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Warren Buffett was asked at the Berkshire AGM three weeks ago if the people of America are more divided today than 50 years ago. His answer provides hope for investors in any country affected by political problems.
He said that multiple times in his life, people have felt the country was more divided than ever.
“I’ve heard everything. Now, the interesting thing is this paper from 1942 [from the time he made his first investment aged 11]. Since then, there have been 14 American presidents…during this period when that $10,000 became 51 million. Seven have been Republicans, seven have been Democrats. One has been assassinated, one has resigned under pressure.
It works, you know. If you’d told me at the start, you know, that you’d have a Cuban Missile Crisis, and you’ll have nuclear weapons, and you’d have a panic in 2008 — a financial panic — and you’d have many recessions, and you’d have war in the streets in the late ’60s from a divided country, you’d say, ‘Why the hell are you buying stocks?’
And through it all, you know, America — in fits and starts — but America really, really moves ahead.
And we are always — we survived the Civil War. I mean, it — I hate to think of having to do it that way…If you go back three of my lifetimes, you go back 263 years, I guess, and Thomas Jefferson is 12 years old. And that’s just three — and there was nothing here.
You know, you’ve flown in from all over to Omaha today, and you flew over a country with more than 75 million owner-occupied homes, and 260 million vehicles, and great universities, and medical systems, and everything. And it’s all a net gain in less than three of my lifetimes.
So — and we’ve had these events since I started buying my first stock. This country really, really works. And it always will have lots of disagreements, and after every election you’ll have people feeling the world is coming to an end and, you know, “How could this happen?”
And I remember my future father-in-law in 1952, he wanted to have a talk
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