Growthink Blog

The One Thing You Can't Live Without


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If you're like me, there's one thing you probably take for granted.

Interestingly, this one thing is something you can't live without. At least not for long.

But fortunately, there are some cutting-edge entrepreneurs working wonders on solving the challenges of this one thing.

What is it?

Water.
 
All around the world water shortages long ago crossed the crisis threshold.

In California. Arizona. New Mexico. Georgia and Florida. The Middle East. China. 

Too many years of antiquated public policy, population and economic growth, climate change, and unsustainable agriculture have strained water resources in all of these places to and beyond the breaking point.  

The American Entrepreneur to the Rescue

The greater the adversity, the greater the opportunity. And in the dynamic technology landscape of "new water," American entrepreneurs are leading the way.
 
A select cadre of under-the-radar water startups are developing game-changing technologies to develop, purify, store, convey, and conserve water.

Who Are They?

I would like to invite you to an exclusive opportunity to learn who these startups are and what their technologies do - distributed desalination, reverse osmosis membranes, nanoscale materials and nanoceramics, among others.  

And as importantly, we will share who stands to profit from the $6 billion still slated from the federal stimulus package last year for water infrastructure investments.

Best regards, and look forward to connecting.
--
Jay Turo
CEO
Growthink, Inc

P.S. To survive in the new economic world order, it is imperative to focus on businesses that have strong, blended public and private sector revenue models.
 
You can search the whole world round and not find a sector that better fits this description than water. 


The Scott Brown Upset Win - A Referendum on Washington AND Wall Street


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Never in my lifetime have I seen Americans as mad with the "system" as they are right now.

And never have more Americans agreed on what that "system" is:

1. It is Washington. The "out to lunch and out of touch" tone and policy responses from both Democrats and so-called free market Republicans to the historical economic crisis facing American families and small businesses.

2. It is Wall Street. It is beyond galling that the most highly compensated roles in our economy over the past year have been exactly those people most responsible for the crisis!

Bankers and hedge fund managers.

This just doesn't sit right with anyone, not even the bankers and hedge fund managers themselves!

So what to do?

Neither I nor my Growthink colleagues are ranters nor end-of-worlders. Far from it. Rather, we side with those so eloquently described by the President in his inaugural: "The risk-takers, the doers, the makers of things -- some celebrated, but more often men and women obscure in their labor -- who have carried us up the long, rugged path towards prosperity and freedom."

We call this "Entrepreneurial Capitalism" -- the core ideal that financial rewards should go more to the creators of value and less to the speculators on value.

A strong corollary to this ideal is a wholesale rejection of the nauseating spectacle of pork and favoritism masquerading as fiscal stimulus.

So come on America, we're better than this. Let's start showing it.

Let's incentivize the scientists and the engineers and the operators of successful companies, not bankers and political and union hacks.

Let's offer the 495,000 Americans that start a new business every month tax breaks and credits and regulatory relief.

And most importantly, let's give them REAL ACCESS to capital. In turn:

1. They Will Offer Investors By Far The Best Return on Capital Out There. Over the past 10 years the "entrepreneurial sector" was the ONLY asset class other than gold to outpace inflation, with a 10-year return average greater than 30%.

2. And They Will Save The Country and Save The World. From the brave group of new companies will emerge the "chosen ones" - superstar entrepreneurs that create the "gazelle" growth companies that create the jobs and prosperity to overcome ALL of our economic challenges.

Let's run with these gazelles.

In 2010, this means emerging technology. Internet & Software, Digital Media & Entertainment, Healthcare & Biotechnology, and Green & Alternative Energy companies.

Find them. Back them. Win with them.

They are cure for what ails us - as individuals and as a nation.

I look forward to your attendance and feedback.

Jay Turo
CEO
Growthink, Inc.

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Cowardice - The Most Shameful of Vices


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An absolutely incredible and little-noted essay last week in the Wall Street Journal - Understanding the Terror Threat by Paul Campos – should be required reading for anyone in a position of authority in this great country of ours.

Martin Luther King, Jr.Campos main point:  - in both business and politics we have become a nation of  “irrational cowards," and of Chicken Little "sky is falling" doomsdayers. 

And in so doing, we have done a grave dishonor to the sacred heritage of our country. A country built by risk-taking immigrants, by pioneers and action-driven leaders like George Washington, Teddy Roosevelt, and Martin Luther King.

