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
What Matters Most
In the very long run, it is growth that dominates other drivers of return. In this commentary, we look at why valuations and profit margins matter less than growth over time. With profit margins and valuations at or near highs, we conclude that we should not depend on further increases in margins or multiples for return. Instead, growth and dividends will become more important for us as long-term investors.
Inflation: Still a Monetary Phenomenon
As the consumer price index rises faster than any time in 40 years, we look back at how American economist Milton Friedman and statistician Janet L. Norwood helped shaped today’s understanding of “inflation.”
Closing Overweight Tactical Tilt
After an initial strong run, signs of stress may now be emerging in the global recovery. Moreover, we note that financial markets appear priced for strong growth, record profits, and limited financial stress among corporate issuers. Given this backdrop, we now tactically reduce equity exposure to neutral following fourteen months of significantly overweight equity exposure.