Today is our Founder’s Day. In 1929 Larry Michelson and Leonard Simons, two young Detroiters, took the leap to open a design services firm that today is a full-service advertising agency, SMZ!
Reflecting on this agency milestone it’s fitting that I just finished reading Morgan Housel’s latest book Same as Ever, a Guide to What Never Changes. Much has changed in our world in 95 years; technology, medicine and the world order, to name a few. Housel points to the things that stay the same. Particularly human behavior. By examining the past, we can gain insights that help us become better decision makers, shaping our future choices.
I recommend this book. Morgan’s pithy style, sense of humor, and engaging anecdotes, suit my tastes and I learned something new in each chapter. (Something that never changes.)
One other thing that doesn’t change: INFLATION. This was my father’s first paycheck from the agency in the summer of 1963.
Yes, he earned $159 (after taxes). That is equal to $1,547 in 2024 dollars or about 37k a year. Entry level pay in advertising hasn’t changed much. That’s 3.8% a year inflation over the span of 12 different presidential administrations.
As we start this 95th year in business, I wanted to quickly thank you, yes YOU, for reading this newsletter. I hope you’ve enjoyed my rants and digressions and maybe even learned something in the process — I certainly have.
In 2024 I’m going to have more to share: posts, podcast episodes, answers to your questions, and other updates.
Please stay in touch, stay tuned and make good decisions in 2024!