Campos makes his point via citing the actual statistical probability of being a victim of an act of terrorism:

•  In the decade of the 2000's, only one out of approximately 25 million passengers was killed in  a terror attack aboard an American commercial airliner (all on 9/11)

•  To put this in perspective, a person has about a one in 500,000 chance each year of being struck by lightning.

•  Deaths from terrorism on airlines were at least five times less common in the 2000s than in any decade from the 1940s through the 1980s.

Campos does point to the one exception in the back of everyone's mind - the threat of nuclear terrorism. He agrees that this is a statistically real serious threat to which an intense, global policy response is very warranted.

Beyond this, though? Fuggedaboutit! The probability of any of us being the victim of a "terrorist attack" is for all practical purposes zero.

Now the pure flip side of fretting over terrorism is, as Teddy Roosevelt so famously said, is to be “in the arena,” to be a "doer of deeds" and to spend oneself in a worthy cause.

And in 21st Century America, it is our nation’s entrepreneurs who are most purely in the arena. It is they that are most courageously pursuing the opportunities that make America fly and thrive.

And you know what else? In terms of public perception, entrepreneurs suffer the opposite problem from terrorists. People think the odds of bad things happening to them (failure, bankruptcy, etc.) are worse than they really are.

For example, while most people think that 9 out of 10 businesses fail within one year, the real statistic is that only 1 out of 2 actually do.

Or while the media portrayal of entrepreneurs and small business is usually one of too much work and too little reward, less reported is how on almost all career satisfaction rankings being an entrepreneur ranks at the top of the list.

Or my favorite – most people consider investing in start-ups and small companies as the riskiest class of equity investing out there. This is anecdotally true but by no means collectively true.

As I pointed out in a recent blog post, over the past 10 years early-stage private company investing was the ONLY asset class other than gold to outpace inflation.

My favorite line from Mr. Campos' essay - Cowardice is among the most shameful of vices.
 
Washington and Roosevelt and King (to say nothing of the Wright Brothers) would turn over in their graves at the sight and sounds of the irrational fear-mongering that passes as public discourse in this great country of ours.

His advice and mine: Fight back.

In ways large and small, a good place to start is by learning the real odds

And when you do, you will sleep easier on that next red-eye to JFK.

And you will rekindle your faith in the power of the American entrepreneur.

I look forward to your attendance and feedback.

Jay Turo
CEO
Growthink, Inc.

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Look For This Quality Above All Else


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Of all of the variables to evaluate in handicapping the likelihood of success of a business, by far the most important is its  "human DNA" - that killer combination of people smarts, vision, creativity, integrity and work ethic present in all great companies.

Here are 7 qualities to look for in a management team worth backing:

#7. They Are, In Fact, A Team. Great companies are not simply the byproduct of a visionary and/or charismatic founder and chief executive, but rather of a multi-disciplinary, multi-faceted, and well-meshed leadership team.

Great companies have cultures of achievement.

The tone of this culture might be, and usually is, set by a charismatic founder. But its enduring success is dependent on how it can replicate and maintain that culture as the company grows, and as its founder's role becomes less pronounced.

#6. It Is Clear Who Is In Charge. This may seem contradictory to the above, but all well led companies have clear and final points of decision making. There are many effective styles of leadership, from greatly autocratic to fundamentally consensual, but all of them share the fact that in them there is one person at whose desk the "buck" truly stops.

#5. They Have Small Business Discipline. To paraphrase Guy Kawasaki -- the worst folks to run a start-up or an emerging company are a group of ex-Microsoft executives. Entrepreneurial companies are first and foremost small businesses. As such, their management must a) fervently guard cash flow and manage it with a cult-like intensity and b) always make decisions with the mindset that they only have so many "arrows in the quiver" in terms of time and capital to pursue initiatives.

#4. They Are Risk-Takers. The proper goal of an entrepreneur with outside investors is not to run a small business in the common sense of the term. With the fear of sounding harsh, the best managers are minimally concerned with protecting their own "middle-class" lifestyles. Rather, they understand that to achieve greatly requires daring greatly.

For investors, a flame-out failure is not the only bad outcome. As damaging is "a muddling along" driven by too conservative decision making influenced by the desire to "protect hides."

Companies that run this way, in fact usually require MORE money, and counter-intuitively can often be riskier than their harder-charging brethren.

#3. They Are "Goldilocks-ish." While there are certainly outliers in this regard, the significant majority of the best entrepreneurial managers are not "too hot" nor "too cold." Again, not a hard and fast rule, but look for leaders where the key people are between the ages of 30 and 50 have had a few past successes and maybe a failure or two.

