{"id":215547,"date":"2026-07-09T10:33:52","date_gmt":"2026-07-09T14:33:52","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/uncategorized\/never-bet-against-america\/"},"modified":"2026-07-10T08:29:52","modified_gmt":"2026-07-10T08:29:52","slug":"never-bet-against-america","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/never-bet-against-america\/","title":{"rendered":"Never Bet Against America"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I\u2019ve built my entire life and career here, and in all that time, I\u2019ve never stopped marveling at my adopted country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s something here you just can\u2019t find anywhere else: the idea that an ordinary person can show up with a little energy and a lot of conviction and build something great.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That idea has a name, and this month, we\u2019re celebrating its 250th anniversary.<\/p>\n\n\n\n<h3 id=\"h-americans-are-gloomy-but-the-fundamentals-tell-another-story\" class=\"wp-block-heading\"><strong>Americans Are Gloomy, but the Fundamentals Tell Another Story<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sadly, many Americans have strong doubts about the nation\u2019s future. Responding to a recent Gallup poll, over three quarters of Americans said they believed the&nbsp;<a href=\"https:\/\/news.gallup.com\/poll\/711842\/250-years-say-founders-disappointed.aspx\">Founding Fathers would be&nbsp;<em>disappointed<\/em><\/a>&nbsp;in how things have turned out, up from 42% back in 2001.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This gloom isn\u2019t confined to just one party or age group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not to disqualify how other people feel, but I happen to agree with Warren Buffett. In his&nbsp;<a href=\"https:\/\/www.berkshirehathaway.com\/letters\/2020ltr.pdf\">2020 letter to shareholders,<\/a>&nbsp;Buffett, who stepped down as CEO of Berkshire Hathaway last year, wrote that there\u2019s never been an \u201cincubator for unleashing human potential like America\u2026&nbsp;<em>Never<\/em>&nbsp;bet against America.\u201d<\/p>\n\n\n\n<h3 id=\"h-the-numbers-behind-american-exceptionalism\" class=\"wp-block-heading\"><strong>The Numbers Behind American Exceptionalism<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Consider what the U.S. actually produces. We\u2019re home to roughly 4% of the world\u2019s population yet we generate about 26% of its GDP\u2026 and&nbsp;<a href=\"https:\/\/www.mckinsey.com\/mgi\/our-research\/At-250-sustaining-Americas-competitive-edge#\/\">more than half its total market capitalization.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Late last year, the Economist&nbsp;<a href=\"https:\/\/www.economist.com\/special-report\/2024\/10\/14\/the-american-economy-has-left-other-rich-countries-in-the-dust\">pointed out<\/a>&nbsp;that wages in Mississippi, the poorest U.S. state, now exceed average wages in Britian, Canada and Germany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wealth has inevitably followed. UBS reports that the U.S. is home to roughly&nbsp;<a href=\"https:\/\/www.ubs.com\/us\/en\/wealth-management\/insights\/global-wealth-report.html\">24 million millionaires,<\/a>&nbsp;which is about 40% of the world\u2019s total and more than Western Europe and China<em>.<\/em>&nbsp;We have more millionaires, in fact, than the next nine countries combined.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/07\/COMM-more-millionaires-06262026.png\" alt=\"The U.S. Is Home to More Millionaires Than the Next 9 Countries Combined\" class=\"wp-image-26904 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results. <\/p>\n\n\n\n<h3 id=\"h-the-world-keeps-voting-for-america\" class=\"wp-block-heading\"><strong>The World Keeps Voting for America<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">After 250 years, how does the U.S. keep the engine humming?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The beauty of American innovation is that it\u2019s decentralized and resilient to political cycles. From the railroads of the 1800s to power grids, aviation, the telephone, the integrated circuit, the internet and now artificial intelligence (AI), private capital has financed wave after wave of progress. The World Intellectual Property Organization (WIPO) ranked the U.S. third in the world for innovation, first in market and business sophistication, with Silicon Valley among the most&nbsp;<a href=\"https:\/\/www.wipo.int\/web-publications\/global-innovation-index-2025\/en\/gii-2025-results.html\">innovation-intensive places on earth.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even if certain Americans don\u2019t always see it, international investors sure do. Foreign capital invested in the U.S. climbed to nearly $65 trillion at the end of 2025, a seven-fold increase from the beginning of the century, according to data from the Bureau of Economic Analysis (BEA).