TOKYO — Is it possible to win by losing? Or, better put, win by finishing second? And be happy about it?

Monday morning at the Tokyo Aquatics Centre, Katie Ledecky came as close as an athlete probably can to answering those questions with a resounding “Yes.”

As some in her sport wondered if the most decorated female swimmer of all time might be a tick too slow and, at 24, a tad too old, Ledecky produced one of the most remarkable swims of her career, her second-fastest time ever in the 400 freestyle at the most important moment possible — beaten only by the performance of a lifetime by her 20-year-old Australian rival, Ariarne Titmus.

Titmus’ time was 3:56.69. Ledecky’s was 3:57.36. Ledecky’s world record, set in 2016, is 3:56.46.

“It’s very satisfying to swim a time like that and start my meet off like that,” Ledecky said afterward. “It may seem silly to some people that I’m saying that, but our sport is so time based and I’m driven by the clock. To swim my second-fastest time is confidence boosting and I hope it kind of sets the tone for the rest of my meet.”

Ledecky said she knew some in her sport were wondering if she could swim that fast again, especially after she turned in an underwhelming performance, albeit still a dominating one, at the U.S. Olympic trials last month.

“People doubt me,” she said. “People will doubt anyone that has a fantastic swim or has swims like I did in Rio and then maybe doesn’t get as close as people would expect at some meets. I’ve had to overcome a little bit of that, self doubt, and really between trials and today, I did everything I could to eliminate all that from my head and really believe in myself.”

So while the Olympic Games experienced the rarest of events —a Ledecky loss, a first for her in an individual race in three Olympics — she was strangely pleased and upbeat about it.

“If anything, I’m even happier with my swim,” she said when she arrived in the press conference room almost two hours after the race, having examined her split times. “That’s my best time in five years so I hope that bodes well for the rest of my races.”

They include the 200 freestyle, which she won in Rio but is not favored to win here, and the 800 free and 1,500 free, both of which she is heavily favored to win.

But the 400 freestyle just might be the one that’s remembered for as long as people talk about swimming. It was that good of a race, the two fastest women ever in the event, with a little history between them.

Ledecky has been the world-record holder in the 400 for nearly seven years, last lowering her mark in Rio. She is a three-time world champion in the 400 but settled for silver at the 2019 worlds behind Titmus while battling a stomach virus.

Last month at the U.S. Olympic trials, Ledecky’s qualifying time was an underwhelming 4:01.27, more than two seconds off her best time of the year and well behind the 3:56.90 Titmus swam at the Australian trials that were going on basically at the same time. Game on.

Into the pool they went, with Ledecky immediately taking the lead, which reached almost a body length halfway through the race.

“Honestly at the 200 I was a little bit worried,” Titmus said. “But I knew she would be there. No one’s going to come to the Olympics, especially Katie Ledecky, unprepared. I just had to trust myself. I tried to stay as composed as I could and use the easy speed that I have against someone who has an amazing second half of her race. I’m really proud of that.”

Ledecky’s lead didn’t last. Titmus never left Ledecky’s shoulder as they swam side by side in adjacent lanes, the role model and the protege.

“I looked up at 300 — oh, she’s right there,” Ledecky said.

Titmus was reeling in Ledecky.

“I knew it was just going to be a battle to the end,” Ledecky said.

Titmus caught her in the final 100 meters and held on to win by .67 of a second.

“She had that faster last 50 or 75 and got her hand to the wall first,” Ledecky said. “It was tremendous racing, a lot of fun.”

After they got out of the pool, Titmus said she stopped to thank Ledecky.

“I wouldn’t be here without her,” she said. “She set this amazing standard for middle-distance racing, and if I didn’t have someone like her to chase, I definitely wouldn’t be swimming the way I am. So I’m really grateful to have her and now it’s good to have someone that I can race all the time and just have fun out there. Being in the battle is the best thing.”

Their ability to appreciate what they were a part of right after it happened was admirable. It was almost as if they watched the race with all of us.

“It can’t get much better than that,” said Ledecky. "I hope we have many more great races this week and in the future. It was a thrill to be a part of and I’m sure a thrill to watch.”

This article originally appeared on USA TODAY: Katie Ledecky's 400m freestyle loss really is a win for swimming