Corporate Bond Ladders
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
Conquest 3Q 2026 Quarterly Commentary
Confidence returned in the second quarter, reflected in stronger data tied to AI capital investment. While the conflict with Iran remains active, markets are no longer pricing in the most severe outcome. Instead, markets resumed the hunt for AI beneficiaries in the second quarter. Tactical repositioning includes a closing of an overweight position in developed markets, a refocusing on domestic growth, and a tilt toward mortgages as rates remain steady. Portfolios maintain a modest tilt toward stocks over bonds, aligning with the forecast path for our WCA Barometer.
The Role of Capital In The AI Boom
Artificial intelligence will be a major technology for the next generation and likely to shape our future. Effects on business automation, medicine, science, education, security, consumer services, and software could be far-reaching. Changes to come are very likely to be as important as the rise of personal computers or the internet. We do not view AI as a fad, but the current surge in AI capital spending is still a cycle. The current AI boom is being expressed first through a massive infrastructure buildout. Data centers, semiconductors, and networking gear are expanding fast. Related infrastructure, including power and cooling systems,…
Capital Spending & The Profit Cycle
Business investment has been a key driver of S&P 500 profits and performance over time (chart below). The story has two layers: a long-term structural trend of labor substitution through capital — a process underway for decades — and a sharper cyclical surge driven by AI investment today. Source: WCA, Bloomberg Over the past several decades, business investment in equipment and intellectual property has grown nearly twice as fast as the overall economy. But that long-run trend masks pronounced cycles, and history offers two useful reference points. In the late 1990s, networking capital spending pushed business investment up roughly 14%…