Warren Buffett's Annual Letter to Berkshire Hathaway Shareholders [pdf]
There&#x27;s one particular passage I&#x27;d like to point out, on page 5:<p><i>Our efforts to materially increase the normalized earnings of Berkshire will be aided – as they have been throughout our managerial tenure – by America’s economic dynamism. One word sums up our country’s achievements: miraculous. From a standing start 240 years ago – a span of time less than triple my days on earth – Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers.
You need not be an economist to understand how well our system has worked. Just look around you. See the 75 million owner-occupied homes, the bountiful farmland, the 260 million vehicles, the hyper-productive factories, the great medical centers, the talent-filled universities, you name it – they all represent a net gain for Americans from the barren lands, primitive structures and meager output of 1776. Starting from scratch, America has amassed wealth totaling $90 trillion.</i><p>I don&#x27;t often see this sort of pride in America. Normally the flavors I do observe are hyper-nationalistic and filled with bravado, while the tone here is lauding yet reserved. There&#x27;s a sense of authenticity delivered in the way Warren Buffett - an extremely humble, yet successful man - talks about the way his country has helped him succeed. It&#x27;s austere.<p>This isn&#x27;t part of the regularly scheduled programming for threads about his letters (mostly we like to champion index funds or debate the utility of active investing), but it&#x27;s what really struck me this time around. Juxtapose his words here with the same <i>category</i> of conversation about America in many other contexts and contrast the integrity involved. In a time when America appears to be experiencing quite a bit of social and political volatility, it is refreshing to hear optimism from a source that does not appear to use it as an instrument of control.<p><i>EDIT:</i> Well this has since ignited a debate about America&#x27;s cultural identity and history of imperialism...not really the spirit of what I was going for but here we are I guess...