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\nI am writing this series\u00a0of letters on the art of investing, addressed to a young investor, with the aim to provide timeless wisdom and practical advice that helped me when I was starting out. My goal is to help young investors navigate the complexities of the financial world, avoid misinformation, and harness the power of compounding by starting early with the right principles and actions. This series is part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.<\/em><\/em><\/p>\n
\nDear Young Investor,<\/p>\n
I hope you are doing well, and that the lessons we\u2019ve covered so far have been useful in guiding you through the early stages of your investing journey.<\/p>\n
In the last letter, I wrote about something I believe sits at the very foundation of investing success: character<\/em>. We looked at how humility, integrity, tenacity, self-awareness, and adaptability are what really shape an investor\u2019s journey. And if you remember, I shared that character is mostly revealed not when things are easy, but when they\u2019re falling apart.<\/p>\n<\/p>\nThat brings me to today\u2019s letter. Now, if character is the soil in which good investing habits take root, then courage<\/em> is the water that keeps those habits alive through storms. And courage, I\u2019ve learned, has a strange yet strong relationship with fear. The more you face fear, the more courage you seem to grow.<\/p>\nThere\u2019s a story I read a few years ago, that captures this idea beautifully and moves me every time I revisit it. It\u2019s 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, \u201cAren\u2019t you ever afraid before going into battle?\u201d The old man doesn\u2019t say anything at first. He just keeps sharpening his blade. Eventually, he looks up and says, \u201cEvery day.\u201d The young man is surprised. \u201cBut how can you be both courageous and scared?\u201d And the old warrior calmly replies, \u201cWithout fear, there can be no courage.\u201d<\/p>\n
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\u2019t fully grasp how much of investing was emotional. I thought it was about formulas, ratios, and research. And yes, those things matter. But they\u2019re 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.<\/p>\n
I\u2019ve 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.<\/p>\n
So, fear isn\u2019t rare in this journey. It\u2019s a regular visitor. But it\u2019s what you do<\/em> 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.<\/p>\nThere 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\u2019t pay my EMIs? What if I don\u2019t have enough for my family\u2019s healthcare? What if something happens to me and I haven\u2019t protected my family? What if my investments don\u2019t 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\u2019ve built?<\/p>\n
Now, in hindsight, these questions didn\u2019t 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.<\/p>\n
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\u2019t want to look back with regret.<\/p>\n
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 multibagger stocks that earned me quick and huge wealth. But I let my worries shape a disciplined system.<\/p>\n
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\u2014this platform, this work, and this independent voice that isn\u2019t afraid to speak what it believes is right.<\/p>\n
So yes, worry played a huge role. And I\u2019m not ashamed of it. In fact, I believe that many of the most thoughtful investors out there are worriers <\/em>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. <\/em>Not the chest-thumping kind, but the silent and resilient ones.<\/p>\nBut let me be clear: there\u2019s a difference between worry that guides and worry that cripples. There\u2019s healthy worry that pushes you to plan, prepare, and protect. And there\u2019s toxic worry, that keeps you stuck, overanalysing, underacting, and waiting endlessly for perfect clarity.<\/p>\n
I\u2019ve seen too many young investors fall into that trap. They think, \u201cI\u2019ll start investing when I know more\u2026 when the market is more stable\u2026 when the valuation is just right.\u201d But markets are like a pendulum. They are never stable for long. Also, you never have \u2018perfect\u2019 knowledge or clarity. In fact, waiting for perfection is just another way of saying you\u2019re afraid to begin.<\/p>\n
And that\u2019s okay. But begin anyway. The most courageous investors I know weren\u2019t 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.<\/p>\n
Even today, fear visits me before every investment decision. But the difference now is that I recognise it, accept it, and then act anyway.<\/p>\n
And I want you to do the same. Because courage is not the absence of fear, it\u2019s the act of walking forward even when fear is present.<\/p>\n
There\u2019s a powerful line I once read that\u2019s stayed with me:<\/p>\n
Visualise yourself dead with all your dreams and aspirations unattempted.<\/em><\/p>\nIt\u2019s 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\u2019t how scared we were, but whether we showed up anyway.<\/p>\n
So let me leave you with this. You will worry. You will wonder if you\u2019re doing the right thing. And you will feel unprepared, and at times, lost. That\u2019s part of the path. But don\u2019t let that stop you. Instead, let your worry lead you to plan well and be disciplined.<\/p>\n
And every time you find yourself asking, \u201cAm I cut out for this?\u201d just remember the old warrior, sharpening his sword. When asked if he was afraid, he didn\u2019t deny it. He accepted it. Because that fear was the very proof that he was still alive, still learning, and still fighting.<\/p>\n
Be that kind of investor.<\/p>\n
With warmth and a little worry,
\u2014Vishal<\/p>\n
\nDisclaimer: <\/strong>This article is published as part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.\u00a0All Mutual fund investors have to go through a one-time KYC (Know Your Customer) process. Investors should deal only with Registered Mutual Funds (\u2018RMF\u2019). For more info on KYC, RMF & procedure to lodge\/ redress any complaints, visit\u00a0dspim.com\/IEID<\/a>.\u00a0Mutual Fund investments are subject to market risks, read all scheme related documents carefully.<\/em><\/p>\n
