On Capital

From Leonard's Desk

While false, ugly, and bad news abounds these days, I am also seeing signs that more and more people now recognize that preservation and growth of all forms of valuable capital are vital to the future.

The young, including my own children, who march today to restrict global CO2 emissions do so to preserve the vast pool of environmental capital that makes life on Earth possible and comfortable.  Those who are focused on improving our country’s long neglected and dilapidated infrastructure wish to convert financial capital into built capital for the benefit of our communities.  Even the departments of our federal government can (and should) be viewed as an important form of regulatory capital, built over two centuries of change and progress.  To utterly destroy, rather than improve, any of these important forms of capital – environmental, infrastructure, regulatory – simply for money, in the belief that value is being created for either self or society, is a delusion, and a poor investment.

In your own life, how you convert money to other forms of capital – education, charitable, family, community, leisure – may well determine the quality of the life you lead and the legacy you leave.  At New Capital, I am intensely interested in both your personal capital and our national and global capital, all of which are vast.  Ideally, these forms of capital are in alignment.  Toward that end, our company’s deeply holistic financial planning process, evidence-based and progressive portfolios, and engaged worldview are here to help you.

Whether you are an existing client seeking to add Environmental, Social, and Governance (ESG) elements to your portfolio, or a prospective client seeking a new advisor who shares your values, let me assure you that your capital, all of it, in all of its forms – personal or communal, tangible or intangible, financial or real – has a true home at New Capital.

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