“No one ever gets rich being a pessimist”- Chris Nassetta, Hilton CEO
“One life, you got to do what you should
One life, with each other
Sisters, brothers
One life, but we’re not the same
We get to carry each other, carry each other” - U2
In a world increasingly defined by division, distraction, and disillusionment, it’s easy to lose sight of the foundational truths that have long guided our investment philosophy—and our optimism. But every so often, a conversation reminds us why we remain steadfast in our belief in the American experiment, not just as a country, but as an idea. Recently, one of our portfolio managers listened to a remarkable interview with Joe Rogan and Bono, the frontman of U2, and a lifelong advocate for humanitarian causes. What began as a discussion about music and memoirs evolved into a profound meditation on America’s role in the world, the power of optimism, and the enduring strength of freedom. Interestingly, Bono, an Irishman who has spent decades working alongside American leaders of all political stripes, offered a perspective that was both humbling and invigorating in a world that sometimes struggles with the idea of freedom: “America is not just a country—it’s an idea… Maybe it’s still being written.” Possibly even more topical to our scenario was the advice Bono once received from Warren Buffett: “Don’t appeal to America’s conscience. Appeal to its greatness. Americans want to be great.” That quote has stuck with us—not just because it’s clever, but because it’s true. In our experience, greatness is not a boast; it’s a burden. It’s the willingness to do hard things, to lead when it’s inconvenient, and to invest in the future even when the present feels uncertain.
We bring this up not to wax poetic, but to reaffirm our investment thesis: we remain bullish on America—not because of who’s in office, but because of who we are and this is a point we tried to drive home in our 2024 3rd quarter letter “Anti-Fragile/America”. Our optimism is not political; it’s structural. It’s rooted in the resilience of American innovation, the flexibility of our markets, and the unmatched ability of our system to self-correct and reinvent. Of course, we are aware of the noise. The headlines. The polarization. The contradictions. But we also see the data. We see a country that continues to lead in AI, biotech, clean energy and many other things. We see a maternal mortality rate that has dropped 99% in the past 100 years. We see a consumer that remains resilient, a labor market that adapts, and a corporate sector that continues to innovate. We see a nation that—despite its flaws— can still inspire the world with its freedom. Yes, we realize that if we isolate our ideas from others, we will darken the dream but as Bono put it, “We need new dreams tonight.” And we believe America is still the best place to dream them. Thus, we will continue to believe in the ever-evolving American idea and on a side note we find it interesting that an Irish rock singer who partnered with a conservative president, starting PEPFAR (President’s Emergency Plan for AIDS relief), to save an estimated 26 million lives during the AIDS pandemic is one of the strongest voices we have heard celebrating America in a long time.
From an investment standpoint, this means we still favor a flexible, pragmatic approach. We are not dogmatic about domestic vs. international, active vs. passive, or growth vs. value. We are dogmatic only about one thing: opportunity. And right now, we believe the American idea of freedom is still one of the best opportunities in the world. By extension and referencing our December 2024 quarterly letter “Being Flexible in order to live”, we also continue to emphasize the global construct of freedom which naturally aligns with international investing. Against a backdrop of import/export tariff talk, we believe the idea of freedom might be our greatest export. Thus, we remain diversified via global funds that seek out the best companies, regardless of geography.
As we celebrate America’s 249th birthday this July, we want to extend our heartfelt thanks for your continued trust and partnership. While the first half of the year brought its share of market volatility and geopolitical risks, we believe that uncertainty, though challenging, can also create meaningful opportunities for those grounded in a strong, long-term perspective. Our enduring faith in the American experiment—the idea of freedom and resilience—continues to guide our outlook and strengthen our resolve amid shifting tides. As always, we’re here to support you, answer your questions, and help you navigate whatever lies ahead.
P.S. Joe Rogan also did a podcast on 6.11.25 with Ken Burns about his documentaries that highlighted a great deal of American history that was also very good.
With Gratitude and Optimism,
Creative Financial Group
General Compliance Disclosures
Statements made via this letter are the opinions of Creative Financial Group (“CFG”) and its advisors, and are not to be construed as guarantees, warranties or predictions of future events, portfolio allocations, portfolio results, investment returns, or other outcomes. None of the information contained is intended as a solicitation or offer to purchase or sell a specific security, mutual fund, bond, or any other investment. Readers should not assume that the considerations, suggestions, or recommendations will be profitable, suitable to their circumstances or that future investment and/or portfolio performance will be profitable or favorable. Past performance of indices, mutual funds, or actual portfolios does not guarantee future results. Future results may differ significantly from the past due to materially different economic and market conditions. SSI, its affiliates and its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein.
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