The American Tailwind

The American Tailwind(ˈtālˌwind)

Excerpted(ˈekˌsərpt) from Warren Buffet’s 2018 letter(ˈledər) to Berkshire(ˈbərkSHər) Hathaway shareholders

Charlie(ˈCHärlē) and I happily acknowledge that much of Berkshire’s success has simply been a product of what I think should be called The American Tailwind. It is beyond arrogance(ˈerəɡəns) for American businesses or individuals to boast that they have “done it alone.” The tidy(ˈtīdē) rows of simple white crosses at Normandy(ˈnôrməndē) should shame(SHām) those who make such claims(klām).

There are also many other countries around the world that have bright(brīt) futures. About that, we should rejoice(rəˈjois): Americans will be both more prosperous(ˈpräsp(ə)rəs) and safer if all nations thrive(THrīv). At Berkshire, we hope to invest significant sums across borders.

Over the next 77 years, however, the major source of our gains will almost certainly be provided by The American Tailwind. We are lucky – gloriously(ˈɡlôrēəslē) lucky – to have that force at our back.

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For 54 years, Charlie and I have loved our jobs. Daily, we do what we find interesting, working with people we like and trust. And now our new management structure has made our lives even more enjoyable.

With the whole ensemble(änˈsämbəl) – that is, with Ajit(ə) and Greg running operations, a great collection of businesses, a Niagara(neˈeɡərə) of cash-generation, a cadre(ˈkadrē) of talented(ˈtalən(t)əd) managers and a rock-solid culture – your company is in good shape for whatever the future brings.

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