I recently received an email from an old friend and client expressing concerns about our nation’s future and the stability of capitalism. Negative articles and distressing news on television seem to dominate the narrative, overshadowing the tremendous good happening in our nation and the world.
When I find myself pondering the future of our nation, I make time to spend with our younger generations. I’m currently at Purdue University for ROTC parent’s weekend with my son Augustus, a first year engineering student involved with the Marine option Naval ROTC program as he wants to fly with the Marines. These young men and women get up at 5:00 am every morning to work out before a very full academic schedule. Attending their event at Purdue’s Armory honoring veterans, I’m awestruck by the sense of service and commitment of the young Midshipmen as well as the Naval and Marine officers who are leading them. I feel the same when I am around young Marines or Naval Academy Midshipman at my alma mater.
My oldest daughter Hannah attended Wellesley and I was at parent’s weekend last weekend with my oldest son at Bowdoin College. These two universities are often noted as among the most liberal in our nation; however, I am incredibly impressed by their friends’ intelligence, ambition and work ethic. It is this diversity of thought and grit – among the left and right – which makes our nation and capitalism strong. As these young minds join the workforce, their ideas contribute to the improvement of our companies and nation.
Our own company is comprised of a myriad of ethnic, cultural and religious backgrounds as well most importantly of a remarkable diversity of thought from libertarians, conservatives and liberals alike. Yet, we all have a tremendous amount of respect for each other’s ideas and work toward the common goal of serving our clients, communities and prudently growing the assets and the life savings of our clients in which we are incredibly honored to be entrusted to manage.
The youngest associates at our own firm – my daughter Hannah, Max, Harrison, Claudia – are remarkably talented, dedicated and hard-working individuals with which I’m so very fortunate to work. I feel the same about those who are a bit older like Beckie and Zac who have known each other since their childhood in eastern North Carolina and have worked with us for over a decade. They are incredibly competent and diligent in their work managing our portfolios while also giving back to their respective communities in Austin, Texas and Beaufort, North Carolina.
While it is easy to despair about our future, I would argue that though there are always individuals who are not contributing to our society, there are also a significant amount of remarkable young people who will continue to drive our nation’s and corporate prosperity. Immigrants risk much coming to our shores for just an opportunity to participate in this remarkable experiment.
Capitalism is certainly not perfect; however, it has brought more people out of poverty than any other system. If it doesn’t persist in our nation, it will certainly find an outlet somewhere across the globe as capitalism offers the most hope of promise and growth. That said, our American system offers unique advantages others don’t in that we have vast natural resources, excellent colleges, protections for intellectual property, the strongest currency on the planet and indisputable property rights – as well as freedoms many nations do not. It is highly unlikely that even our least noble politicians could screw up these advantages.
When driven to despair about our future, or market volatility, turn off the television, get out in nature, spend time with family, friends, or young people, read a good book or visit a new town near your home or far off land. We receive a much better education from such endeavors and find that though we are all unique, we have more that unites us than divides us. Whatever our background, we are all driven with the desire for life, liberty and the pursuit of happiness.
Keep persisting, believing and investing.