Investor Warren Buffett is, through his big shareholding in Munich Reinsurance, along with Swiss Re, going to underwrite the bulk of the devastation in the Christchurch Earthquake and in his 2010 Annual Letter to Berkshire Hathaway Shareholders out today, has some very sage advice for America, which as we know is in financial strife and trying to rebuild its economy as we will have to rebuild Christchurch and our economy as a whole:
"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."
We must not give up, Mr Buffett is right, like America, Christchurch and New Zealand's best days lay ahead of us.
Download the 1977 - 2010 Warren Buffett Letter's to Berkshire Hathaway Shareholders
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