This quote suggests that having financial resources (cash) and the bravery to act decisively (courage) during a crisis can be invaluable. It implies that cash alone is not enough; one must have the audacity to use it wisely and effectively when faced with challenging situations. Conversely, courage without the necessary resources might not yield the desired results. Hence, the combination of both is what makes them priceless.

The quote also hints at the concept of ‘counter-cyclicality’ in investing, where the bravest decisions are often made during times of crisis, leading to the most significant rewards. The idea is that when everyone else is panicking and selling, the courageous investor sees an opportunity and buys. This requires not just courage, but also liquidity – hence, ‘cash’.

In today’s world, this quote could be applied in various scenarios. For instance, during an economic downturn, businesses with sufficient cash reserves and the courage to innovate or take calculated risks may not only survive but thrive. This was evident in the 2008 financial crisis where companies like Airbnb and Uber were born out of a recession.

On a personal level, this could mean having savings for a rainy day and the courage to make difficult decisions when faced with adversity. This could be investing in oneself through education during a period of unemployment, or starting a new business after a job loss.

In essence, the quote is about the power of resilience – financial and emotional, and the ability to make bold decisions in the face of adversity. It’s about seeing crises not just as threats, but also as opportunities for growth and transformation.