Barron's Advisor Seth Levine: The Capitalism That Advisors Were Trained for Is Ending
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Jan 6, 2026 
Seth Levine, co-founder of Foundry, a $4 billion venture capital firm, dives into the evolving landscape of American capitalism. He discusses the shift from shareholder primacy to stakeholder capitalism, sparked by the 2019 Business Roundtable. Levine tackles skepticism around this transition and argues for broadening employee ownership as a pathway to dynamic capitalism. He highlights real-world examples like KKR and Publix, and underscores the influence of venture capital on fostering purpose-driven companies. A thought-provoking exploration of the future of capitalism!
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Dynamic Capitalism Defined
- Dynamic capitalism balances short-term and long-term goals and creates more owners in the economy.
- It recognizes a limited role for government and the need for rule-of-law guardrails to sustain markets.
Business Roundtable As Inflection Point
- The Business Roundtable's 2019 statement signaled a shift from shareholder-only to stakeholder concerns among major CEOs.
- Levine calls today's moment a 'messy middle' where intentions exist but execution and language lag.
Limit Corporate Political Role
- Avoid expecting CEOs to substitute for government or media by weighing in on every political issue.
- Instead, ask companies to define durable values and pursue long-term strategies that align with those values.
