We have a lot to concern us as Americans on this Labor Day 2011, but this bullish quote from Daniel Chung, CEO of Fred Alger Management, in the latest issue of Barron’s Weekly is right on the mark:
America is not a stagnant country. We have a relatively youthful population. Our technology and media industries are the envy of the world, and the Internet is most dynamic in those areas. Europe, China and Japan, for all their attempts, have not been able to replicate our success in innovation of technology and media. We are still a great engine of innovation and growth.
By the way, of the 39 Fred Alger employees assigned to its offices on the 93rd floor of One World Trade Center on September 11, 2001, 35 of them died in the terrorist attacks. Chung was one of four out of the office that day.