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.

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Asset Allocation

A comprehensive suite of asset allocation portfolios focused on matching investment objectives with risk tolerance. Both passive and active strategies are offered.

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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.

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Recent Commentary

Viewpoint 2021

Many are expecting vaccinations to lead to a robust recovery this year. Return to normal and restart of the in-person economy should encourage growth and be celebrated. At the same time, the return to growth could also weaken the case for continued fiscal and monetary ease. And once restarted, the globe faces challenges. The tensions and ailments that existed before the pandemic are still with us. The path appears to be forward but it will not likely be a straight line. Last year’s pandemic-induced downturn was out-and-out different from recessions past. For this reason, we should see recovery as a…

Muniwatch — January 2021

Munis were virtually unchanged in December, outperforming U.S. Treasuries, which sold off by 7-10 basis points (bps) across the curve. Market activity was subdued as issuance slowed in December but full-year issuance broke the record for highest ever. Credit spreads continued their dramatic narrowing as more government support is expected, especiallywith the likelihood of a Democratic Senate. So-called “problem” credits, such as the New York City MTA (which we’ve added to our spread tracking list on page 3), have seen the most significant narrowing. We continue to focus on high grade credits as underlying economic risks still exist and rates…

Valuations, Revisited

The stock market is on a historic run, with U.S. stocks eclipsing $42 trillion in value for the first time ever last week. The broad market, measured by the S&P 500, continues a decade of strong returns with the rolling 10-year real return for the market above 10% (Chart A, below). Chart AS&P 500 Trailing 10yr Real Annualized Return Market of Stocks Many of this year’s “stay at home” themes are playing out and the technology sector is on a tear. Yet, this year reminds us it is not so much a “stock market” as a “market of stocks.” Even…