changing times

Laying the Foundation

© Can Stock Photo / ermess

Burt White, one of the great thinkers of our age, presented at the recent LPL Financial annual conference. His observation? “Adaptability is the new superpower. The faster change happens, the quicker our experience expires.”

It is daunting to think about everything changing all the time. But as we pondered Burt White’s thoughts, we realized that while many things do change, some things do not. We see this in our framework of values, principles, strategy, and tactics.

Start with unchanging values, which give rise to the principles by which we live and work. Then you have a strong foundation from which you can adapt strategy and tactics to changing times, new opportunities, and developing threats. The unchanging things provide congruence and stability even (especially!) in the midst of change.

If what we do needs to change, where do we begin? Our principles, rising from our values, guide us at all times, in every condition. Strategy needs to adapt; tactics change even more frequently. But they are shaped and guided by the bedrock on which they are built.

And Burt White might have it: it may be that stable values and principles are more important than ever before. In the 19th century, a saddle-maker or blacksmith might have practiced the same trade the same way for an entire career. If there is no change, the process of adapting is unnecessary.

But if strategy expires more frequently today, then the values and principles that drive strategy are more important. Therefore, authenticity—being genuine regarding those values and principles, as consistently and openly as possible—might also be more important than ever before.

People may need a clear understanding of who we are, what makes us tick, in order to have faith that we will be able to adapt and thrive in a changing world.

Could straightforwardness—“what you see is what you get”—be the most valuable business skill of the 21st century?

We believe life is too short to spend any time trying to kid you. Our energy is finite, and we focus it on striving to be of value to you, not trying to maintain some pretense or other. We aren’t perfect, we make mistakes, we can offer no guarantees. But we are excited about the way the future is unfolding.

Clients, if you would like to talk about this or anything else, please email us or call.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.

Clients, What Are You Seeing?

© Can Stock Photo / carenas1

Clients, you represent a vast treasure of human capital, educated in every field of study, experienced in working at everything from farming to pharmaceuticals. We are seeking your help and perspective.

The world is awash in facts and data… about short-term factors. But we invest time in trying to understand longer-term trends because they may have a major impact on the world and our work with you. Slower-moving trends and concepts can be more difficult to spot, so here’s how you can help us help you with two goals.

Finding bargains. Hidden trends may produce mispriced investments. An example: our belief that the next energy revolution, solar plus batteries, will change the world. We may see many years of increased demand for the materials that go into solar cells and batteries and electrical equipment. Also, pipelines and conventional electricity generation might have less activity than anticipated. No guarantees on any of this, of course. But here we are, seeking to understand more about the future—as always:

• What is the coming thing in your area? What is just over the horizon but cannot yet be seen?
• What in today’s world is going away, but few have noticed yet?

Avoiding hype. Obvious trends with investment market implications may get overplayed, again producing mispriced investments. The tech boom of 1999–2000 is a good example. Some said the internet would change everything. It did. But internet-related stocks fell dramatically even as the story came true. So talk to us about what you see in your areas of interest:

• What is everybody talking about today that may be overhyped? What do you see that others don’t?

Clients, please comment, email, or call to talk about these topics or anything else. We look forward to learning to see what you see.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.

Stock investing involves risk including loss of principal.

Only Thirty Years Left

© Can Stock Photo / stokkete

In the merry month of May a long time ago, I graduated from college in a new cheap suit and embarked on my career in financial services. The first entry on the resume was life insurance agent, the Prudential Insurance Company of America.

The insurance companies managed their affairs with vast armies of file clerks and secretaries and bookkeepers, filling towers of offices in major cities. There were no computers on desktops, long distance telephone calls cost a lot of money, and typing a letter was surprisingly time consuming.

Just a few years before, the New York Stock Exchange got so far behind in its record-keeping that it was forced to stay closed on Wednesdays for months in order to catch up the paperwork. This was due to the record trading volume of…wait for it…TWELVE MILLION SHARES A DAY.

Needless to say, times have changed a lot since I got in business.

I don’t understand how it happened, but I am turning age 62 this month. My plan to work to age 92 may be keeping me young. Between our digital communications, expansion of the team, reworking our systems and processes, keeping up with economic and market developments, and talking to you, there isn’t really time to feel old.

Thinking about the arc of this career so far, I began in the 20th century with a company founded in the 19th century. And now we are at the vanguard of the 21st century.

It feels like this unfolding age was made for us. We understand how to communicate with you in the new media. Being straightforward is a big edge when everything you say and do is visible. Word of mouth is a speed-of-light phenomena nowadays.

At this milestone, with so much left to do, we are grateful to be alive and part of it. With the best clients in the world and support by LPL Financial, we are very fortunate.

Clients, thank you all, again, for everything. If we can do anything for you, email us or call. Here’s to a great thirty years ahead, for you and for us.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Leibman Financial Services and LPL Financial are not affiliated.