St. Patrick’s Day, on the 17th, celebrates Irish culture with parades, special foods, music, dancing, drinking, and green, green, green. Hopefully I’ll get to enjoy a Guinness with my old Smith Barney buddy, Pat Carrigan (no better Irish name!). But while it’s the Irish who are typically associated with luck (here), we baby boomers, along with successive generations, have been the lucky ones.
We are given one life on earth, but no one gets to choose where or when they are born. Consider where: Americans have always been lucky to live in a land with abundant resources, ensconced between (usually) friendly neighbors, north and south, and vast oceans, east and west. We have also been lucky to live in a federal democratic republic, with rights and freedoms protected by law. Consider when: we who were born after 1945 have indeed been lucky. As the world emerged from the ashes of World War II, our homeland remained untouched by the ravages of the war. Unlike most of our allies and enemies, our industrial production capacity remained intact and unmatched. Our dollar was established as the global reserve currency, providing major financial and economic benefits. In the years that followed, America was led mainly by members of the Greatest Generation, many of whom were veterans of hard times and real wars. These men and women, having gained a perspective born from great trials and tribulations, were the ones who shaped our business and political worlds. Ever since, we have benefited from having the world’s largest economy, and have had the great luck to avoid the horrors of a second great depression or a third world war.
No matter which generation one belongs to, every so often it helps to step away from the day’s distractions, look back at the long arc of history, and consider one’s good fortune. But going forward is where we’re headed. Our continued good luck will depend on having leaders with competence, good character, and the courage to do what’s right.
Any opinions are those of James Aldendifer and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Investing involves risk and you may incur a profit or loss regardless of the strategy selected.
