Since 2000, we have experienced.
In spite all these challenges, here are the facts:
How is this possible?
The American people by and large wake up every day and want to improve their lives and improve the lives of their family. While far from perfect, our social structure allows almost anyone to pursue these dreams. Our unique time and place in the world is an incredible driver for opportunity, innovation, and growth...both individually and collectively.
Charlie Munger recently said, "Never under-estimate a person who overestimates themselves." I would argue, this idea can be more generalized to the overall United States and its people. We have achieved more than what any other country could have imagined 247 years ago when our fledgling country fought for its independence.
As Warren Buffett famously said during the financial crisis, "Never Bet Against America."
-Paul R. Rossi, CFA