December 17, 2021

The pandemic is giving the United States a big stress test, and I think we’re passing, maybe even with flying colors. There is much to feel optimistic about.

We still have problems, yes. The pandemic isn’t over yet. There are still many people without jobs, the nation has taken on a lot more debt, and the ongoing debate about the eviction moratorium is fraught on all sides.

Despite these issues, America’s adaptation and recovery in the face of a once-in-a-lifetime disruption is deeply impressive. GDP is growing at a blistering pace. Companies are hiring. New infrastructure investments are coming.

As an investor, I’m continually surprised by how many people are pessimistic about the future. Investing requires focusing on the facts and the long-term. What I see is a nation that adapted, innovated, and is recovering faster than anybody thought possible.

Innovative American companies like Zoom, Slack, and Asana have helped companies adapt with the tools that enable people to work from anywhere. The workplace changes these companies have introduced are here to stay.

Our world-leading logistics industry overcame early supply chain challenges and I expect they will be more resilient to future disruptions. Meanwhile, they can now deliver more things to more places, faster than ever.

Critical government support helped keep people and businesses alive long enough for the extremely successful American vaccines to help. Now, we’re donating hundreds of millions of vaccine doses to other countries, so they can recover faster too.

A big challenge can bring out the best in a team, and in many ways we’ve seen that in the US response to the pandemic. Pharmaceutical companies and other biotech researchers collaborated more tightly than ever before, waiving some of their usual caution about protecting IP, in the name of solving this crisis.

Despite all the suffering and the contentious politics of the pandemic, Americans have rallied, as we always have in the past. Our ability to adapt and innovate in technology, business, government, and society is unmatched.

US financial markets are riding high, and that makes sense to me. Investors take a more holistic, fact-based view, and America continues to look like a great bet.

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