Insights
Research & Perspectives
Explore our library of foundational wisdom, timely market commentary, and in-depth market research, all designed to help you make informed decisions about your financial future. Institutional research from LPL, paired with our advisors’ own insights and perspective.

Foundational Wisdom
Spencer Templin
Financial Advisor, Lexington
Spencer has been writing Foundational Wisdom for over 10 years — drawing on history, science, and culture to make sense of markets for everyday investors.

“They Mistook Leverage for Genius” – Steve Eismann
I want the reader to be aware that this missive is not a doomsday prediction, but a survey of risk.
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“Mama don’t let your babies grow up to be Cowboys…” – Ed and Patsy Bruce, 1975
There is nothing about the current labor market that Willie Nelson or Waylon Jennings would have recognized as “normal” in 1978 when they won a Grammy for the remake of this song.
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“Show me the incentives, and I will show you the outcome” – Charlie Munger
Economics is fundamentally the study of incentives; by accurately defining them, one can reliably predict outcomes.
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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. All investing involves risks including loss of principal. No strategy assures success or protects against losses.
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.
The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice. Cryptocurrency and cryptocurrency-related products can be volatile, are highly speculative and involve significant risks including: liquidity, pricing, regulatory, cybersecurity risk, and loss of principal.

Market Commentary
Seward Totty
Financial Advisor, Lexington
Seward brings more than 30 years of investment experience to his market commentary, offering practical insights on today’s financial markets.