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WCM Investment Management is committed to helping clients achieve their financial goals by utilizinga variety of disciplined techniques for security selection and portfolio construction.
Firm History
There is one thing that has kept us in business for decades — our commitment to providing our insureds with great service.
Investment Process
WCM’s Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
Ryan Bracci
Ryan joined WCM in 2000; as Head Trader, his primary responsibilities are securities trading and oversight of the trading desk.
Investment Process
WCM’s Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
Investment Process
WCM’s Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
Greg Ise
Greg joined WCM in 2014; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies.
Pete Hunkel
Pete has been working with WCM since 2001; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies.
Paul Black
Paul joined WCM in 1989; his primary responsibility is portfolio management for our global, fundamental growth strategies.
Matt MacArthur
Matt has been working with WCM since 2001; he is responsible for developing and servicing client relationships with investment consultants, endowments, foundations, family offices, and other institutions.
Julianna Jones
Julianna joined WCM in 2013; her primary responsibilities involve portfolio administration, client service, and the hands-on management of our entire operations function.
Ming Tran
Ming joined WCM in 2015; as Trader, his primary responsibilities involve securities trading, reporting, and client service for the firm's sub-advisory programs.
Investment Process
Sanjay Ayer and Gregory Ise, Portfolio Managers for the International Small Cap Growth strategy, make all portfolio decisions.
International Small Cap Growth Fund
CUSIP - 46141Q683
SHARE CLASS - Institutional
INCEPTION DATE - November 30, 2015
MINIMUM INITIAL INVESTMENT - Regular Accounts $100,000 - Automatic Investment Plan $5,000
CAPITAL GAINS / DIVIDENDS - Annually
FEES - No short-ter.
Kiki Uhl
Kiki joined WCM in 2018; her primary responsibility is managing the day-to-day office operations of the firm, including controlling correspondence, operational support, and meeting coordination.
Monica M. Bullard
Monica joined WCM in 2017; Monica's primary responsibility is to assist in administering WCM's compliance program.
Dave Joerger
Dave joined WCM in 2018; his primary responsibility is to administer our compliance program with the objective of full conformity to best practices and applicable regulations.
Jung Ryu
Jung joined WCM in 2018; as Business Analyst, his primary responsibility is to produce original equity research for our global, fundamental growth strategies.
Ryan Quinn
Ryan joined WCM in 2019; his primary responsibility is communicating the firm's investment thinking while servicing investment consultants and institutional clients.
Sameer Sabharwal
Sameer joined WCM in 2019; his primary responsibility is equity research for our US small-cap and SMID-cap growth strategies, focusing on the Health Care sector.
AK Lengsfield
AK joined WCM in 2019; her primary responsibilities involve global securities trading and reporting. Since the beginning of her career at Bank of America Merrill Lynch in 2011, AK has focused on equity trading across global markets.
SMID Quality Value Fund
CUSIP - 46143U401
Share Class - Institutional
Inception Date - October 30, 2019
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-term.
Disruption Starts with Unhappy Customers, Not Technology
This is an absolutely fascinating piece from the HBR. In it, the author examines how disruption is first and foremost driven by customers, rather than competition or technological change.
Creativity will pay for the next generation of asset managers
Speaking of conviction, I thought this piece from the FT was worth including. In it, the author points out that passive funds now manage more AUM than active funds (as of a couple of months ago).
O'Shaughnessy Quarterly Letter Q4 2019
The most recent letter from OSAM was a nice reflection of what the firm did in 2019 and how they collectively share a continuous learning mindset.
Creativity will pay for the next generation of asset managers
Speaking of conviction, I thought this piece from the FT was worth including. In it, the author points out that passive funds now manage more AUM than active funds (as of a couple of months ago).
O'Shaughnessy Quarterly Letter Q4 2019
The most recent letter from OSAM was a nice reflection of what the firm did in 2019 and how they collectively share a continuous learning mindset.
O'Shaughnessy Quarterly Letter Q4 2019
The most recent letter from OSAM was a nice reflection of what the firm did in 2019 and how they collectively share a continuous learning mindset.
