Jamie Dimon, CEO of JP Morgan Chase, in his annual shareholder letter expresses sentiments with which I wholeheartedly concur:
I have spoken about this in the past, and I don’t believe that it is blind optimism or patriotism. America today may be stronger than ever before. For example:
- The United States has the world’s strongest military, and this will be the case for decades. We also are fortunate to be at peace with our neighbors and to have the protection of two great oceans.
- The United States has among the world’s best universities and hospitals.
- The United States has a reliable rule of law and low corruption.
- The people of the United States have a great work ethic and “can do” attitude.
- Americans are among the most entrepreneurial and innovative people in the world — from those who work on the factory floors to geniuses like Steve Jobs. Improving “things” and increasing productivity are American pastimes. And America still fosters an entrepreneurial culture where risk taking is allowed — accepting that it can result in success or failure.
- The United States is home to many of the best businesses on the planet — from small and middle-sized companies to large, global multinationals.
- The United States also has the widest, deepest, most transparent and best financial markets in the world. And I’m not talking just about Wall Street and banks — I include the whole mosaic: venture capital, private equity, asset managers, individual and corporate investors, and the public and private capital markets. Our financial markets have been an essential part of the great American business machine.
America’s future is not guaranteed, and,of course, America has its issues… But throughout history, we have shown great resiliency and a capacity to face our problems.