For those lucky to live in the United States of America, Independence Day is an important day. It marks the date of the ratification of our Declaration of Independence in 1776. The 4th of July is the day we became our own country and the day we were no longer subject to the monarchy and empire of Britain.
One of my big hobbies revolves around the Preferred Shares podcast with my two co-hosts, Lawrence Hamtil and Devin LaSarre. We do lots of reading and research on business history. We also interview entrepreneurs and investors with unique perspectives and experience in the world of business.
The niche expertise I’ve developed over the years has been on the research side. Not just to benefit myself for actual and prospective investments, but also to further my continual education via the study of history.
Over the last several years, I’ve come across numerous business advertisements in old newspapers and trade publications. The period of the 1920s, and then between the 1940s and 1960s, are particularly striking periods in how businesses promoted themselves and advertised their products and services. Of course, these were periods of world wars and then the Cold War. The battle was between good vs. evil, freedom vs. tyranny, self-determination vs. being ruled by a distant monarch or dictator. It’s easy to understand how a business in the U.S. would have a self-interest in promoting themselves as freedom-loving and pitching in 100% to these efforts.
However, as time has passed, and fewer and fewer generations have little or no memory of pulling together for the common good, no memory of true conflict or what is at stake between the battle of ideas in how a population chooses to allow themselves to be governed, the patriotic advertisements have inevitably declined. Shared sacrifice for the ideals of freedom and independence seems almost just a figment of the imagination.
So let me share this advertisement from Du Pont published in the New York Times on January 3, 1950. It’s entitled “Are you tired of Freedom?”
Here’s my transcription of the text from the ad:
Recently, a young man, a citizen of a “planned economy” country, came to America. When asked what impressed him most, he said, “I can’t get over the amount of merchandise—and the variety of things—on display in your stores. My people at home wouldn’t know what to make of it.”
Sometimes it takes a stranger, such as this young man, to help us realize what the American system of competitive industry means to every one of us.
Dozens of things you see in shop windows today, like new products made of Du Pont nylon, plastics and neoprene synthetic rubber, were unknown a year ago. Hundreds have been in existence less than five years—and there are new ones constantly coming up. In another year you may see articles made of Du Pont’s newest synthetic, Orlon acrylic fiber. American businesses, ten million of them, are constantly competing with one another to give you better products—more for your money. That’s the way Free Enterprise works, and it has given Americans the highest standard of living the world has ever known.
Free business enterprise is made up of a lot of freedoms. The men and women who make the products are free to work where they choose. The people who have saved money may invest it in any business in which they have confidence, or take it out when the business forfeits that confidence. Business managers may choose what products they will develop and decide how they will apply their company’s resources. You, as a consumer, are free to choose which products you buy, and through your purchases you determine the success and size of any business.
These freedoms, together with freedom of speech, thought and religion, spell freedom as Americans know it. It is a priceless heritage, dearly won and not easy to hold. You can lose it all at once in a military war, or you can lose it in other ways. There are people who think you are tired of so much freedom. Instead of letting you decide how you’ll work and live, how you’ll spend your money and how you’ll plan your future, they want to decide for you. When that happens, your freedom is gone. And remember: just as you never miss the water till the well runs dry . . . you don’t really feel the loss of freedom until it’s gone.
The time to prevent freedom from slipping away is now. Every time you hear somebody—in your home, in your business or in public life—nibbling away at freedom, don’t be afraid to speak up. Don’t hesitate to say, “I want to be able to decide for myself where and for whom I will work. I want to be able to buy what I please, when I please and where I please…. And above all I want to live like a free American and decide my own future. I want my children to live like free Americans. I’m not tired of freedom!”
Summary
If one is a cynic, they might only see selfish promotion and submissive support of a system that has produced extraordinary wealth for a business and its shareholders. There is certainly some of that in the ad.
But still, the main point overwhelms the cynical view: freedom, independence, and entrepreneurialism have made our country stronger and more wealthy than could have ever been imagined in 1776. Furthermore, our independence and our freedoms were won with a price and they can only be maintained with a price.
Although there will always be a price for freedom anywhere in the world—not just in the United States—I hope most people continue to believe freedom is worth it and that they never tire of it.
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Disclaimers for this Substack
The content of this publication is for entertainment and educational purposes only and should not be considered a recommendation to buy or sell any particular security. The opinions expressed herein are those of Douglas Ott in his personal capacity and are subject to change without notice. Consider the investment objectives, risks, and expenses before investing.
Investment strategies managed by Andvari Associates LLC, Doug’s employer, may have a position in the securities or assets discussed in any of its writings. Doug himself may have a position in the securities or assets discussed in any of his writings. Securities mentioned may not be representative of Andvari’s or Doug’s current or future investments. Andvari or Doug may re-evaluate their holdings in any mentioned securities and may buy, sell or cover certain positions without notice.
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"I hope most people continue to believe freedom is worth it and that they never tire of it."
I hope so too, for the sake of the world. I've never been to the US, and the horror stories I'm reading/seeing lately make me even less enclined to ever set foot in your country. People being abducted in broad daylight, massive corruption in plain view from the very top of the country's leadership, and tourists being thrown into filthy jails because they have wrong pictures on their phones or made fun of the president on social media... dystopian - but unfortunately very real. I hope it's not too late and this country can get back on the right track at some point.