If a pre-teenager, Buffett, had been scared by an imminent public debt (which had already exceeded 22 trillion dollars in February of this year in February) and had chosen to invest his 114.75 dollars in gold in In 1942, its value would be much lower today.
To "protect you", you may have avoided the stock and decided to buy 3 1/2 ounces of gold with your $ 114.75. And what is this protection? supposedly would have brought in? You would now have an asset of about $ 4,200, less than 1% of what would have been realized from a simple unmanaged investment in a US company. the height of American vigor, "wrote Buffett.
The purpose of the calculations was to demonstrate the long-term growth of the US economy. All companies that have grown in the United States owe some of their success to a growing economy, he said. The same goes for Berkshire Hathaway.
"Charlie [Munger] and I gratefully acknowledge that much of Berkshire's success has simply been a product of what I think should be called The American Tailwind. Buffett writes, "Beyond arrogance, American businesses and individuals can not boast of ever having acted alone." Over the next 77 years, the main source of our gains will almost certainly be provided by The American Tailwind. We are lucky – gloriously lucky – to have that strength behind us. "
At a time when national politics are particularly polarized, Buffett points out that the US economy has developed under both Democratic and Republican administrations and during disastrous events.
"Since 1942 we have had seven Republican Presidents and seven Democrats, and in the years the country has fought, the country has experienced a long period of viral inflation, a 21% preferential rate. , several controversial and costly wars, the resignation of a president, an omnipresent collapse of local values, a crippling financial panic and a host of other problems, "wrote Buffett. "All have engendered scary titles, all are now history."