J.R. Simplot's passing Sunday at the age of 99 is being mourned by many, but this should also be a time to reflect upon and celebrate a great life well lived. J.R. Simplot is the ultimate American success story. He saw some of America's hardest times ... World Wars and The Great Depression ... yet through hard work, perseverance and some old-fashioned American ingenuity, Simplot made billions and certainly made a mark. His story is an example of what makes me feel so great about the future of our nation.
There's an old adage on Wall Street that says, "Buy low, sell high." America is feeling pretty low right now. Not 'Great Depression' low, but consumer confidence is at its lowest point since the index was created. Housing values are plummeting, gas is at $4/gallon and going higher, the war in Iraq is draining with the deaths of brave soldiers and the costs of war, new economic powers such as China and India are rising and so are fears of 'outsourcing' of jobs, the federal debt is exploding, and our current President will likely leave office with the lowest approval ratings in modern American history.
And yet, I don't believe I have ever been more optimistic about the future of America than I am today. If America was a stock, my investment strategy would be to buy, buy, buy!!!! Before you write me off as some sort of rah-rah 'homer' who sees the world through red, white and blue colored glasses, let me point to some evidence of America's emerging 'bull market.'
One is the Presidential campaign. It seems now that the Democratic nominee for President will be an African-American. Was that even fathomable four years ago? Whether he eventually wins or loses, Barack Obama's ascension will shatter any notion of a color barrier for those minorities who believe the American dream still remains inaccessible to them. That's not to say that racism will not exist in some dark corners of our nation, but just as Jackie Robinson opened doors for black athletes and Martin Luther King began the march to full equality for all races in America, I believe Barack Obama offers renewed hope to all that America truly is the land of opportunity for anyone willing to work for it.
Another reason for my optimism is ... believe it or not ... the skyrocketing cost of gasoline. It is so painful right now, but within that pain exists an opportunity for our nation to achieve true energy independence and reap the incredible economic rewards that would come from that. Much of our massive trade deficit today comes from the importing of expensive oil. Its high cost is ushering in a new generation of 'energy entrepreneurs,' from nuclear power companies willing to invest billions to companies looking to tap geothermal energy and wind to even Google, which is investing billions into creating affordable solar power. America's free-market system has thrived by rewarding those who find creative solutions to our nation's problems, and $4/gallon gas offers an opportunity for a home-grown economic revolution that would make us all richer.
I also see the United States primed for a revolution in health care with huge benefits both economically and socially. I believe reform has been stalled because of Republicans reluctance to acknowledge and attack the issue, but that's changing. The Presidential candidate with the best credentials and ideas on health care isn't Barack Obama or Hillary Clinton, but onetime Republican Presidential contender Mitt Romney. All the major Presidential candidates, including John McCain, recognize reform is needed. The fact Republicans are now engaged in this debate means it is inevitable, and I see innovative American solutions being employed that bring universal coverage while adopting the economies and customer service of a market approach.
Want more evidence of America's emerging bull market? We live in a nation that is the most culturally and ethnically diverse in the world; with one of the most productive work forces ever; the world leader in the arts of music and film; with the planet's finest higher education system; a monetary system that rewards ideas with investment and feeds a culture of innovation; truly free speech and a free press; growing environmental awareness; some of the lowest taxes in the modern industrialized world; the world's strongest, most technologically advanced military; the most charitable and philanthropic society by a mile; the earth's greatest consumer economy; etc., etc., etc. No other nation is in a better position to thrive in the future than ours!
America has and will always face challenges, and it is during those times when those taking stock of America sold us short. Were there a place where they could put their money where their mouths were, those would be very poor men today indeed. J.R. Simplot never sold America short, and his optimism made him rich in far more areas than just his bank account.
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