason not to. It is rarely dramatic. It usually means continuing contributions during a decline, rebalancing toward what has fallen, and declining to move to cash because the news is loud.

• From 1980 through 2025, the S&P 500 fell by an a
...