Where We Stand

We at New Capital Management are committed to the idea that your financial advisor should share your most basic values and ideas. In an effort to increase transparency and create meaningful relationships with our clients, we proudly assert where we stand, what we believe, and what we hope to achieve.

Our Country/Democracy

“Any American President who attempts to bring the corrupt Russian system to the United States, to replace our democratic government and economic market systems with less time tested Russian systems, is, as market valuations make clear, empirically dangerous to your wealth.”

Read More in “On Russia” (September 2019)

“How strange and illogical it would be for our country to suddenly and abruptly abandon our extraordinary system of fair court trials simply because a particular trial - that of a President - is deemed to be “political” rather than some other type of trial. As a financial advisor, I must make decisions and help my clients make decisions based upon facts, logic, evidence, common sense, and sound theories. The Senate of the United States should base its decisions, especially its momentous decision now at hand, on no less.”

Read More in “Trial” (December 2019)

“In the United States, people of color, descended from those who were enslaved or whose land was taken, are often deprived of the economic, political, and legal capital that they need to maximize their skills and talents, and this, in turn, deprives the entire nation of economic growth, hurting all of us.”

Read More in “Affliction” (June 2020)

“I cannot be both an honorable citizen and a dishonorable advisor, and I cannot be an honorable advisor while also being a dishonest citizen. Either of these combinations is simply an impossibility.”

Read More in “Aye” (December 2019)

Taxes

“People frequently observe that the United States tax code is a mess, and they are absolutely right. The tax system is now the result of decades of parochial interests lobbying for various increases and reductions to benefit themselves. So-called “tax reform” legislation has, rarely, if ever, constituted actual reform.

The US tax system is ripe not for additional forms of wealth taxation on the wealthy, but a wholesale renovation of the entire tax system based on wealth taxes.”

Read More In “On Tax Reform” (October 2019)

Investments

“Investing is not very different at all from planting an orchard. It takes hard work to develop capital to buy (root) stock, a coherent strategy to implement, determination to respond to challenges along the way, prudent maintenance along the way, and time to permit growth to occur. The end result – benefits that far exceed the costs committed – make it all more than worth it.”

Read More in “Orchard” (March 2019)

“In every fund we analyze here at New Capital, we take account of the fees involved, and we refuse to pay for funds in which we do not believe you receive benefits at least in return for fees paid. We favor investments that are passive (the concept on which index funds are based) and which attempt to produce market returns rather than “beat the market.””

Read More in “John C. Bogle (1929-2019)” (February 2019)

“At New Capital, if there is a bear market then we are at least focused on providing for you a "great bear market experience." While almost any advisor can look good during bull markets; we aim for greatness as well during bear markets. We amplify our communications, financial planning, and investment activities; work extremely hard to be available to you and empathetic with you; and try to take advantage of the opportunities often afforded by lower market prices and higher future returns.”

Read More in “A Great Bear Market Experience” (January 2019)

Climate Change

“President Trump has announced the withdrawal of the United States from the Paris Climate Accords. I disagree with the decision and believe that its costs will exceed its benefits, perhaps substantially so. I am concerned about the rapid rise in CO2 in the atmosphere and oceans, and its effects on the planet. As regards this decision, I am also concerned about a potential backlash against the United States, its companies, and their products and services.

As your advisor, I hear your voice when you speak to me about what's important to you in your investments, and I forcefully and clearly express your values to our important fund business partners, who have no choice but to listen if they wish to keep our business.”

Read More in "Climate Change Change" (June 2017)

“I thought the destruction of Lost Pines might cause most Texans to conclude that a changing climate brought on by human actions was simply not worth the potential risks, much less the actual costs. And yet in … politics …, the issue of climate change seems to have disappeared almost entirely from public discourse as the country boils instead in its current Civil Crisis, as I refer to it.

Regardless, while many of us are no longer listening to each other, Mother Nature will undoubtedly listen to none of us, and CO2 levels and temperatures will continue to rise. The news of startlingly hot weather across the globe and the perilous results it brings continues unabated.”

Read More in “Natural Capital” (September 2019)

Charitable Giving

“If we can help you plan any charitable giving around this event, please let us know. We have contacts at several organizations that will be focused on recovery. Also, we are offering financial advisory assistance to those who need to speak with someone in the wake of this disaster – if you feel we can help someone, please let us know and we will be pleased to help them if we can.”

Read More in "Harvey's Aftermath" (September 2017)

“Our representative at Fidelity Charitable has told me that New Capital is the most active advisory firm that he knows of encouraging and assisting clients to establish charitable accounts. The reason we do this is simple: I take the time to ask, understand, and facilitate your charitable intent, and then implement your wishes in a tax efficient manner using the powerful Fidelity Charitable platform (charitable donations are one of the last remaining Schedule A deductions). Literally every client we have opened an account for has found them to be a superior way to lead a charitable life.”

Read More in “Your World” (April 2019)

Living Well

“Our family celebrated a wonderful and extraordinary event at the end of March, Abby’s Bat Mitzvah… The entire event cost quite a bit...but it was also a reminder that the most important things in life are worth paying for. I believe that an innovative independent financial advisor is also one of those things…”

Read More in "Independence" (April 2018)

“Our job at New Capital is not just to manage money. As a holistic financial practice, we are interested in all aspects of your financial life, and your life as well. Whether the issue is your health or that of a loved one, or your charitable plans, or both at once as when you choose to give to an organization which touches you personally, we recognize that we may well have a role to play in advising, facilitating, managing, or administering.”

Read More in “Your World” (April 2019)

“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.”

Read More in “On Capital” (September 2019)

“While I believe in tradition, habit, and age, I also believe there is nothing like renewal, in trying new things, in entering a new phase, in making changes. This is the lifeblood of the universe – dynamism – not stasis. And so I try new things all the time, and encourage you to do the same in your life.”

Read More in “Renewal” (May 2019)