The lecture will return to a concept which seems fairly out of fashion today: courage. It will start revisiting this concept from the analysis of a simple problem: There seems to be almost no reference made or value assigned to courage today in most of contemporary philosophy, yet, as a quick glance through the history of philosophy can show, there seems to be almost no philosophy without a conception of courage. What is it that speaks to the contemporary (at least philosophical) invalidation and expiration of courage? This question, as the lecture will argue, can only be answered if one starts to re-examine what the concept (or affect) constitutively entails, namely peculiar operations of condensing and dispersing anxiety.