Bushisms are unconventional statements, phrases, pronunciations, malapropisms, and semantic or linguistic errors made in the public speaking of George W. Bush, the 43rd President of the United States. Common characteristics of Bushisms include malapropisms, spoonerisms, the creation of neologisms or stunt words, and errors in subject–verb agreement.
W’s use of the English language in public speeches has spawned several books that document the statements. A poem titled "Make the Pie Higher", composed entirely of Bushisms, was compiled by cartoonist Richard Thompson. Many of us will fondly remember Will Ferrell exaggerating these linguistic missteps in his portrayal of the President on Saturday Night Live over a period of years.
Source: YouTube
In 2010, Philip Hensher called Bush's apparent coinage of the term "misunderestimated" one of his "most memorable additions to the language, and an incidentally expressive one: it may be that we rather needed a word for 'to underestimate by mistake'."
For those of you who would like a reminder of all the Bushisms through the years, a YouTube link is included below. His misunderestimated comment comes in around the twenty second mark.
George W. Bush - The Best Bushisms - www.NBCUniversalArchives.com
Source: A-Z Quotes
If we take a look at history, we can see that investors also tend to misunderestimate the long-term impact of new technologies. In the chart below from Morgan Stanley, you can see the initial forecast and the actual adoption of major technological breakthroughs over the last 25 years.
It is interesting to note that the initial forecast for how many PC users, internet users, and smartphone shipments there would be seemed to be enormous at the time. However, the initial projections turned out to be conservative when compared to the actual usage that occurred. We will continue to watch and see if the same occurs with the market size for AI companies.
The initial focus of investors around AI has been with the companies that produce the chips and the hardware needed to create AI infrastructure. As we look to the future, there are many market strategists that believe that the real benefit of AI will be for those companies that figure out how to use the technology to create efficiencies and reduce costs within their own companies, whether that be in finance, agriculture, manufacturing, or healthcare in particular.
Our friends at Capital Group and American Funds noted the following regarding AI and the future development of new pharmaceuticals:
“In the pharmaceuticals sector, for instance, they are already using AI to hasten the development of drug manufacturing, allowing scientists to work more efficiently on everything from drug discovery to clinical trials. It can even write some of the highly technical documentation needed when new drugs are submitted for regulatory approval.
Currently only about 10% of drug discovery actually leads to viable new drugs, according to the National Institutes of Health. If that number can rise to 20%, assisted by artificial intelligence, that is an example of AI at its highest and best use. It is speeding up innovation, not replacing doctors, and it could double their hit rate over the next few years.”
I have a client who is a radiologist. He recently shared with me that as he is reading digital images of X-rays, cat scans or MRIs, there is an AI assistant running in the background comparing the images he is seeing to thousands of similar images. It is then feeding him information to help him make the correct diagnosis. The AI assistant is not replacing him, it is simply allowing him to do his job more quickly and with better outcomes for the patient.
Anyone who misunderestimates the potential for AI to transform entire industries should look at what is happening in the healthcare sector. This is just one industry, and we are only in the beginning stages. This will play out over the next several decades and has the potential to dramatically accelerate change and innovation across the board.
I know that people have varying views of George W. Bush as President of the United States. However, since his time in office ended, his approval ratings and likability have continued to go higher. This is shown in his ability to be friends with those on both sides of the aisle, his artwork, and his extensive work with disabled veterans.
While we may all chuckle at the various Bushisms when we hear them, we can thank W for a word that is continuing to be used 20 years after it was originally uttered. Thanks to AI adoption, the future of healthcare and other industries will continue to be bright, innovative, and move along at a faster pace than we previously expected. We want to pay attention and not misunderestimate this as we continue “Moving Life Forward.”
© 2025 Jesse Hurst
Senior Wealth Manager
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