| Our nation's growth and prosperity have been extraordinary... - Americans are just 4.2% of the world's population, yet we are responsible for a quarter of its annual economic output.
- Our economy is No. 1 by a huge margin. It is larger than Nos. 2 and 3 - China and Germany - combined.
- Eight of the 10 largest companies in the world are American. No other country has more firms in the Fortune 500.
- We are the world leader in technological innovation. The telephone, television, airplane and internet were all invented here. So were blood transfusions, heart transplants and countless vaccines.
- The U.S. also leads in the technologies of the future, including biotechnology, quantum computing, nanotechnology and artificial intelligence.
- The world's top five corporations in spending on research and development are all American.
- If we are no different from other Western democracies, why were transformative companies like Apple, Alphabet, Meta Platforms, Amazon, Microsoft, X, Netflix, Snapchat, Instagram, Tesla, Uber, Crispr, and Nvidia - to name just a few - all founded here?
- Since 1950, around 40% of all Nobel Prize laureates have been Americans. That accounts for more winners than the next five countries combined.
- The U.S. accounts for 22% of the patents in force abroad, up from 19% in 2004. That's more than any other nation.
- Our space probes and orbiting telescopes explore and explain the cosmos. We put astronauts on the moon over half a century ago. And recent launches by SpaceX and Blue Origin demonstrate the technological prowess of our private sector.
- The U.S. dollar is the world's reserve currency. It is used in almost 90% of international transactions.
- The American military is the primary defender of the free world. (See World War I and World War II for details.)
- American agriculture is the envy of the world. (Our farmers now grow five times as much corn as they did in the 1930s - on 20% less land. The yield per acre has grown sixfold in the past 70 years.)
- For decades, experts warned us that we had to end "our addiction to foreign oil." Yet thanks to new technologies - like hydraulic fracturing and horizontal drilling - we are now the world's leading oil producer and a net exporter.
- The U.S. leads the world in science, engineering, medicine, entertainment and the arts.
- No nation has produced more winning Olympians.
- No nation attracts more immigrants, more students or more foreign investment capital.
- Americans adopt more foreign-born children each year than any other nation.
- And Americans are the most charitable people on Earth, both in the aggregate and per capita. The Giving USA Foundation recently reported that U.S. charitable donations topped $557 billion in 2023.
How did our small republican experiment transform and dominate global culture and society? Geography played a big role. Buffered by two oceans and a rugged frontier, we had plenty of cheap land and vast natural resources. (But then so did countries like Russia and Brazil.) We opened our arms to tens of millions of immigrants who dreamed of a better life and helped to build this country. In the process, we developed an astounding capacity for tolerance. I'm not suggesting that other nations don't have proud histories, unique traditions or beautiful cultures. I'm delighted when I get a chance to visit South Africa, Australia or Argentina, not to mention cities like Paris or Rome. There is a lot to love about day-to-day life in other countries. However, people around the world don't talk about the French Dream or the Chinese Dream. Only one nation is universally recognized as The Land of Opportunity. That's because America cultivates, celebrates and rewards the habits that make men and women successful. Anyone with ambition and grit can move up the economic ladder. Everyone has a chance to improve his or her lot, regardless of circumstances. As JPMorgan CEO Jamie Dimon noted in a Wall Street Journal op-ed piece... The U.S. has the best universities, hospitals and businesses on the planet, and our people are the most entrepreneurial and innovative in the world, from the factory floor to the executive suite. We have by far the widest, deepest and most transparent capital markets, and a citizenry with an unparalleled work ethic and "can do" attitude. American ingenuity, technology and capital markets have created dramatic improvements in communications, transportation, manufacturing, computing, retailing, food production, construction, healthcare, finance, pharmaceuticals, robotics, sensors, genetics, 3D printing and dozens of other industries. These have benefited citizens not just here but all over the world. Britain's The Economist newspaper recently published a report on American economic performance over the last three decades. It concluded that the U.S. economy isn't just dominant. That dominance is accelerating. Our economy grew faster than any large, advanced economy last year - by a wide margin - and is on track to do so again in 2024. In 1990, the U.S. economy accounted for 40% of the GDP of the G7 nations. In 2023, it accounted for 54.8%. In 1990, American income per person was 24% higher than the income per person in Western Europe. Today it is about 30% higher. (The poorest U.S. state, Mississippi, has a higher average income than France.) Americans don't just have higher incomes. We also have greater wealth. No country has more millionaires. (Eighteen percent of American households - that's approximately 23.7 million - have a net worth of at least seven figures.) According to Statista, the average financial wealth per U.S. adult is approximately $550,000. The average financial wealth per European adult is less than $85,000. And the Census Bureau reports that American poverty is near an all-time low. Our economic recovery from the pandemic has been the strongest of any major economy. The American stock market has generated the world's highest returns over the last 35 years. And these gains haven't just benefited the rich. They have boosted the retirement savings of more than 150 million Americans. If you invested $10,000 in the S&P 500 in 1990, you would have more than $300,000 today. However, had you invested that $10,000 instead in a global equity index that excludes U.S. stocks, you would have less than $85,000 today. In short, Americans earn higher incomes, have greater assets and enjoy higher investment returns. That's because the American brand of capitalism is tilted toward dynamism, with freer markets and less government intrusion. In sum, the notion that America is an exceptional nation is not, as some would argue, just a crude strain of patriotism. Our country embodies timeless ideals, an optimistic attitude and an enthusiastic endorsement of the pursuit of happiness. Yes, we've made mistakes along the way and face no shortage of problems and challenges today. But this Independence Day, join me in celebrating the 248th anniversary of the best thing that ever happened. Good investing, Alex | 
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