Confessions of a DTC brand marketer
This interview, conducted with a DTC brand marketer, highlights further "issues" with FB, specifically with the checkout feature recently rolled out on Instagram.
Michael Hayward
Michael joined WCM in 2020; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies.
When Distribution Trumps Product
This is a solid article from a16z that goes into some of the unique aspects of Bill.com's business model. Bill.com recently IPO'd in 2019 and has been off to a fantastic start.
Heterogeneous Compute: The Paradigm Shift No One is Talking About
This article, from a substack blog, examines the current evolution in the semiconductor industry away from Moore's law and towards "heterogeneous compute.
Corp Governance: The Achilles' Heel of "High Quality" Companies
I really enjoyed this article from a former activist investor.
What Will LVMH's Tiffany Look Like?
This article, from Business of Fashion, examines the potential strategic benefits of LVMH's proposed acquisition of Tiffany.
Meet Bob Chapek, Disney's New CEO
This article, from The Verge, outlines Bob Iger's sudden departure as Disney's CEO and the apparent confusion around the appointment of Bob Chapek as opposed to Kevin Mayer as the next CEO.
LSE's $27bn deal for Refinitiv faces heat in Brussels
This article, from the FT, highlights the regulatory obstacles the LSE/Refinitiv deal is already facing.
Three charts that pierce the private equity hype
Given my role as a public equity investor, I always enjoy seeing comparisons of different approaches (VC, PE, etc.).
How Private Equity Became a Beta Play
Yet another article about PE. This one, out of II, includes the thoughts from the author of a McKinsey report that focuses on PE.
You're Likely to Get the Coronavirus
This article, from The Atlantic, is one of the more level-headed takes on the coronvirus, despite the somewhat sensational title.
How We're Thinking about Coronavirus
This piece provides an investor's perspective on the coronavirus.
All about my father: inheriting a lifetime's collection of books
This essay from the FT is an interesting ode to books. In the piece, the author describes his father's ever-growing book collection.
Finite and Infinite Games: Two Ways to Play the Game of Life
I liked this post from Farnam Street - in it, the author frames two different philosophies for living life. The first is to approach life as a "finite game" and the second is to approach life as an "infinite game.
Spotify: The Ambient Media Company
Given Spotify's recently announced acquisition of The Ringer, I thought this article was timely. In it, the author describes a future where audio is always on in an ambient sense - in other words, audio of some sort is always in the background.
Debt is Coming
I really enjoyed this article from Alex Danco and highly recommend it for those interested in both public and private markets.
Everyone now believes that private markets are better than public ones
I thought this article, from The Economist, was interesting in how it compared public and private markets. We've all heard the puts and takes around the "actual" returns of both PE and VC versus public equities.
Rockstar Energy Drink Founder Cashing Out For Nearly $4 Billion, Says The American Dream Is 'Alive And Well'
While not necessarily DTC related, this article from Forbes that details the sale of Rockstar Energy to Pepsi illustrates the success that some consumer brands can still achieve.
Why All the Warby Parker Clones Are Now Imploding
This article, from Medium, is a good overview of the current DTC landscape. In what has become an ever-clearer theme, the halcyon days of DTC startups are over.
How Outdoor Voices, a Startup Darling, Imploded
This NYT expose shines a light on the dramatic changes that have occurred within Outdoor Voices over the past couple of months.
'It's More Than I Imagined': Boeing's New C.E.O. Confronts Its Challenges
It was interesting to read this article, from the NYT, that features the challenges Boeing is going through and what new leadership thinks of the situation. In short, the new CEO, Mr.
Zero Trust Information
This is a great article from Stratechery. In it, the author traces the evolution of the internet and secure networking in order to, in part, highlight the immense communicative power the internet yields.
Airlines beating hotels at cleanliness message
Given the economic implications of COVID-19 outlined above, I was checking some travel websites (Skift and Hotel News Now) to see how these industries are managing. Obviously, headlines suggest that there will be some short-term pain.
What Coronavirus Could Mean for the Global Economy
While this HBR article is a bit dated (from early March), it is a good overview of how COVID-19 may impact global economies.
