Great obituary for a Wall Street legend — Chris
James A. Lebenthal (June 22, 1928-November 14, 2014)
November 15, 2014
There are iconic names in nearly every discipline and specialty. The municipal bond world just lost one.
James Lebenthal devoted his long professional career to Munis. He was the center point of a three-generation effort in the Muni corner of the financial markets. The family history started in the days when tax-free municipal bonds were denominated in $1000 units and issued in bearer form, when one had to obtain the interest payments by clipping off a coupon with a pair of scissors and presenting it to a paying agent.
For longer than a half century, everyone in the Muni world knew the name Lebenthal. He was their champion in a highly public way and advertised on behalf of tax-free bonds with great creativity. He explained how the Muni bond paid for the infrastructure of state and local governments. And he defended Munis from political attacks that would have removed their tax-exempt status.
His firm’s national recognition was as a Muni “bond shop.” Their reputation was for fairness in pricing and for honoring their executions. Their service was responsive, whether the transaction involved $50,000 or $5 million. Cumberland Advisors, its principals, and portfolio managers knew the firm’s leaders for decades and still maintain that contact with James’s daughter, Alexandra.
My partner John Mousseau and I were discussing the great personalities in the Muni world. John had this recollection of Jim:
Back in the early 1990s I was giving lectures sponsored by the Bond Market Association to new people in the municipal bond industry. Much to my surprise, my co-lecturer was Jim Lebenthal. He was already a legend and still a major force in the business. Being on a pretty low rung compared to Jim, I was apprehensive. Jim could not have been more gracious. He introduced me as “my friend John from Shearson.” He gave me more than half the presentation time, and he continued to be inclusive later on when we answered questions – he would turn and say, “What do you think, John?” It was a singular act of politeness and kindness that I have never forgotten.
Later, when I met Jim at an industry event, I thanked him for his earlier kindness and remarked how great it was that he had been in the business such a long time and yet retained such a great passion for it. And he said, “John, don’t you love investments that you can drive on, drive over, go to school in, and get well in?” I’ve co-opted Jim’s line many times, and my advice for anyone in the Muni business is, BE LIKE JIM.
Cumberland Advisors, its partners, and associates extend our condolences to Alexandra and all those in the Lebenthal family. Our industry has lost a legacy creator. May he Rest in Peace.
David R. Kotok, Chairman and Chief Investment Officer
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