From time to time I post comments from Warren Buffett. I find his perspectives interesting, notable, and very unique, although in many cases I (at least) partially disagree with his thoughts.
His latest “Chairman’s Letter” in the Berkshire Hathaway 2010 Annual Report contained some interesting comments regarding the American economy, both past and future. Here are the excerpts I found most notable:
“Money will always flow toward opportunity, and there is an abundance of that in America. Commentators today often talk of “great uncertainty.” But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001. No matter how serene today may be, tomorrow is always uncertain.
Don’t let that reality spook you. Throughout my lifetime, politicians and pundits have constantly moaned about terrifying problems facing America. Yet our citizens now live an astonishing six times better than when I was born. The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential – a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War – remains alive and effective.
We are not natively smarter than we were when our country was founded nor do we work harder. But look around you and see a world beyond the dreams of any colonial citizen. Now, as in 1776, 1861, 1932 and 1941, America’s best days lie ahead.”
A Special Note concerning our economic situation is found here
SPX at 1321.82 as this post is written