OPINION:
I have news for the media, and Wall Street talking heads, that are fixated on every sentence uttered by Joe Biden and what it means for the future of American policy and our economic markets:
It’s the American people that make our nation successful, not the person sitting in the White House.
Yet regardless of this fact, every four years we are subject to the ad nauseum discussions, from bold predictions to hand-wringing forecasts.
Sure, a free market-oriented president will inspire and encourage economic growth, while a incompetent president can slow our economy and limit America’s global standing.
But it’s the hard work and ingenuity of the American people that have made our country “a shining city on a hill.”
It was the people who answered the unspoken call to grow and expand, continuing to carve communities out of the wilderness to build this great nation.
While there is historical debate about whether Thomas Jefferson had the legal authority to make the Louisiana Purchase, the reality is the American people were heading West regardless.
Whether by divine providence, or the DNA of the first settlers, Americans by instinct work to improve their lives and the lives of their neighbors. They build homes and towns and businesses, and then rebuild them again after failure or disaster strikes.
And that spirit didn’t fade after our nation was settled. American ingenuity drove the expansion of the technological frontier.
Henry Ford’s innovations to make the automobile affordable not only created demand that birthed an industry, it launched countless other industries. Gas stations, rest stops and motels were built along major highways. More affordable housing outside of cities was now accessible thanks to this new and affordable means of transportation. Not stopping there, Ford’s assembly line process was soon adapted for other industries, ushering in a wave of manufacturing expansion, job creation and economic prosperity.
The same expansion and growth happened when Edison’s tenacity finally paid off and harnessed electricity for everyday use, and when the Wright brothers’ years of hard work became airborne on a beach in North Carolina.
America’s story is filled with individuals who took a chance and created an industry.
Presidents and politicians in D.C. didn’t drive these entrepreneurs to innovate, they didn’t create the industries that revolutionized America and the world.
Henry Ford grew up on a farm, Thomas Edison was a telegraph operator and the Wright brothers ran a bicycle shop.
They all came from very humble beginnings, yet their innovations created industries that have impacted millions here in the United States and billions around the world.
Government doesn’t create, it only reacts to entrepreneurs and industries.
The entrepreneur is the catalyst, setting in motion the events that drive progress.
It’s the individuals that make up America that decide the future of America.
I learned this first-hand when I was a young investor, just starting out on Wall Street. A good friend arranged for me to meet with “Mr. Smith”, one of the top money managers on Wall Street. at the time. I wanted to learn his approach to picking stocks and how he became so successful.
When we finally met he talked for almost an hour, discussing World War I and the role America played in the conflict. I finally had the courage to ask him when we were going to discuss stock selection, and his approach to investing, he smiled and said, “we just did.”
I didn’t understand the depth of his reply until years later — if you don’t understand history, and the people making history, you are at a huge disadvantage.
So while many investors’ portfolios rise and fall over what a politician said, or didn’t do, I continue to follow the people that are the real indicators of American success:
It’s Sergey Brin, who co-founded Google after escaping religious persecution in the former Soviet Union, Mark Zuckerberg working out of his college dorm room to launch Facebook, and Reed Hastings, who sold vacuums and served in the Peace Corp. before launching Netflix.
These three individuals revolutionized their industries, life in America, and around the world.
The story of these Americans, and thousands of others in our nation’s history, are a constant reminder to me that the unquenchable spirit and actions of Americans are the driving force that makes our country great.
As “Mr. Smith” would tell you, these are the people who drive our economy and our country, not politicians. It’s the doers, not the talkers, who determine history, and our success.
Benjamin Franklin once said, “The Constitution only guarantees you the right to pursue happiness. You have to catch it yourself.”
Those doing the catching are the people who decide the future of their families, their communities and their country. We would be wise to listen and learn from them.
And as long as Americans continue to dream, build, invent and strive for success the prospects of our economy and nation remain bright.
• Charles Mizrahi, a 40-year veteran of Wall Street, is Founder of Alpha Investor and host of The Charles Mizrahi Show, a new Podcast series.
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