Never bet against America
Feb 05, 2024
As Warren Buffett wrote in his 2020 annual letter: “Despite some severe interruptions, our country’s economic progress has been breathtaking. Our unwavering conclusion: Never bet against America.” Equity returns are a good proof of the strength of corporate America as illustrated by the yearly returns of the S&P 500 over the last century. Not only do they form an almost perfect normal distribution with rare negative out-layers, but also most of the returns were in the positive camp and in the buckets above 10%.