They are now in that sweet spot between youthful hunger and middle age wisdom. They know what they know, yet they still have the intellectual and emotional flexibility and curiosity to change and grow.

#2. They Are Technologists. All successful 21st businesses are, at their essence, technology businesses. This does not mean that they all would be considered classic "emerging technology" companies (though the majority of them, in fact, are).

Rather, well-run modern companies leverage technology -- from CRM and ERP to SEO and SEM to scenario-planning and simulation to "best practice" their business models. Their managers understand that information technology is not just the domain of a geeky guy to call when computers can't boot up, but is rather the drumbeat of their business.

#1. Their Work Ethic is Off The Charts. More than anything else, successful entrepreneurs work hard. As in very, very, very, very hard. They work nights. They work weekends. They take short vacations, if any. They work when they're sick. They work when they're tired. They work and work and work and then to paraphrase the great (and famously hard-working) golfer Gary Player, "The harder they work, the luckier they get."

Look for this quality above all else. It is almost always the best predictor of success.


The Decade in Review: What Worked, What Didn't..


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Look to the right for a fantastic chart that tracks investment returns for various asset classes over the past 10 and 20 years.

A few points immediately jump off the page: 

  • Angel Investing Outpaced All Other Asset Classes. Obviously, at the top of the list is the gigantic gap between returns for angel, or early-stage private company investing, and all other asset classes. I will elaborate on this more below.
  • Gold Had a Very Good Decade. While I personally loathe gold as an investment (see my blog post from last month - "Gold is great - But It Is Not an Investment"), for better or for worse the "00's" were a very good decade for gold. Though I must add that gold's investment return since 1980, on an inflation-adjusted basis, is actually NEGATIVE
  • Inflation Was Consistently Low.  Inflation has been relatively consistent for the last 20 years, in the 2 and 1/2 percent annually range. 
  • The Stock Market Performed Awful. As discussed in my worst investing decade ever post last month, the U.S. stock market - the Dow Jones, the S & P, the NASDAQ - had a historically abysmal decade, with all major indices posting both real and inflation-adjusted NEGATIVE returns (first time that has EVER happened).
  • Real Estate - Same Old, Same Old. The great real estate collapse of 2007-2009 brought the decade's real estate returns into its long-term historical average, about 1% ahead of the rate of inflation.

So that is past.  What will the next 10 years hold?  Here are three predictions:

  • Cash is VERY Dangerous. Not shown on the chart but of interest is today's average money market fund yield of a comically bad 0.03% (that is $3/year of interest per $1,000 invested). When viewed against either the current inflation number (1.8%) or the massive risk of long-term inflation brought on by the unprecedented federal budget deficits, dollar-denominated cash deposits today offer a downwright frightening risk-reward ratio.
  • Only By Blind Luck Can One Expect To Beat the Averages in Public Stocks. The dirty little secret that the mutual fund and brokerage industry wants to hide is that there has been no scientifically valid study in the last 20 years that has demonstrated an actively managed stock portfolio offering better risk-return than simple index investing. And as global trading and real-time information-sharing continues to intensify, expect this trend to deepen. So for better or for worse if you're invested in U.S. public stocks in the decade to come, by far your most likely outcome is the market average.  
  • Angel Investing Returns - Too Good To Be True? Now the 1st line in the chart, showing 10 year angel investing returns of over 30% annually, just feels way, way too high. How on earth could any asset class so outperform all others over such an extended period of time? And more importantly can and will it continue?

My answer - yes but.  Yes - because the 2 key factors that drive angel investing outperformance remain the same. One, returns have to be very high as compensation for illiquidity - most angel investments are in private-held, small companies years away from a sale or an IPO. And two, returns are high as compensation for the EXTREME variance of the asset class.

Now for the but.  While the asset class returned an average of 30%+, it was attained via the sum of a very, very few winners (aka Google), and lots and lots of losers. 

Quite simply, a few investors made a killing, and a giant many got killed.

But here is where it gets interesting. The one thing that has and will continue to drive angel investing returns  - namely technology advancements - now allows investors, for the first time, access to smoothed-out returns (i.e. higher likelhood of hitting the 30% average versus the extreme highs and lows).

I look forward to your attendance and feedback.

Jay Turo
CEO
Growthink, Inc.

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The "00's" - WORST Investing Decade EVER


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Barring a massive rally between now and the end of the year, the "00's" will be the worst decade in the history of the stock market.  

