Hey friends,
In the spirit of the upcoming holiday, I felt compelled to share a quick note of appreciation with you today. No markets, economics, investments, or theories today… just thankfulness.
We talk a lot about becoming a good steward of civilization inside our investment membership The Phoenician League. What that means is a little different to each of us… but it’s tangible. And practical.
If we look around our world today, there’s something that’s blatantly obvious – yet none of us recognize it for what it is. We have conquered scarcity.
This statement is considered blasphemous in certain circles, but it’s true. It’s evident.
If a person who died prior to 1940 were to somehow magically appear in our world today, this is the very first thing they would realize. Humans conquered scarcity. That fact would smack them right in the face… because they didn’t think it was possible.
What I mean is this…
Nobody goes hungry in the developed world today. Quite the opposite. Even the “poorest” among us have the means to consume far more calories than they need.
And that’s because we – humanity – now have the ability to produce food in abundance. And we do just that. It’s estimated that we throw away roughly 133 billion pounds of food every single year… because we don’t need it.
Often when I mention this, somebody will point out that there are still people in developing countries who do sometimes go hungry. Countries in Africa and Latin America are often mentioned.
And that may be true. But it’s not because food is scarce.
It’s because their corrupt governments, bureaucracies, and power factions enforce artificial scarcity. They siphon off the hundreds of billions of dollars in humanitarian aid for themselves. And they prevent modern markets and logistical infrastructure from forming—despite the fact that those institutions are what would enable their people to lift themselves out of poverty.
Some folks like to argue that last point too. But I don’t think it can be refuted logically.
Poverty is the default position. For most of human history nearly everybody alive lived in poverty. Humans were always one bad harvest away from food shortages.
Our recent ancestors changed that. And they did so through hard work, innovation, and human ingenuity over time. And that’s the key. The innovations built upon themselves. They accreted.
And of course it’s not just food.
Today we have big houses, comfortable furniture, central heating and air conditioning… flat screen TVs, smartphones, fast cars, air travel – you name it. All of this would look like magic to those who came before us.
When I think about it all, I can’t help but feel a direct link to the past. And I am thankful. I’m thankful for all the hard work our ancestors did to create a world of abundance for us to enjoy.
So when I think about being a good steward, it’s about doing my part to pass on this world of abundance to my children and grandchildren… and maybe upgrading it ever-so-slightly.
With that mindset in place, I see all kinds of opportunities. Just in my local area.
Lots of little things would make an impact if someone made the effort to do them. And little things add up to big things. That’s especially true when there are lots of people out there doing little things that matter.
That’s the world I want to pass on to my kids. A world of abundance and thoughtful stewards.
And guess what? We don’t need elections or laws to build that world. We just need to act with purpose.
My friends, we are the ones we’ve been waiting for. That’s why I’m also thankful for you.
Happy Thanksgiving.
Joe
P.S. The Mrs. and I are taking the kids to visit their cousins for Thanksgiving. We’ll be out of town the next several days… and I doubt the environment will be conducive to writing. So this will be my only original e-letter this week.
I won’t leave you empty-handed though. I’m going to pick out a few excerpts from my monthly newsletter The Phoenician to share with you tomorrow, Wednesday, and Thursday at our normal publishing time.