Steven Leuthold

Steven C. Leuthold, age 85, a former long-time Minneapolis and Bailey Island, Maine resident, passed away peacefully at his home in Carlsbad, California, on March 7, 2023.

Survived by wife Jeannette Scollard Leuthold; sister Judy Peterson, Colorado Springs; sons Michael Leuthold of Paradise, AZ, Kurt (Tiffany) Leuthold of Eagle River, MI, and Russell (Cheri) Leuthold of Waukee, IA; daughter Linda (Jim) Donerkiel of McCall, ID; niece Carla (Paul) Stockburger of Billings, MT; grandchildren Sophie Leuthold, Vin Leuthold, Elly (Victor) Blanco, Ethan Leuthold, Katrina Leuthold, Ben Donerkiel, and Jill Donerkiel; step-grandchildren Sydney Bemoras, Taylor Weil, and Ashley Weil; great-grandson Briar Donerkiel. He was preceded in death by sister Sally Willyard, brothers-in-law John Willyard and Elmer Peterson, nephew Jack Willyard, and niece Ann Willyard. 

Steve was born October 23, 1937, in Albert Lea, Minnesota, to Mabel and Carlos Leuthold. He wrote songs, sang, and played guitar in the rockabilly band Steve Carl and the Jags in the mid-1950s. He graduated from Albert Lea High School in 1956. After graduation he joined the Army National Guard to help pay college tuition, graduating from the University of Minnesota in 1960 with a degree in History. While in the Guard, his captain interested him in the investment business. He first worked as a commodities trainee at Cargill, an investment analyst at Paine Webber, an investment strategist at Piper, Jaffray, & Hopwood, and a portfolio manager at Criterion Investment Management. In 1981 Steve founded The Leuthold Group, an institutional investment research firm. The Leuthold Group flourished and eventually expanded into mutual funds. He became a leading national expert in the investment field. He made numerous appearances on broadcast media financial programs and regularly spoke at investment conferences nationwide. He frequently contributed to The Wall Street Journal, Barron’s, Newsweek, and Business Week. He was known for his often contrarian views. Steve enjoyed running against the grain and not running with the herd. In 2015 he was inducted into the Twin Cities Business Hall of Fame for his lifetime of achievement. 

Steve was involved in various other business ventures during his lifetime. Most of these ventures were driven by his desire to be a part of something fun and often didn’t make good business sense. He was co-owner of The Alps nightclub in Bloomington, MN in the late 1960s, and a one-time concert promoter of “The Show” at Pontiac Stadium in Michigan on the Bicentennial, a development partner and first resident of Itasca Lofts in Minneapolis, and an investor and founding board member of Minnesota Brewing Company. He liked to tell people he was the likeness for Pig’s Eye Parrant.  

Steve funded and founded The Steven C. Leuthold Family Foundation. The Leuthold Family Foundation supports various non-profits, including conservation, animal welfare, historic preservation, and human services. 

Steve launched his investment career in Minneapolis and had four children with his first wife, Sharon Robinson. He then spent over thirty summers living on Bailey Island in Maine, his favorite place in the World. He loved being on the Maine coast growing potatoes and befriending the local lobstermen. Typical of his contrarian ways, instead of going south for the winter, he went back to Minneapolis. Eventually, he moved to Carlsbad, California where he lived out his final years with Jeannette. 

Steve always lived life to the fullest and loved to have fun, play music, drink beer, and live life. He was quick to laugh and to find humor in both work and play. He loved to play guitar and sing classic country songs, as well as his own. He loved canoe trips, camping trips, and road trips. He wasn’t only the life of the party, but actually was the party!  

He forged many strong relationships and made many lasting and loyal friends. He had a dedicated group of lifelong childhood friends who met yearly to celebrate “Stagnation.” His professional colleagues and co-workers became his esteemed friends. He loved his children, and time together was important. He loved his wife, Jeannette, and their two cats. He was a committed philanthropist, often giving anonymously yet living modestly. Steve was an inspiration to everyone who knew him. He will be missed by many. 

Steve’s viewpoint on investing, which he also embodied in his personal life, can be summed up in his quote,  “I am contrary but not for the sake of being contrary. It’s good business. When everybody hates something, we buy it. When everybody loves something, we sell it. There is a warm comfort in being part of the herd. But I can live without it.”  

In lieu of flowers, donations to Alzheimer’s Research or Wilderness Protection are preferred. 

Funeral service will be held at 2pm on April 14, 2023 at Christ Episcopal Church in Albert Lea with visitation 1 hour prior. A celebration of Steve’s life will begin at 4 pm on April 15, 2023 at The 1893 at the Historic Grainbelt Office in NE Minneapolis.



A recording of the service will be posted on Bayview's facebook page at a later time.