As reported in the Wall Street Journal today, since the end of 1999 stocks traded on the New York Stock Exchange have lost an average of 0.5% per year.

Let's put this in historical perspective.

The 1990's were the best calendar decade in history for stocks, with an average investment return of 17.6% per year.

Even in the 1930's - the era of the Great Depression and usually considered the gold standard (pardon the pun) for bad markets, investors did better - with stocks "only" losing 0.2% per year.

And, as the Journal goes on, the news is even worst when we take into account inflation.  Since 1999, on a inflation-adjusted basis, the S & P 500  has lost an average of 3.3% per year.  

How bad is this? Given that the 1930's was a period of deflation, stock actually gained, in real terms, 1.8%  per year during that decade. Even the 1970's - a period of both a bear market AND inflation, did better than this last decade, with stocks only losing 1.4% after inflation.

So before moving to the "what does this mean" and "what do we do now" discussion, let's take a moment of pause to reflect on just how tough an investing decade this has been

Very, very tough. Trillions lost. Retirement plans delayed. Heartache and heartbreak.  

Perhaps most gallingly, while most suffered, there were those that did very well while really having no business doing so.  Hedge fund managersDerivatives tradersBank executives.

I think we can all agree on a hope for the new decade  - that the financial rewards in the next 10 years go more to the creators of value and less to the speculators on value.

Here are three more:

1. May Venture Capital Rise Again. Venture capital firms, for the first time in their history, lost money over a decade-long period.

Given the amazing and world-changing advances in human productivity and connectivity over the last 10 years, may the venture capital industry, and correspondingly the world of emerging technology - re-find its return footing.

2. May, on December 31, 2019, The NASDAQ and Dow be trading at, respectively, above 10,000 and above 30,000.  Even getting to these levels will mean a return of less than 5% annually from 1999 to 2019.

This falls into the category of the equity markets being "due" for a big returns decade. A simple, but defensible premise.  

3. May The Nation's Entrepreneurs Lead The Way.  Never has there been more productive, focused, mature, and cause-driven entrepreneurs alive in the world than there are today.

Take a look at the below list of the top performing stocks of the past 10 year (1999-2008): 

Symbol               Company                                             10 Yr. Cum. Return
GMCR..............Green Mountain Coffee Roasters................7,895.4%
HANS...............Hansen Natural........................................6,504.1%
BYI...................Bally Technologies..................................6,394.2%
SWN................Southwestern Energy.................................5,108.4%
CLH..................Clean Harbors.........................................4,456.0%
DECK...............Deckers Outdoor......................................3,669.5%
AMED...............Amedisys................................................3,669.2%
TNH.................Terra Nitrogen..........................................3,611.5%
BOOM..............Dynamic Materials......................................3,519.4%
QSII.................Quality Systems.......................................3,497.2%

As Tim Hanson points out, these companies have three qualities in common - they were mostly ignored and obscure when they began their meteoric rise, and they were SMALL.

And you know what?  Come 2019 there will be TEN DIFFERENT obscure and small companies that will make this list.

Noone knows who these companies will be. But to attain alpha, you MUST find them.

One thing is for sure - a few investors WILL find them.

The more interesting question of course is - will you be one of them? 

I look forward to your attendance and feedback.

Jay Turo
CEO
Growthink, Inc.

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Capital Gains Tax Breaks and The Coming Small Business Investment Boom


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Showing once again where our modern media priorities are, shoved off the front page last week by more lurid Tiger Woods talk, was the very under-reported but potentially game-changing proposal that President Obama made last week regarding eliminating all capital gains taxes on startup and small business investments.

There are so my ways that this is good for small business, for America, and for private company investing. Let me note three:

1. Simple Fairness. It has been a very tough couple of years for startups and small businesses. Unlike automakers and big banks, the nation's entrepreneurs were left to completely fend for themselves through the recent economic tsunami.

And, as befits a class of people that can only be described as modern-day action heroes, given their massive and unsung contributions to the American way of life, the entrepreneurs among us have handled their adversities as they always do - with stoicism, with grace, and with the simple coda that nothing is immutable to hard work.

But it is beyond time that someone lend them a hand. If, miracle of miracle, Congress follows the President's lead and makes this proposal law (and given how lower capital gains has been a Republican mantra since I was in high school, the probability is high that it will), it will unleash a huge investment bull market across the entrepreneurial landscape.

