Anson Frericks

You know, it's almost the idea of like when you have this shareholder capitalism model that Milton Friedman says, you must have like one God. The God is the shareholder. That's who you have to take a look at. But the stakeholder capitalism model, you have thousands of gods. Those can be activists, government employees. They can be suppliers. They can be social activists. I mean, you name it.

You know, it's almost the idea of like when you have this shareholder capitalism model that Milton Friedman says, you must have like one God. The God is the shareholder. That's who you have to take a look at. But the stakeholder capitalism model, you have thousands of gods. Those can be activists, government employees. They can be suppliers. They can be social activists. I mean, you name it.

There's thousands of them. People have nothing to do with your company. It has nothing to do with the company. But you're supposed to be in the business of maximizing value for all so-called stakeholders, for the greater good of society. Sounds very European socialism. And that's effectively what it was. And both of these systems, they purported to do the same thing 40 years ago.

There's thousands of them. People have nothing to do with your company. It has nothing to do with the company. But you're supposed to be in the business of maximizing value for all so-called stakeholders, for the greater good of society. Sounds very European socialism. And that's effectively what it was. And both of these systems, they purported to do the same thing 40 years ago.

There's thousands of them. People have nothing to do with your company. It has nothing to do with the company. But you're supposed to be in the business of maximizing value for all so-called stakeholders, for the greater good of society. Sounds very European socialism. And that's effectively what it was. And both of these systems, they purported to do the same thing 40 years ago.

They said, we're going to make people more money and lead to better societal outcomes. Problem is, over the last 40 years, I mean, if you just take a look at sort of the U.S. economic model versus Europe since the 1970s, U.S. has trounced Europe on both of those premises.

They said, we're going to make people more money and lead to better societal outcomes. Problem is, over the last 40 years, I mean, if you just take a look at sort of the U.S. economic model versus Europe since the 1970s, U.S. has trounced Europe on both of those premises.

They said, we're going to make people more money and lead to better societal outcomes. Problem is, over the last 40 years, I mean, if you just take a look at sort of the U.S. economic model versus Europe since the 1970s, U.S. has trounced Europe on both of those premises.

If you take a look at our stock market returns in the U.S., take an S&P 500, over the last 40 years, we've generated 10% a year on average. Europe broad-based industries are like 6% to 7%. But then in perspective, you had $100,000 invested in the U.S. in 1970 and $100,000 in Europe. In the U.S., it'd be worth $4.5 million today. It'd be worth $1.5 million in Europe.

If you take a look at our stock market returns in the U.S., take an S&P 500, over the last 40 years, we've generated 10% a year on average. Europe broad-based industries are like 6% to 7%. But then in perspective, you had $100,000 invested in the U.S. in 1970 and $100,000 in Europe. In the U.S., it'd be worth $4.5 million today. It'd be worth $1.5 million in Europe.

If you take a look at our stock market returns in the U.S., take an S&P 500, over the last 40 years, we've generated 10% a year on average. Europe broad-based industries are like 6% to 7%. But then in perspective, you had $100,000 invested in the U.S. in 1970 and $100,000 in Europe. In the U.S., it'd be worth $4.5 million today. It'd be worth $1.5 million in Europe.

So that's a huge difference based on the compounding interest in money. And then separately... If you take a look at the US, you know, Europe might say, okay, well, we didn't make as much money, but do we lead to better societal outcomes? And I would say, no.

So that's a huge difference based on the compounding interest in money. And then separately... If you take a look at the US, you know, Europe might say, okay, well, we didn't make as much money, but do we lead to better societal outcomes? And I would say, no.

So that's a huge difference based on the compounding interest in money. And then separately... If you take a look at the US, you know, Europe might say, okay, well, we didn't make as much money, but do we lead to better societal outcomes? And I would say, no.

I mean, if you take a look at the US, almost every broad-based prosperity metric, GDP growth, per capita income, interest rates, unemployment rates, the US trounces Europe on all of those. I mean, like our poorest countries in the United States are generally wealthier than most of the European countries on a per capita basis.

I mean, if you take a look at the US, almost every broad-based prosperity metric, GDP growth, per capita income, interest rates, unemployment rates, the US trounces Europe on all of those. I mean, like our poorest countries in the United States are generally wealthier than most of the European countries on a per capita basis.

I mean, if you take a look at the US, almost every broad-based prosperity metric, GDP growth, per capita income, interest rates, unemployment rates, the US trounces Europe on all of those. I mean, like our poorest countries in the United States are generally wealthier than most of the European countries on a per capita basis.

And so over the last sort of 40 years, you kind of had these two systems that were developing. And the U.S. model, to me, is just the superior model. I mean, I believe in American exceptionalism. I think our American model works. The problem is with the American model is every once in a while, there are kind of bumps in the system, bumps in the road.

And so over the last sort of 40 years, you kind of had these two systems that were developing. And the U.S. model, to me, is just the superior model. I mean, I believe in American exceptionalism. I think our American model works. The problem is with the American model is every once in a while, there are kind of bumps in the system, bumps in the road.

And so over the last sort of 40 years, you kind of had these two systems that were developing. And the U.S. model, to me, is just the superior model. I mean, I believe in American exceptionalism. I think our American model works. The problem is with the American model is every once in a while, there are kind of bumps in the system, bumps in the road.