The History of Cabot Heritage Corporation
The Cabot Wealth Network history is one of business and the business of three New England families – the Cabots, the Lutts and the Coburns.
It begins with Henry Lovewell Lutts, born in Kittery, Maine, in 1849. He was a self-employed housebuilder by trade, and the houses on Lutts Avenue in Kittery stand as a reminder of his work. Later in life, Henry built houses in New Hampshire and Massachusetts, typically moving into one once the roof was on and selling it when he could move into his next one.
His second son was Carlton Gardner Lutts. Thanks to his father’s occupation, Carlton moved 26 times as a child. But he was bright! An inventor and entrepreneur; he started businesses making and selling jigsaw puzzles and chemically treated paper roses that forecast the weather. But those were just sidelines. Carlton was a metallurgist by trade; he worked at the Boston Naval Shipyard and had patents on methods of chain manufacture that brought in royalties.
His wife, Grace Alberta Smith of Salem, had a “money mind” from the start. She bought her first house at age 19, with her own savings, over the objections of the bankers who were unaccustomed to dealing with single young women. She and Carlton had three children. And in 1941, at Grace’s urging, they used the chain patent royalties to buy the old Cabot Farm in Salem, a 28-acre property that currently is home to roughly 30 members of the Lutts family. Grace was a lifelong investor in stocks, favoring the buy-and-hold method.
Their second son, Carlton Gardner Lutts Jr., was trained as an engineer, but his love was the stock market. In 1970, driven by a desire to share his thoughts on stock selection and market timing, he began writing and publishing the Cabot Market Letter (named after the farm) on the proverbial kitchen table. Carlton named the company Cabot Heritage Corporation to note the long history of Cabots in Salem and their extensive financial activities.
As the years passed, his homespun wisdom and irrepressible passion helped hundreds of thousands of investors build big profits in great growth stocks like Fleetwood, WD-40, American Medical and Syntex. The Cabot Market Letter, now award-winning Cabot Growth Investor, is published to this day, bringing market insights and investment recommendations to subscribers around the world.
Carlton’s first son, Timothy, joined the Cabot publishing business in 1986 to contribute advice on investing in mutual funds, which were then enjoying a boom. As time went by, Tim filled the Cabot stable with experts on value investing, international investing, options investing, dividend investing, small-cap investing and more.
Meanwhile, at Cabot, Carlton and Tim worked side-by-side for 18 years, transitioning the business into the digital age while remaining focused on the goal of serving subscribers with the best independent investment advice possible.
Carlton passed away in 2012, but his spirit lives on at Cabot, where the entire staff is dedicated to providing investment advice you can trust, year after year, decade after decade.
The company was renamed Cabot Wealth Network in 2017 to better reflect the mission of the business. About the same time, Tim’s brother Rob Lutts changed the name of his company from Cabot Investment Advisors to Cabot Wealth Management to reflect their shift from being primarily an investment advisor to being a wealth management company. While both companies are based in Salem, they are entirely separate with no overlap in ownership.
In 2018, Ed Coburn joined Cabot as President. Descended from Edward Coburn who arrived in nearby Dracut, MA in 1684, Ed had previously run several publishing and media businesses, including Harvard Health Publications, the publishing division of Harvard Medical School.
Ed comes from a long line of bankers, investors, and businesspeople – his father Frederick R. Coburn, Sr. was an analyst at Bank of New England before becoming Director of Research for what was formerly the oldest investment advisory publication in the country, Babson United Investment Report.
Ed’s paternal grandfather Arthur L. Coburn, Jr. ran Old Colony Trust Company (Boston) where he managed the investment of pension funds for major corporations, including General Motors among others. In addition, Ed’s maternal grandfather John Pearson Franklin ran David Gessner Company (Worcester, MA) and Ed’s paternal great grandfather Arthur L. Coburn, Sr. ran the Hook & Hastings Organ Company (Weston, MA).
Tim Lutts became Chairman Emeritus in 2022 when Ed Coburn completed his acquisition of the company.
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