Review: THE LEHMAN TRILOGY is an Epic, Exceptional Experience at MILWAUKEE REP

A head, an arm, and a potato walk into America circa 1850. Theirs is a century-spanning story of the rise and collapse of a business empire. It’s The Lehman Trilogy, winner of five Tony Awards, including Best Play. It’s three acts, three actors, three epic hours of theater now on stage at the Milwaukee Rep. The play is a transfer from Guthrie Theater (Minneapolis, MN) in association with Shakespeare Theatre Company (Washington, DC), directed by Dan Hasse with original direction by Arin Arbus. 

The stage is set with a sea—no, a mountain—of shredded paper. Amidst the rustling of the shreds enters Henry Lehman, a Jewish Bavarian with a dream. And a brain. That’s why he’s the head. He spent 45 days at sea in 1844, coming to America. He established Lehman Fabric and Suits in 1847 in Montgomery, Alabama. Brothers Emanuel and Mayer Lehman—arm and potato, respectively—pop up (literally) to join him, and a 163-year story is set in motion. Over generations, the Lehmans transformed a small storefront into an unstoppable investment superpower—until it wasn’t.

Like I said, the play is three acts, three hours, three performers. The first act follows the early days of the Lehman’s Montgomery shop with a yellow-on-black sign and a door handle that sticks. It follows them through the invention of the “middleman,” selling cotton from plantations in the south to fabric-makers in the north. It also follows the traditions they uphold from their homeland. We witness the Civil War and the Lehman’s move to New York. 

In the second act, we meet fast-talking Philip Lehman with an even bigger brain for the business of making money, investing in the likes of railroads, oil, and cigarettes. Act three brings an evolution of the business into a modern, recognizable era—from the stock market crash in 1929 to the financial crisis of 2008. The play also speaks to how family traditions evolve over lifetimes and generations. 

If you think a three-hour play about titans of the investment world isn’t your thing, stay with me. The Lehman Trilogy proved exceptional—and, therefore, an exception. For me, the initial allure was the mechanics of the show. “Three extraordinary actors portraying over 50 characters,” the Rep promised. Three acts with two intermissions. Luckily, the Milwaukee Rep’s newly-renovated Checota Powerhouse Theater is outfitted with comfy seats, cupholders, and a bit more legroom, so audiences can settle in nicely.

It’s a marathon for actors Edward Gero, William Sturdivant, and Max Wolkowitz—and it’s a treat to see artists rise to such a challenge so magnificently. The script by Stefano Massini, adapted by Ben Power, is powerfully and beautifully written. It’s often more like narrative storytelling than outright theatrical dialogue. Gero, Sturdivant, and Wolkowitz are dynamic, captivating storytellers. They and the script take a complex history and make it digestible.

The three actors play the aforementioned Lehmans, as well as their wives, children, and business partners. The range of characterizations is highly entertaining, lending levity and charm to otherwise dense material. Gero is all-around masterful, commanding the stage and leading the trio. Sturdivant muscles palpable energy from start to finish. Wolkowitz’ characterizations are transformative and delightful. These three could make reading the phone book interesting—so imagine what they do with this juicy script. 

Then there’s the visuals of The Lehman Trilogy. The ocean of paper and well-chosen props (Scenic Designer Marsha Ginsberg), the sky-scraping projections (Projections Designer Hannah Wasileski), thoughtful and impeccably-tailored costuming (Costume Designer Anita Yavich), and the way light transforms the stage as it hits that paper abyss (Lighting Designer Yi Zhao)—it all adds up to an experience as epic as the story itself.

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Milwaukee Repertory Theater presents The Lehman Trilogy in the Checota Powerhouse Theater January 13–February 8, 2026. Pictured L to R: Max Wolkowitz, William Sturdivant, Edward Gero. Photo by Michael Brosilow.