When you hear "war", think of buying

Summary

Is it possible that stocks are safer than most people think, even risk-free over the long haul?

In this episode, I explore what it really means when the equity risk premium is zero and challenge the idea that stocks are “risky” compared to government bonds. Some believe that with a long enough time frame, the powerful growth of the market means investors almost always come out ahead.

But it’s not just market cycles that I examine. There’s a counter intuitive twist about crises like wars. While your gut might say “sell,” history and market behavior suggest the smarter move is to ask: what should I be buying?

Pssst, The Investing Course is open to new applicants

I lay out the practical mindset needed in turbulent times, and why moments of panic could be some of the best moments to act—if you know what you’re doing. If you’re serious about making the most of volatility and understanding the real nature of risk, you won’t want to miss the details and actionable takeaways from this discussion.

Full text:

**Podcast Episode: War Means Buy – The Long-Term Investor’s Mindset**

Welcome to this episode of the podcast—your space for long-term thinking, practical philosophy, and financial clarity. Today’s topic might surprise you:

**War means buy.**

Let’s begin.

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### Stocks Are “Risk-Free”… Sort Of

The Equity Risk Premium—ERP—is currently near zero. That means the expected return from owning stocks is roughly the same as from holding U.S. Treasury bonds.

Does that make stocks risk-free? Not really. But over the long term, they often behave that way. Time smooths out volatility. Markets recover. Top companies grow. Eventually, returns flow in—even if you overpaid a little.

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### War Means Buy

Here’s the core idea: when you hear the word “war,” think *buy*—not *sell*.

• Gulf War? Buy.

• 9/11? Buy.

• Trade war? Buy.

• Currency war? Buy.

You might wait a day or two for prices to settle, but your mindset should be one of opportunity. Ask: *What’s attractive now?* Reorder your priorities. Identify value. Then buy.

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### Always Be Investing

This isn’t just about stocks or war—it’s a life philosophy:

• Invest in your finances.

• Invest in your learning.

• Invest in your relationships.

• Invest in your health.

Think: What effort today creates a better tomorrow?

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### Treating Yourself Is Not the Same as Enjoying Life

In Swedish, we say *unna sig*—to “treat yourself.” But impulse consumption isn’t enjoyment. It’s trading your future for the present. Real joy is intentional and rooted in progress.

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### Avoid the “Work Hard, Play Hard” Doom Loop