Longbeards expect the worst, and spend a long time grumbling about the inadequacies of Dwarfs/weapons/Goblins these days, as they're not as brave/well made/scary as they were in the olden days. It takes a lot to unsettle a Longbeard from a good grumble.
Source: Warhammer Fantasy: 7th Edition
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Longbeards automatically pass any Panic tests they have to take.