As he does each year in Berkshire Hathaway’s Annual Report, CEO Warren Buffett has written his annual letter to shareholders. The letter includes a great deal of information about the performance and operation of the company. In addition, we all have come to count on Mr. Buffett’s letters for his wise musings about the economy, the markets and other matters that strike his fancy.
This year’s letter is no exception. We thought it worthwhile to share the following excerpt regarding his confidence in America:
Money will always flow toward opportunity, and there is an abundance of that in America. Commentators today often talk of “great uncertainty.” But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001. No matter how serene today may be, tomorrow is always uncertain.
Don’t let that reality spook you. Throughout my lifetime, politicians and pundits have constantly moaned about terrifying problems facing America. Yet our citizens now live an astonishing six times better than when I was born. The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential – a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War – remains alive and effective.
We are not natively smarter than we were when our country was founded nor do we work harder. But look around you and see a world beyond the dreams of any colonial citizen. Now, as in 1776, 1861, 1932 and 1941, America’s best days lie ahead.
Over his career, Warren Buffett has often been right. Hopefully this prediction will be as well. The letter is a good read through and through and available in it’s entirety at berkshirehathaway.com.
Our compliance obligations require us to advise you that we are in no way recommending that you buy Berkshire Hathaway stock, only that you read his letter.