And let's not forget how overdue this is - for the 1st time in history this last decade will go down as the only one where more money was invested INTO venture capital than was earned out. While early-stage private equity investing did much better in the decade than VC's, it has still been a very rough go of it.

The hope here is that this tax break will be a catalyst for capital move from do-nothing and know-nothing investments like gold and into productive ones like technology startups and small businesses.

2. Startup and Small Business Tax Breaks Spur Innovation. The proposed capital gains tax break, when coupled with the proposed tax credits for small business hiring and investment, will provide a much-needed boost to entrepreneurial risk-taking and innovation.

Remember, this information age of ours is a story of "guys in garages." Gates and Allen, Jobs and Wozniak, Page and Brin.

Similarly, the big ideas of the coming "Energy Age" - in battery technology, in cold fusion, in greenhouse gas reversal, will NOT come from the federal government or big business.

Why? Because very simply the most creative people do NOT want to work within any kind of bureaucracy. Rather, they will come from the yet to-be-founded startup, that fluid and flexible small business about to break-out.

Anything that makes it easier for these innovators to have cheaper access to capital - which a waiver of the tax on capital gains effects - is a HUGE positive.

3. Let's Get the Best and Brightest to be More Entrepreneurial. Finally and tied to this point, the central economic and investment issue of our age is not inflation, it is not big bank bailouts, it is not health care reform, it is not Democrat versus Republican and it is not liberal versus conservative.

No, it is what can and needs to be done to spur the "best and brightest" among us to be more entrepreneurial and more successful when they are.

Why? Because entrepreneurs create the innovations that create the jobs that create the wealth that create our whole, cherished American way of life.

So we need everyone in positions of influence in our society - government, media, education, entertainment - to stand-up for the entrepreneurs.

The proposed capital gains tax break in this context is as important in what it signals as its direct stimulus effect.

And for you investors out there, the best thing is that if YOU do the best thing for the economy and the country and invest in entrepreneurs, well guess what?

If you do it right, you will make far more on your money that you could ever imagine.

This is called doing well while doing good. And it is highly recommended.

I look forward to your attendance and feedback.

Jay Turo
CEO
Growthink, Inc.

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Gold is Great - But It is NOT an Investment


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As many of you I am sure are aware, there has been a major gold bull run since the start of the year. While pulling back slightly in the last few days, the price of an ounce of gold touched a record $1,227.50 on Thursday, December 3rd.

Most of the rally has been driven by widespread inflation fears, which in turn are driven by the massive and unprecedented deficits that most of the major industrial governments (save China, of course) seem committed to running for as far as the eye can see.

Gold - say the wise men - is the ideal inflation hedge, which of course is another way of saying that it is the ideal hedge against governments acting badly and confiscating the well-earned wealth of its productive citizens.

Now I would never begrudge anyone that likes betting against government as an investment strategy, but by golly if there ever was an investment that just outright appeals to the uninformed (and those who prey on them), it is gold.

Let's take a step back here, folks, and think a bit about the word "investing," defined by Webster's as "the active redirection of resources/assets to creating benefits in the future."

Now can someone please explain to me how an asset that doesn't yield or produce ANYTHING, and costs money to store, could possibly be considered an investment?

The answer, quite simply, is that gold isn't an investment. Gold, as jewelry or decoration, or accoutrement, is beautiful. Gold as investment is a cult.

A cult of negativity and pessimism, to be more precise. And one in which it would be funny if it is wasn't so sad how many of the older generation in this great country of ours are caught up.

Spend a little time amongst the retired set talking about both investing and the future of America and the amount of fear, negativity, and of an all-consuming mindset of concern for one's own hide and to heck with everyone else falls somewhere between depressing and appalling.

And as for the hucksters that play on these fears - convincing Grandma and Grandpa that Obama is leading us down the path of Communism so better to take all of your money and not just buy gold but also bury it in your backyard - well there is a special corner reserved down under for these folks.

A particularly galling trick of the gold huckster industry (coming to a talk radio or billboard ad near you) is to first promote with great fury their "sky is falling" shtick, then suggest that the only solution is not to just buy gold (that would be bad enough), but to buy gold COINS versus the bullion itself (or far more efficiently, a gold ETF like State Street's Gold Spider (NYSE: GLD)).

What they don't tell you is that they mark these coins up as much as 30% - making almost as much money for themselves as the Pirates of old. And oh yes, if gold bullion and coins were regulated investment assets as they should be, they would call that amount of markup a crime.

