Fear and Greed

Going into a crisis can give us a stark reality check. Our life has changed. At some point, we have to break free from living in denial. We have to accept where we are and figure out where we want to go. 

I learned this lesson early in my journey, when I was in solitary confinement and facing a life sentence.

Life as I knew it was over. The concept of rebuilding from all the loss seemed overwhelming. As difficult as it was, I knew I had to change. Leaders helped me understand that every decision I made would influence the man I’d become at the end of my sentence.

One of the most valuable lessons I learned during the 26 years I lived as a prisoner was understanding two powerful human emotions that drive both individuals and markets alike: fear and greed. I still use that lesson today.

Warren Buffett, a mentor I admired from afar, put it best when he said, "Be afraid when others are greedy, and greedy when others are afraid." This simple, yet profound advice changed how I viewed decision-making—not just in financial markets, but in life itself. 

Fear and Greed in Markets and Life

Fear and greed are not merely stock market emotions.

• Fear surfaces when uncertainty looms, pulling people into hesitation or poor decisions driven by panic.
• Greed, on the other hand, creates an overwhelming craving for more, often leading to impulsive and risky actions.

These two emotions shape how markets move, how people interact, and how opportunities arise and dissipate.

While serving a sentence, I experienced these emotional extremes firsthand. Fear is what the system wanted me to feel.

• You’ll never rebuild your life.
• Are you a convict or an inmate?
• The odds are stacked against you.
• Forget about the world outside and focus on your time in prison.
• We don’t care anything about your future, we only care about security of the institution.

Greed tempts people to cut corners for short-term rewards.

With a 45-year sentence, I had to make a choice. I could either focus on the success I wanted to build and the man I aspired to become, or react impulsively to emotions. Later, that concept led me to develop the Straight-A Guide, a program that I use to teach more than 1 million people in jails and prisons, thanks to my collaboration with prison systems and the Edovo Foundation.

Just as in life, markets fluctuate as humans respond to fear and greed. By mastering these emotions, we, like intelligent investors, can focus on the long-term horizon, rather than being driven by short-term volatility. 

Lessons from Prison and Warren Buffett 

During my time in prison, I studied leaders like Warren Buffett to better understand how they made decisions in turbulent times. Earlier today, on April 21, 2025, CNBC published a story about Buffett’s approach during the 1974 market crash. Amid rising inflation, political instability, and a bear market that slashed the Dow Jones Industrial Average by over 50%, Buffett remained calm. He recognized that markets overreact when fueled by fear, and he used these downturns to buy valuable investments at dramatically discounted prices.

Rather than seeing the crisis as an obstacle, Buffett saw it as an opportunity. His outlook taught me an important lesson about looking beyond current circumstances. Whether navigating the hard realities of imprisonment, or preparing for the unknown challenges I'd face in the future, I learned to focus on long-term growth rather than reacting to short-term turbulence. That discipline led to opportunities I couldn’t have imagined at the start of my sentence. It led me to becoming a multi-millionaire within a relatively short time after my release from prison.

Applying Fear and Greed to Your Journey 

You don’t need to be an investor to apply Buffett’s philosophy. Fear and greed influence how people make decisions about preparation to overcome any crisis. Manage the emotions of fear and greed to create success in your life:

Develop a Vision for the Long Term 

When I was in prison, I asked myself one critical question every day: “What kind of person do I want to become?” That vision drove my decisions, from earning degrees to writing books. Similarly, you need to define what success looks like for you in five, ten, or even twenty years. Write your goals. Your vision is how you define success. If you don't know what you want, you may go in the wrong direction. Don't let fear or greed pull you off course.

Stay Calm in Volatility 

Life, like markets, can be unpredictable. At some point, a situation may feel like it’s falling apart—but that's exactly when emotional discipline matters most. Ask yourself, “Will this matter in five years?” When others panic or give up, keep your head clear and focus on steady progress. Remember Buffett’s words about volatility as an opportunity for those who stay calm and prepared.

Make Decisions Based on Strategy, Not Emotion 

Decisions made out of fear or greed rarely align with your long-term goals. Before taking action, pause and evaluate the situation rationally:

• Is this choice aligned with the person I want to become? 
• Am I reacting emotionally, or am I thinking strategically? 
• What are the long-term consequences of this decision? 

By turning decision-making into a structured process, you’ll reduce the risk of emotional errors.

Learn to Take Calculated Risks 

Buffett seized opportunities when others hesitated out of fear. Similarly, you can position yourself to succeed by taking calculated risks. For example, pursuing education or learning new skills often feels overwhelming. But like investing during a market downturn, growth often happens when you step out of your comfort zone. 

Surround Yourself with Wisdom 

I started to rebuild my life while in solitary confinement. Books, mentors, and introspection guided my transformation. Wisdom from leaders like Warren Buffett taught me principles by which I could live. I sought insights from leaders who succeeded in various sectors. Surround yourself with voices that inspire you and go after the long-term goals. Become an asset to your community.

Real-Life Application Exercise 

Take a moment to reflect on your own experience with fear and greed. Think about one situation where fear led to hesitation or inaction. Then recall a time when greed tempted you to take shortcuts. Ask yourself:

• What could I have done differently to align my actions with my long-term vision? 
• How can I use this lesson to approach future decisions more strategically? 

Taking inventory of your emotional responses will help you build greater resilience and self-awareness. 

The Fear and Greed Advantage 

Fear and greed will always exist around us. Those emotions don’t have to dictate our choices. Whether your challenge is rebuilding before or after a term in prison, mastering a new skill, or starting a business, success comes from steady discipline, strategic thinking, and commitment to your long-term goals.

Greed thrives on short-term gains, and fear magnifies short-term setbacks. If you keep your vision clear and your actions measured, you’ll find progress—even amid volatility.

Success comes to those who transform adversity into opportunity. Manage fear, restrain greed, and make choices that serve your future.  

• What long-term vision are you working toward?

At Prison Professors, I never ask anyone to do anything that I'm not doing. Our website at PrisonProfessors.org shows how I use these concepts every day. 

• What strategy are you using to reach the next level of success?

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