If you were to assess the last 25 years of history, not just for yourself personally but as a citizen of the world, what would your general conclusion be?

From a personal perspective, I’m guessing most of us might conclude the last quarter century has been pretty favorable. Conversely, as a representative of the human race you may feel otherwise.

After all, think about the awful things we’ve all witnessed since 1999? 9/11, Iraq and Afghanistan wars, hurricanes, global financial crisis, mass shootings, COVID, the disintegration of political civility….

But if we look at global indicators of well-being during that time period, it’s hard to argue against mankind’s ingenuity and adaptability:

• Global extreme poverty was reduced by 130,000 people every single day *
• The child mortality rate dropped in half – 4.4 million fewer children died in 2022 than in 2002 *
• Chronic hunger was reduced by 30%+ *
• Over 50% of the world’s population now has internet access compared to less than 10% in 1999 *
• The U.S. stock market grew by more than 6 times

At the risk of being accused of being not only a Pollyanna but one with rose-colored glasses on, I’d suggest that these life-affirming results prove that whatever the crisis, human ingenuity and adaptability continue to not only keep our collective heads above water but gradually improve our circumstance.

And as an investor, historical evidence suggests that superior businesses, run by some of the best minds in the world, ultimately find ways to work around any roadblocks as opportunistically as possible, going on to further success for their shareholders.

Wishing you a great finish to your summer!

Andy, Patty, and the Proquility Team

P.S. One of the highlights of the last 25 years for me has been having a hand in raising three young men – enjoying family favorite Kohr’s Frozen Custard last month on Long Beach Island, NJ.