How About Actually Investing?

Now let's look at the polar opposite of investing in gold - namely investing in the most productive, most effective, most wealth-building sector of our economy.

I am talking of course about investing in the modern-day action heroes that are the world's entrepreneurs. The men and women who right now are starting and building the Googles, the LinkedIns, the Facebooks, the Twitters, the Apples, the Microsofts, the Amazons, of the next 20 years.

They are passionately at work at the new and young companies where the ideas are freshest, where the work ethic is most profound, and where the innovation breakthroughs are most world-changing.

And unlike investors in gold, who have gotten a negative long-term return since 1980 (on an inflation adjusted-basis, gold's $599/ounce price peak in 1981 price translates in today's $ to $1,417/ounce, investors in entrepreneurial and small companies have killed it - earning a whopping 21.4% annually during that same time frame.

So this holiday season, buy that special someone a gold necklace, or earrings, or bracelet, or gold-plated watch, for sure.

But if you want to give yourself a gift, hang up on the gold hucksters and instead find and back the entrepreneurs in your midst.

They will TRULY be the gift that keeps on giving.

Jay Turo
CEO
Growthink, Inc.
800-506-5728
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Why Entrepreneurs Are Real Life, Modern Day Action Heroes


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A very, important study of U.S. Economic Census Data conducted by the Ewing Marion Kauffman Foundation, was published last week that statistically demonstrates who really creates jobs in the American economy.

Thanksgiving: The Spirit of America


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Thanksgiving is thequintessential American holiday.  It acknowledges the best qualities ofour blessed land - rewards for hard work, diversity as strength, andthe "attitude of gratitude" toward which all of us strive.

Asevery school boy and girl knows (or, in our 21st century world of videogames and politically correct education, should know), Thanksgivingtraces its origin from a 1621 Pilgrim harvest feast to celebrate a successfulgrowing season and survival after an extremely difficult first winterin the New World.

And at that harvest feast these Pilgrims from England and the original inhabitants of the area - the Wampanoag Indians - sat down and ate together in a spirit of friendship and camaraderie. The Pilgrims owed their survival to the goodwill of the Indians, whohad taught them how to grow corn and how to fish in the very unfamiliarNew England (now) soil and seas.

What a story. If it doesn't get you going, then you aren't even trying.  Let me help:

First, let's reflecton the incredible guts, tenacity, sense of adventure, and justunbelievable hard work and perseverance of the Pilgrims. It beyonddefies our modern, cushy-soft sensibilities.  Let's channel thetoughness of the Pilgrims when tackling the challenges of our modernday - health care, deficits, China, et al

Next, while thehistory of the white man's treatment of the native peoples of Americain the last 500 years has been mostly shameful, let's reflect onthat happy day of brotherhood.

Let's all be proud of thehistorically unique diversity of modern America.  Doubt me?  Spend theday as I did yesterday with my 2 and 3 - year old boys at LegoLandin Carlsbad.

As we sat building towers and cars and the kinds ofplanes that only fly in little boy's imaginations, I looked to my leftand I saw an intent Indian boy and his father hard at work. 

To myright, an African-American girl directing her Daddy how she we wantedit done.  Behind me, a family with Asiatic features happily building.

As for language, only me with my thick Massachusetts accent spokeanything but perfect English.

There is NOWHERE on Earth this scenerepeats itself as often and as peaceably and as productively as it doesin America.  Japan?  China? The Middle East? Europe?  Hah!Still mostly medieval in their perspectives on these matters, and inour information age America has a MASSIVE leg-up because of it.

And finally, let's give thanks. Iam not proud of it, but I am still addicted to reading the Sunday NewYork Times. And what a tale of woe it is. And while I know the #1 ruleof modern media - "if it bleeds, it leads," please just stop.

Betweenthe dire talk of global warming, global terrorism, and global finance,if you don't catch yourself you can't help but feel sorry for not justyou, but for all of humanity. 

It is 99% bunk. The world has NEVER offered more opportunities for a larger percentage of us tolive affluent lives, to do self-expressive, remunerative work, and tobe amazed daily by the wonders of modern technology and entertainment than it does right now.Be grateful for all that and more. 

Happy Thanksgiving to all.  May your holiday be blessed withthe rewards of hard work, of breaking bread with family and friends newand old, and with an attitude of gratitude for the bounties the futurewill most definitely hold.

Jay Turo
CEO
Growthink, Inc.
800-506-5728

Follow me on Twitter
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