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/07\/COMM-foreign-owned-07032026.png\" alt=\"Foreign-Owned Investment Assets in the U.S.\" class=\"wp-image-26905 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As I\u2019ve said many times, capital goes where it\u2019s treated best. By that measure, the world keeps voting for America.<\/p>\n\n\n\n<h3 id=\"h-why-the-rule-of-law-comes-first\" class=\"wp-block-heading\"><strong>Why the Rule of Law Comes First<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To be clear, the U.S. faces real headwinds, some of them genuinely without precedent: mounting debt, an erosion of public confidence in our institutions and capitalism itself, and a creeping willingness on both sides of the aisle to treat the rule of law as optional when it\u2019s inconvenient.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s remember where the American experiment actually comes from. Long before 1776, the Magna Carta established the principle that even a king is bound by the law, that the people may assert their rights against an oppressive ruler, and that government power can be checked to protect those rights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those ideas flow directly into the Declaration of Independence and the Constitution: due process, trial by jury, no taxation without representation. No person may be deprived of life, liberty or property without the law\u2019s protection. As Thomas Paine put it in&nbsp;<em>Common Sense,&nbsp;<\/em>\u201claw is king.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I believe the Magna Carta is the source code. Nothing that we enjoy as Americans would exist without bedrock guarantees that the rules apply equally and won\u2019t be changed by force.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Protect that guarantee, and prosperity takes care of itself. Neglect it, and no amount of economic oomph will save us.<\/p>\n\n\n\n<h3 id=\"h-capitalism-widening-the-circle\" class=\"wp-block-heading\"><strong>Capitalism Widening the Circle<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s one more reason why I remain bullish on America, and it\u2019s personal. The U.S. is a relentless wealth generator for literally millions upon millions of people. Since the exchange-traded fund (ETF) arrived in 1993, ownership of stocks has exploded. Nearly six in 10 U.S. households now own stocks, and the Investment Company Institute (ICI) notes that&nbsp;<a href=\"https:\/\/www.ici.org\/ici-viewpoints\/the-united-states-at-250-a-nation-of-investors\"><em>fund ownership has grown fastest<\/em><\/a><em>&nbsp;<\/em>over the past two decades among middle- and lower-income families.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.usfunds.com\/app\/uploads\/2026\/07\/COMM-share-households-that-own-stocks-06302026.png\" alt=\"Share of U.S. Households That Own Stocks, 1989 - 2022\" class=\"wp-image-26906 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is capitalism doing what its critics swear it can\u2019t: widening the circle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s the country I chose almost 40 years ago, and it\u2019s the country I\u2019d choose again tomorrow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, as we mark 250 years this month, remember, it\u2019s not unpatriotic to acknowledge the challenges. But don\u2019t confuse a bad mood with a bad bet. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted July 6, 2026 &#8211; <a href=\"https:\/\/www.usfunds.com\/resource\/never-bet-against-america\/\">Never Bet Against America<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this\/these website(s) and is not responsible for its\/their content.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. I\u2019ve built my entire life and career here, and in all that time, I\u2019ve never stopped marveling at my adopted country.<\/p>\n<p>There\u2019s something here you just can\u2019t find anywhere else: the idea that an ordinary person can show up with a little energy and a lot of conviction and build something great.<\/p>\n<p>That idea has a name, and this month, we\u2019re celebrating its 250th anniversary.<\/p>\n","protected":false},"author":36,"featured_media":213247,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[146,147,8,12,148,7],"tags":[],"contributors-categories":[224],"class_list":["post-215547","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","contributors-categories-us-global-investors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Never Bet Against America | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Close to 40 years ago, I moved from Canada to the U.S. after acquiring a controlling interest in U.S. Global Investors. 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