There is alot of terrible history that isn't covered in a simple investors letter. I think the larger point he was trying to make in the letter was that the American economy works better because it has created a place where talent from anywhere in the world can succeed.

One of the hard lessons our society has learned is that putting so much energy into holding a group of people back hurts both those people and society as a whole. Of course, lately I'm wondering whether we need to relearn that lesson.