The 250th Anniversary of America is just a few weeks away. There will be firework celebrations from coast to coast and everywhere in between, Americana nostalgia around every street corner, and reenactments to showcase the last 250 years of our great nation’s history. Historians will discuss the evolution of the United States through wars, different administrations, and new, exciting inventions that brilliant Americans have created to make all of our lives better.
And one person with strong ties to Rebalance, our very own founding Investment Committee member Dr. Charles D. Ellis, is set to release a written masterpiece of his own to commemorate this milestone: his 24th book, titled Great American Investments: A History of The Bold Initiatives That Shaped a Nation, out on June 23. In this book, Charley argues that America’s greatest achievements were not accidents of history but the result of visionary leadership and long-term investment in the public good.
Charley, a prolific author and educator, is one of America’s legendary investors. He championed low-cost index investing when it first came about in the 1970s, and as a colleague of Jack Bogle, he served on the board of Vanguard for many years. Charley had a front row seat to one of the most notable university endowments in the history of the United States, as he served as Chairman of the Yale University endowment for many years throughout his career.
Above all of his most impressive professional accolades, however, Charley truly cares about teaching the every day investor about how to make smart investment choices. His best-selling books The Elements of Investing and Winning the Loser’s Game synthesize his investing principles into easily digestible and compelling advice. Great American Investments veers slightly away from Charley’s traditional investing books, and rather delivers a rich history of the U.S. and illustrates some of the best investments the American government has made throughout its history. It is a refreshing read, as it shines a very positive light on our nation, through this historic lens, and it showcases Charley’s great storytelling capabilities.
Charley began writing this book out of a keen curiosity and interest in American history, during the dark period of Covid. During this uncertain time, when our country was embroiled in chaos, Charley writes in the introduction “I have always been an optimist and kept thinking about how our nation had risen to do remarkable things—often as unlikely as tackling a pandemic.”
The central theme of the book is that strategic investments, often controversial at the time they were proposed, generated extraordinary economic, social, and cultural benefits for future generations. Charley explains that many of these projects faced intense opposition because of their costs, perceived risks, or political implications. Yet leaders such as Thomas Jefferson, Frances Perkins, William Seward, Dwight Eisenhower, and others recognized opportunities whose benefits would far outweigh their initial expenses. By highlighting these examples, Charley challenges readers to think beyond short-term costs and consider the lasting value of public investment, which mirrors his investing philosophy: behave like a long-term investor.
He further writes that he became a student of these investments, as his imagination was captured by each of their stories, and the history behind them. Together, these 14 investments, though all remarkably different from one another, are all connected with one major thread: they all make America a better nation, and each required U.S. government approval. Each of these investments contributes to America being the country its citizens so deeply love; what a refreshing thought, to read about something that brought unity instead of fragmentation.
The investments Charley discusses in the chapters of this book range from Social Security, The Louisiana Purchase, National Parks, and NASA, to name a few. Each chapter is dedicated to one investment, and shares an enriching story in a succinct and compelling way. You will walk away with a new historical perspective of the U.S.
As we reflect upon the history of our nation, and celebrate its upcoming 250th birthday on July 4, Charley’s message and writing rises above feelings of divisiveness, animosity, and frustration. He provides a calming voice that while volatility has occurred throughout history, bright periods always follow as well, and we should not allow feelings of despair to dominate our lives. Great American Investments provides hope that our great nation can unite to create notable, lasting impacts.
If Great American Investments interests you, our Rebalance team is pleased to introduce an inaugural event later this summer: Charley and Dan Mavraides, our new Deputy Chief Investment Officer, are excited to offer the first Rebalance Book Club virtual event on XX, that is open to all clients and their guests. During this one-hour discussion, Charley and Dan will be talking about the book and you will have the chance to ask him questions.To request a complimentary copy of Great American Investments, please click the button below and indicate whether you prefer a print or digital edition. We hope to see you in September, and have an enjoyable summer!