David Epstein: How a range of experience leads to better performance in a highly specialized world
I read David Epstein's "Range" a couple of months ago and enjoyed it. This podcast is a very long (I didn't get through all of it) interview with David and delves into a number of topics covered in the book.
Benchmark and Investing in Open Source
Having spent some time kicking the tires on a number of tech names, I really enjoyed the expertise shared in this podcast. In it, two GPs from Benchmark share their thoughts on a wide variety of topics, but focus on open source investing.
The Most Important Media Businesses of the (Past and) Future
Here is another post from Matthew Ball, whose work I've previously included in Beach Reads. In this post, Matthew examines how media consumption and entertainment have changed through time.
You Bet!
While just a tad dated (it was published this January), this memo from Howard Marks is still worth sharing. In it, Howard examines games and gambling, and compares them to investing.
How to Spot an Incompetent Leader
The HBR recently published this essay on leadership. The overarching point is that overconfidence and arrogance are key traits of bad and incompetent leaders.
China Quality Growth Fund
China is one of the fastest growing economies in the world, with boundless long-term growth prospects and historically inefficient indices.
International Equity Fund
CUSIP - 46143U872
Share Class - Institutional
Inception Date - March 31, 2020
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-term r.
Developing World Equity Fund
CUSIP - 46143U856
Share Class - Institutional
Inception Date - March 31, 2020
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-term r.
Investment Universe
WCM seeks quality growth businesses with superior growth prospects, high and/or rising returns on invested capital, and low or no debt.
Investment Process
China is one of the fastest growing economies in the world, with boundless long-term growth prospects and historically inefficient indices.
Investment Universe
WCM's universe includes quality businesses with high and/or improving returns on invested capital, free cash generation, and low financial leverage.
Investment Process
WCM assesses portfolio candidates using fundamental analysis to identify great businesses based on positioning (we seek attractive "runways" for growth), competitive advantages (we insist on durable, strengthening economic moats), and corp.
Investment Universe
WCM's universe includes quality businesses with high and/or improving returns on invested capital, free cash generation, and low financial leverage.
Investment Process
WCM assesses portfolio candidates using fundamental analysis to identify great businesses based on positioning (we seek attractive "runways" for growth), competitive advantages (we insist on durable, strengthening economic moats), and corp.
Investment Process
WCM assesses portfolio candidates using fundamental analysis to identify great businesses based on positioning (we seek attractive "runways" for growth), competitive advantages (we insist on durable, strengthening economic moats), and corp.
Investment Universe
WCM's universe includes quality businesses with high and/or improving returns on invested capital, free cash generation, and low financial leverage.
The Impact of COVID-19 on Pay-TV and OTT Video
Another good article from Matthew Ball, this one about COIVD-19's impact on the TV world.
An Interview with Eugene Wei About the Half-Life of Information
This was as fun interview from Stratechery, in which Ben Thompson chats with Eugene Wei.
Why Don't We Just Ban Targeted Advertising?
This article, from Wired, is a good read on the privacy implications of targeted advertising. While the headline is somewhat sensationalist, similar privacy measures (to a certain extent) are currently in place in parts of Europe.
Venmo, Square Cash Vie For Stimulus Funds Distribution
With a hefty fiscal stimulus coming to American individuals and businesses, a significant challenge has come into focus (as highlighted in this pyments article): how to best distribute funds.
The Key to Selling Music in the Streaming Age
This is a link to a WSJ interview with the CEO of Interscope, John Janick. In it, John tells the WSJ what is important to stay relevant in music today.
Hierarchy of Engagement, Expanded
In the last edition of Beach Reads, there was a link to a podcast with a number of partners from Benchmark. In the piece, they mentioned an article called "The Hierarchy of Engagement.
Invest Like The Best: Investing Through a Crisis
This podcast was a timely recording, wherein Patrick O'Shaughnessy interviews Dan Rasmussen about investing through market volatility.
The Highest-Quality U.S. Companies Have Weathered the Storm Best
Given the moves in markets, this article from Morningstar could already be dated. But I doubt it: in the piece, the author points out that wide-moat businesses have fared best in the recent volatility.
Coronavirus Is a Wake-Up Call for Supply Chain Management
I'm not in charge of a supply chain but still found this article from the HBR to be fascinating.
