Since 1976, there have been nine films in the “Rocky” franchise, costing about $270 million but with revenues of about $2 billion. The first in the series won a well-deserved Best Picture Oscar at the 1977 Academy Awards.

In each, Rocky or Creed is the lead character, and he suffers greatly. In fact, he becomes a bloody mess just before rallying and becoming great again. That is also a characteristic of capitalism . . . American style capitalism! The economy gets beat up and then rallies to record highs.

Many market players were disappointed that our GDP only grew at a 1.1% annualized rate during the first quarter of this year, down from 2.6% in the fourth quarter of this year. I think it is truly remarkable that we have any growth at all . . . after NINE interest rate increases, after shutting down the spigots of pandemic cash, despite a serious land war in Europe, despite heightened warlike rhetoric from China, and a poisonous political culture at home, where elected leaders would rather do the wrong thing than let the opposition get credit for doing the right thing.

Warren Buffett once said that investing in stocks was a bet on American capitalism . . . and he’s right!