Crossword Genius

Bold, or at first lost in terrible perdition (8)

Ross

I believe the answer is:

intrepid

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'bold' is the definition.
(similar in meaning)

'at first lost in terrible perdition' is the wordplay.
'at' becomes 'in'.
'first lost in terrible perdition' becomes 'trepid' (I can't explain this - if you can you should believe this answer much more).
'in'+'trepid'='INTREPID'

'or' acts as a link.

Can you help me to learn more?

(Other definitions for intrepid that I've seen before include "I printed this way, being daring" , "'Brave, dauntless (8)'" , "Afraid not" , "Unfearing" , "Bold" .)

I've seen this clue in The Independent.
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