1925

The beginning of tax-free Municipal Bonds for the small investor. Lebenthal & Co. begins to offer odd-lots as the central odd-lot clearing house.

Previously, odd-lots were "orphans" of the bond business.

1937

Louis’ popular
“The ABC of Municipal Bonds”
is published.

Louis quickly became the voice of the municipal bond business.

1930's-1940's

Louis Lebenthal runs daily advertisements in the financial pages and writes a regular column on Municipal Bonds for the World Telegram.

How many different ways can you say Municipal Bond interest
is tax free? Lebenthal’s signature was this skyline of single column
ads in the Sunday New York Times.

THE SECOND GENERATION JOINS LEBENTHAL

1967

Jim Lebenthal joins his mother and sister Eleanor, in the family business. Through print and TV spots,
Jim turns the family name into a brand.

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A good ad is an ad you love.

It deals with incontrovertible truths. It sets no goals.
It reaffirms presently held values and wins consent. It pushes
a button that evokes a leap of faith
without the intervention of further logic or persuasion.

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It resonates.

1970’s

Lebenthal uncovers the “Secret Column” of municipal bond prices in the company's weekly offering sheets.

The Lebenthal Municipal Bond Information Kit began tackling the knotty questions about safety, tax exemption, bond spreads and arithmetic and continued talking straight from the shoulder for 33 years.

In that time, an estimated 400,000 kits went out the mail to Lebenthal clients.

1980’s

During the inflation of the early 80's,
Lebenthal’s Cashcow got investors to put
a little moo-la into their portfolios and
to focus on cashflow from the coupon cow.

Tax exemption was a states' right until reversed by the Supreme Court in 1988.

After 1988, Lebenthal ads focused on the benefits of projects "Built by Bonds".

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THE THIRD GENERATION JOINS LEBENTHAL

1995

At age 31, Alexandra Lebenthal, the third
generation Lebenthal to head the family bond
business, is elected president.

“Very simply, we are our brother’s keeper, and our sister’s too.”

Lebenthal is sold in 2001, and later reconstituted as a new company with the same name and its roots in the Lebenthal legacy.

2007

Lebenthal Asset Management is created.

James B. Lebenthal, Alexandra's brother, joins the firm as chief investment officer and portfolio manager.

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2011

Lebenthal and Co. becomes the #1 woman-owned firm underwriting corporate debt and equity.

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