The Umami Theory of Value: Autopsy of the Experience Economy
This essay is a wide-ranging review of modern culture and, for lack of a better term, the emergence of the obsession with the ephemeral - in this essay effectively referred to as cultural umami.
Inside China's controversial mission to reinvent the internet
This is an important read from the FT about a proposed new internet structure coming from China, dubbed the "new internet protocol.
Snow Science Against the Avalanche
This long-form article, from The New Yorker, is a great read about nature, science, and human foibles. In it, the author gives the history and current science around avalanche mitigation.
How Not to Tank Your Relationship in Quarantine
Some required reading for the couples out there. This article, from The Atlantic, gives some tips on how to survive being with your partner 24x7.
Signaling as a Service
I enjoyed this article from a blog I had never come across before. In it, the author expands on the notion of conspicuous consumption. Specifically, he examines what role software has in status signalling.
Zuckerberg's Jealousy Held Back Instagram and Drove Off Founders
A Bloomberg story on the relationship between Facebook founder Mark Zuckerberg and Instagram founder Kevin Systrom highlights the former's desire for power.
Atlassian's tools helped build today's tech. How's it prepping for the future?
Atlassian has been a phenomenal story and it continues to do well despite market volatility as a COVID-19 WFH play. This interview with the company's CEO, Scott Farquhar, highlights what Atlassian brings to the table.
Facebook Ad Rates Fall as Coronavirus Undermines Spending
This article, again from the WSJ details changes in ad spending as a result of COVID-19.
Will We Forgive Amazon When This Is Over?
I'm sure nearly all of us have ordered something off of Amazon over the last couple of weeks.
Another Challenge for Small Businesses: Higher Card Fees Could Be on the Way
This article out of the WSJ highlights a theme that I've written about on Beach Reads before: the card networks' plan to raise interchange on different merchant types. This plan looks like it will likely be delayed in light of COVID-19.
Investor Field Guide: Gavin Baker
This is Patrick O'Shaughnessy's second interview with Gavin Baker, from the podcast "Invest Like the Best." In it, the two discuss a number of interesting topics.
Fundsmith Annual Shareheolders' Meeting 25th February 2020
This is a YouTube video of the Fundsmith annual shareholders' meeting, held in early 2020.
Calibrating
Howard Marks has been prolific as of late.
Investors should ask who will buy all of this new US government debt
This article, from the FT, highlights issues with US government debt levels and questions who will be the incremental buyer of new issuances. As a caveat: I'm not an expert in debt investing.
Bail-outs are inevitable—and toxic
In the wake of COVID-19, governments have stepped in to stem the tide of otherwise inevitable corporate pain and likely mass bankruptcies.
'You Could Lick the Benches': Life for the First Wave of U.S. Survivors
A life exists beyond COVID-19. This article, from the NYT, points to what it looks like - that is, what normalcy is.
Home Alone Together, in LA
I enjoyed this piece from The New Yorker. While the news around COVID-19 tends to revolve around numbers: case counts, GDP, unemployment, etc.
JPM CEO Letter to Shareholders
This annual letter from JP Morgan's Jamie Dimon was a thoughtful piece that put the challenges and role of the bank during COVID-19 in context, while also serving as a call to arms of sort. Two excerpts stood out to me.
Artist Studio
The WCM Artist Studio is a collective of innovative thinkers dedicated to pushing the envelope of creativity in the investing world.
Paul Black - Gratitude, Fun, and Growth Stocks
In this podcast, WCM co-CEO Paul Black is interviewed by Ted Seides on Capital Allocators .
Zoom's Achilles Heel
In the work-from-home world, Zoom has become both a professional tool and a social media service. I've used it to connect with my team, research partners, friends, and family.
Airbnb: Air Boom 'n Bust
By examining potential governance issues at Airbnb, this substack blog suggests that COVID-19 may be more tumultuous for private markets than public ones.
Software stocks emerge as downturn winners
Different recessions, different stock performance. The resilience of software stocks through recent market volatility has come as a surprise to many, especially after revenue multiples fell by 75% during the great financial crisis .
