USA Inc.: An Open Letter to Shareholders, by Mary Meeker

What you’ll see on the following pages is hard to misinterpret: We have big issues, but the U.S. is in sounder shape than Apple was in 1997, when it lost a billion dollars. That’s the year Steve Jobs returned as CEO and took extreme measures, including agreeing to make Internet Explorer the Mac’s default browser. Jobs also got Microsoft to buy $150 million in nonvoting Apple shares—a lifeline for a company that, according to Jobs himself, was 90 days from bankruptcy court. Apple is now the second most valuable company in the world.

By Mary Meeker, Businessweek