It's fitting that our nation’s 250th birthday celebration has coincided with a history making bull market.
The impressive advance of benchmark U.S. stock indices to all-time highs has enhanced the patriotic spirit of investors and illustrates the sheer power of this country’s unique brand of democratic capitalism. Entrepreneurship has thrived in America like nowhere else on earth, generating wealth on a scale unimaginable at the time of our founding. Think about it – back in 1776 our colonial economy controlled by the British was also set free, but there was zero industrial capacity – no currency, no banks, or stock market.
The evolution of the United States into an economic powerhouse provides a valuable lesson for investors seeking to create wealth today. We can thank independent, progressive thinkers like Alexander Hamilton for establishing a primitive financial infrastructure that nurtured capital formation and encouraged risk taking. Innovation is also a key component of the USA’s capitalist DNA. What began with privateering on the seas has progressed to commerce in outer space. For example, please look at the adjacent list of the wealthiest Americans since 1776. There is something extraordinary going on here.
The views expressed in this commentary are those of the author and may not reflect those of the firm. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Withum Wealth Management [“WWM”]), or any non-investment related content made reference to directly or indirectly in the presented material(s) will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as the receipt of, or as a substitute for, personalized investment advice from WWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her /their individual situation, he/she/they is/are encouraged to consult with the professional advisor of his/her/their choosing. WWM is neither a law firm nor a certified public accounting firm and no portion of the presented material(s) should be construed as legal, accounting or consulting advice.
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CIO Vantage Point | July 2026
One constant over the past 250 years is that the path to wealth has been achieved via the ownership of equity stakes in the U.S.’s most dominant and enduring businesses. This is where the task gets difficult, because successful stock selection requires a high degree of skill. Historical studies reveal that only a tiny percentage of publicly traded companies have produced nearly all the gains. Over the long run, the U.S. stock market is a meritocracy.