Software contracts, first-lien debt and the reality that no revenue is truly recurring
Among a deluge of earnings reports this week will be results from large software companies such as ServiceNow and Atlassian, among others.
Within Retail Pulse
If you are interested in checking out the new normal in ecomm, fashion, brick-and-mortar, etc., this article includes a number of charts that detail the changes to retail brought on by COVID-19.
How DTC Startups Like Casper and Harry's Can Survive This
The carnage in direct-to-consumer land (DTC) has been well documented through Beach Reads. While COVID-19 is accelerating this trend, there are a number of ways that DTC brands can weather the storm, highlighted in this Medium article.
Amazon Scooped Up Data From Its Own Sellers to Launch Competing Products
While recent articles about Amazon have focused on the retailer's role through COVID-19, this WSJ expose alleges some potentially unsavory tactics by the company in its private label business.
Can Anything Stop Terry Smith?
In the last edition of Beach Reads, I included a link to the Fundsmith annual shareholders' meeting.
"The Practice of Value Investing", by Li Lu
This fantastic piece by Li Lu outlines the investment philosophy of the founder and Chairman of Himalaya Capital, which once managed some of Charlie Munger's fortune.
Who Pays For This?
Collaborative Fund's Morgan Housel recently wrote a piece that helps put the ballooning US government debt load (as a result of COVID-19 stimulus) in perspective.
It's Time to Build
Just under a month ago, JPMorgan CEO Jamie Dimon issued a call to arms, asking the American people to work together, take responsibility and be forces of positive change.
How Discomfort Makes Us More Creative
Institutionalizing creativity in professional organizations is incredibly difficult. Some books, like Ed Catmull's "Creativity Inc.
'Second mode': Retail shopping patterns are shifting again
COVID-19 has forced a change in shopper behavior and even with the slow re-opening of the US economy, things are not going to go back to normal any time soon. Expect distancing orders, one-way lanes in grocery stores, masks, etc, to continue.
The Small-Business Die-Off Is Here
While I hope that the wave of SMB bankruptcies caused by the pandemic is followed by a tsunami of new businesses that are better equipped to take on incumbents, this article in The Atlantic is less optimistic.
The Gap Between Large and Small Companies is Growing. Why?
David and Goliath. The colonies and the monarchy. History is rife with examples of underdogs prevailing – a trend that has also traditionally held true in the business world (think: "Innovator's Dilemma").
A Product Person's Perspective on Enterprise Selling
I don't often think about the enterprise sales process. However, I enjoyed this article from a16z that outlines how to sell into large organizations.
Cloud Gaming: Why It Matters
Matthew Ball recently published another fascinating article about what cloud video game streaming may look like in the future.
Ferrari Capital Efficiency
This snippet from an interview with a Ferrari former executive compares and juxtaposes the company's capital efficiency and production approach with mass market car producers.
Back on Track: What Leaders can Learn From Ferrari's Approach to the Pandemic
Different companies have handled disruptions from COVID-19 in different ways. It appears that Ferrari, despite being located in the heart of one of the hardest hit regions in the world, is leading the pack in terms of how to return to business.
Is (Systematic) Value Investing Dead?
I'm sure many of us have seen the persistent spread (across a number of metrics) between value and growth over the last decade or so.
Sarah Tavel - Consumer and Marketplace Investing
Recently, Benchmark Capital partner Sarah Tavel – whose work has been linked in a number of prior Beach Reads – featured on Patrick O'Shaughnessy's podcast, "Invest Like the Best," where she talked about investing (from a VC .
Kiril Sokoloff: 'There will have to be massive debt relief'
Breaking bread while sharing apocalyptic predictions. Or, perhaps more accurately, serving souffle and hoarding gold. Whatever the pairing, it is clear 13D founder Kiril Sokoloff sees dark times ahead for America.
Disney and the unequal reality of coronavirus in America
Disney and dystopia - not words I'm sure I've seen near each other before.
A message from co-Founder and CEO Brian Chesky
An article that I included in the last edition of Beach Reads questioned the management at Airbnb.
Don't hate the playa, hate the game
In the April 28 edition of Beach Reads I included an article by Marc Andreessen called "It's Time to Build.
