For most investors, risk is measured in basis points and drawdowns. For Mark Mobius, it often meant something far more personal. Over a career spent pioneering emerging markets investing, Mobius traveled relentlessly to countries most investors never visited, conducting research on the ground in places marked by political upheaval, unstable governments, and uncertain safety. Seeing companies and markets firsthand was central to his approach, but it also meant stepping into situations where the stakes went well beyond a portfolio's performance. In this episode of War Stories over Board Games, Mobius reflects on what it was like to invest at the frontier, the risks that don't show up on a balance sheet, and why he believed the journey was worth it.