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I am writing this series\u00a0of letters on the art of investing, addressed to a young investor, with the aim to provide timeless wisdom and practical advice that helped me when I was starting out. My goal is to help young investors navigate the complexities of the financial world, avoid misinformation, and harness the power of compounding by starting early with the right principles and actions. This series is part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.<\/em><\/em><\/p>\n Dear Young Investor,<\/p>\n I hope you are doing well, and that the lessons we\u2019ve covered so far have been useful in guiding you through the early stages of your investing journey.<\/p>\n In the last letter, I wrote about something I believe sits at the very foundation of investing success: character<\/em>. We looked at how humility, integrity, tenacity, self-awareness, and adaptability are what really shape an investor\u2019s journey. And if you remember, I shared that character is mostly revealed not when things are easy, but when they\u2019re falling apart.<\/p>\n <\/p>\n That brings me to today\u2019s letter. Now, if character is the soil in which good investing habits take root, then courage<\/em> is the water that keeps those habits alive through storms. And courage, I\u2019ve learned, has a strange yet strong relationship with fear. The more you face fear, the more courage you seem to grow.<\/p>\n There\u2019s a story I read a few years ago, that captures this idea beautifully and moves me every time I revisit it. It\u2019s 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, \u201cAren\u2019t you ever afraid before going into battle?\u201d The old man doesn\u2019t say anything at first. He just keeps sharpening his blade. Eventually, he looks up and says, \u201cEvery day.\u201d The young man is surprised. \u201cBut how can you be both courageous and scared?\u201d And the old warrior calmly replies, \u201cWithout fear, there can be no courage.\u201d<\/p>\n 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\u2019t fully grasp how much of investing was emotional. I thought it was about formulas, ratios, and research. And yes, those things matter. But they\u2019re 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.<\/p>\n I\u2019ve 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.<\/p>\n So, fear isn\u2019t rare in this journey. It\u2019s a regular visitor. But it\u2019s what you do<\/em> 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.<\/p>\n 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\u2019t pay my EMIs? What if I don\u2019t have enough for my family\u2019s healthcare? What if something happens to me and I haven\u2019t protected my family? What if my investments don\u2019t 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\u2019ve built?<\/p>\n Now, in hindsight, these questions didn\u2019t 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.<\/p>\n 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\u2019t want to look back with regret.<\/p>\n 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 multibagger stocks that earned me quick and huge wealth. But I let my worries shape a disciplined system.<\/p>\n 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\u2014this platform, this work, and this independent voice that isn\u2019t afraid to speak what it believes is right.<\/p>\n So yes, worry played a huge role. And I\u2019m not ashamed of it. In fact, I believe that many of the most thoughtful investors out there are worriers <\/em>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. <\/em>Not the chest-thumping kind, but the silent and resilient ones.<\/p>\n But let me be clear: there\u2019s a difference between worry that guides and worry that cripples. There\u2019s healthy worry that pushes you to plan, prepare, and protect. And there\u2019s toxic worry, that keeps you stuck, overanalysing, underacting, and waiting endlessly for perfect clarity.<\/p>\n I\u2019ve seen too many young investors fall into that trap. They think, \u201cI\u2019ll start investing when I know more\u2026 when the market is more stable\u2026 when the valuation is just right.\u201d But markets are like a pendulum. They are never stable for long. Also, you never have \u2018perfect\u2019 knowledge or clarity. In fact, waiting for perfection is just another way of saying you\u2019re afraid to begin.<\/p>\n And that\u2019s okay. But begin anyway. The most courageous investors I know weren\u2019t 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.<\/p>\n Even today, fear visits me before every investment decision. But the difference now is that I recognise it, accept it, and then act anyway.<\/p>\n And I want you to do the same. Because courage is not the absence of fear, it\u2019s the act of walking forward even when fear is present.<\/p>\n There\u2019s a powerful line I once read that\u2019s stayed with me:<\/p>\n Visualise yourself dead with all your dreams and aspirations unattempted.<\/em><\/p>\n It\u2019s 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\u2019t how scared we were, but whether we showed up anyway.<\/p>\n So let me leave you with this. You will worry. You will wonder if you\u2019re doing the right thing. And you will feel unprepared, and at times, lost. That\u2019s part of the path. But don\u2019t let that stop you. Instead, let your worry lead you to plan well and be disciplined.<\/p>\n And every time you find yourself asking, \u201cAm I cut out for this?\u201d just remember the old warrior, sharpening his sword. When asked if he was afraid, he didn\u2019t deny it. He accepted it. Because that fear was the very proof that he was still alive, still learning, and still fighting.<\/p>\n Be that kind of investor.<\/p>\n With warmth and a little worry, Disclaimer: <\/strong>This article is published as part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.\u00a0All Mutual fund investors have to go through a one-time KYC (Know Your Customer) process. Investors should deal only with Registered Mutual Funds (\u2018RMF\u2019). For more info on KYC, RMF & procedure to lodge\/ redress any complaints, visit\u00a0dspim.com\/IEID<\/a>.\u00a0Mutual Fund investments are subject to market risks, read all scheme related documents carefully.<\/em><\/p>\n
\n
\u2014Vishal<\/p>\n
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