Equity Investing
We seek to buy growing, profitable, and well-capitalized businesses at reasonable prices. The habit of relating quality to value is central to the WCA equity investing process.
Asset Allocation
A comprehensive suite of asset allocation portfolios focused on matching investment objectives with risk tolerance. Both passive and active strategies are offered.
Fixed Income
This portfolio seeks to generate a stream of income from a portfolio of 30 investment-grade corporate bonds. The portfolio is constructed as a “ladder” with maturities spanning 10 years.
Recent Commentary
The Volatility Tax: A Hidden Threat to Your Wealth
Let’s begin with some simple math. If you invest $100,000 and lose 10% in the first year, you’re down to $90,000. If you then gain 10% in year two, you don’t break even. You end up with $99,000. That’s a net loss of $1,000—despite an average return of zero percent. How is this possible? It’s because averages lie. What matters in the real world is not average return but compound return. The number that shows up on your statement at the end. Now consider a more extreme case. You lose 50% in year one, then gain 50% in year two….
Quarterly Update (2025Q2)
President Trump’s April 2 tariff announcement marks a pivotal moment in global economic policy, reflecting a broader shift from globalization toward protectionism and nationalism. While globalization delivered real benefits—lower inflation, expanded trade, and economic growth—its effects have become more contested. Events such as 9/11, the financial crisis, and the COVID-19 pandemic exposed vulnerabilities, contributing to rising skepticism about global integration. A growing number of voters and policymakers, across party lines, now question whether globalization serves their long-term interests. The result is a changing policy landscape marked by tariff actions, tax debates, and strategic repositioning. In this uncertain environment, we believe…
Turning Point: Why Tariffs Signal the End of an Era and the Start of Something New
President Trump’s April 2nd announcement of a new “reciprocal” tariff policy comes on the heels of a volatile quarter—bonds outpaced stocks, growth stocks lost their edge, and haven assets gained favor. These new tariffs mark a pivotal shift in the trade, growth, and inflation outlook for the United States and the global economy. A growing consensus now assumes slower trade, economic growth, and a temporary rise in inflation pressures. From Globalization to Nationalism This shift should not be surprising. The once-dominant rallying cry for “globalization and free trade” is being replaced by calls for “protection and nationalism.” A widening gap…