This is my inaugural post, one which will hopefully be the first of many.
Warren Buffet, Investor Extraordinaire, is constantly used as a tool of the left. All they have to do is point at the Oracle of Omaha and say “he’s on our side,” and candidates are instantly lent market cred. However, Mr. Buffet’s liberal political views are mostly guided by social issues, and he tends to support Democrat presidential candidates in spite of–not because of–their economic policies.
If you’ve never read his annual Berkshire Hathaway shareholder letter, you should. Its conversational tone makes it readable for even the most inept student of business and finance. with so much doom and gloom from the Alarmist in Chief, Buffet’s perspective is refreshing.
Amid this bad news, however, never forget that our country has faced far worse travails in the past. In the 20th Century alone, we dealt with two great wars (one of which we initially appeared to be losing); a dozen or so panics and recessions; virulent inflation that led to a 21 1 â„ 2% prime rate in 1980; and the Great Depression of the 1930s, when unemployment ranged between 15% and 25% for many years. America has had no shortage of challenges.
Without fail, however, weâ€™ve overcome them. In the face of those obstacles â€“ and many others â€“ the real standard of living for Americans improved nearly seven-fold during the 1900s, while the Dow Jones Industrials rose from 66 to 11,497. Compare the record of this period with the dozens of centuries during which humans secured only tiny gains, if any, in how they lived. Though the path has not been smooth, our economic system has worked extraordinarily well over time. It has unleashed human potential as no other system has, and it will continue to do so. Americaâ€™s best days lie ahead.
‘Nuff said. Read the rest here.
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