Doordash and Pizza Arbitrage
Past Beach Reads have touched on the trials and tribulations of recent startups - especially those of the direct to consumer (DTC) variety. This article looks at a different kind of "DTC" startup: those that bring food direct to consumers.
The Epic Games Primer
You've probably heard of Fortnite. Maybe you play it, or your kids do. Regardless, the name is more recognizable than the publisher's: Epic Games.
Disney's Head of Streaming Is New TikTok CEO
While typically eschewing "news," I've included a fair number of articles on Disney in past Beach Reads, so thought this deserved mention.
The open podcast ecosystem is dying - here's how to save it
Spotify made a significant move this month with a deal to bring Joe Rogan's podcast onto the platform as an exclusive.
From PepsiCo to GM, Big Advertisers Set to Cancel Commitments to TV Networks
While Gavin Baker's article above details the difficulties in online advertising and scale, it appears that spending on TV ads is increasingly unpopular in a COVID-19 world.
Scale and Loyalty are more important online than offline
This medium post from Atreides Management Chief Investment Officer Gavin Baker highlights the differences between online and offline businesses - specifically, that scale begets scale more for internet-based companies than for traditional brick and .
The Day Coronavirus Nearly Broke the Financial Markets
Sometimes, when living through history, it is hard to remember exactly that: we are currently living through history.
Giverny Capital Letter: David Poppe
This letter by Giverny Capital Asset Management's (GCAM) David Poppe offers a peak under the hood of how to approach investment philosophy, portfolio construction, and stock picking.
Uncertainty
I've featured a number of Howard Marks' memos in Beach Reads, and today we have another from the Oaktree Capital founder, this one focused on uncertainty, confidence, and the future.
RV Vacations: The Safest Way to Travel This Summer
How does one vacation in summer 2020? If you want to stay distanced, but still travel, hitting the road in #vanlife style is an option. And, according to this WSJ article, those companies that offer RV-style vehicle rentals are doing well.
Remember "Blanding"? Well, Websites Are All Starting to Look the Same Now, Too
A number of articles I've come across in the past highlight "blanding" as an issue occurring in a wide variety of industries. Perhaps the most obvious is the Airbnb aesthetic, described in this fantastic article from 2016.
Thirty-six Thousand Feet Under the Sea
This was a wild read detailing the mission of a wealthy man and team of misfits to the deepest depths of the world.
Uncertainty II
In a brief follow-up to the memo included in the last edition of Beach Reads, Oaktree Capital founder Howard Marks continues to wrestle with what the future may look like and how one can even attempt to predict it.
Moats Before (Gross) Margins
An article in the last edition of Beach Reads critiqued software as a service (SaaS) margins and the lack of human impact, specifically on employment, that these companies have (see "Don't Hate the Playa" article here ).
Platform, Ecosystems, and Aggregators
Sticking with Invest Like the Best, in this episode O'Shaughnessy talks to Ben Thompson, who focusses on tech and the media in his Stratechery blog.
The Art and Science of the Bundle
In this fantastic Invest Like the Best podcast, host Patrick O'Shaughnessy talks with Coda founder Shishir Mehrotra about bundling.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
The sharing economy will have to change
COVID-19 hit the sharing economy hard, although even before the pandemic many high-flying, non-profitable startups were being punished by investors as expectations about making money were pushed further into the future.
The Opportunity and Risks for Consumer Startups in a Social Distancing World
I've featured the work of Benchmark Capital partner Sarah Tavel on previous Beach Reads (podcast here ), who, in this article, uses rock, sand and water as three substances to help illustrate a proposed new framework for thinking about consume.
Microsoft Takes On Zoom and Slack in a Battle for Your Work Computer
WFH has made productivity apps indispensable, with Zoom, Slack and others effectively serving as the connective tissue between individuals who can no longer work together, face to face. This booming market has made the landscape more competitive.
How the 'Apple of Pot' Collapsed
Once rocking a billion-dollar plus valuation, cannabis retail pioneer MedMen has seen its stock price plunge 95% amid a slew of issues.
Behind the Fall of China's Luckin Coffee
For the uninitiated, Luckin Coffee was a Chinese unicorn, sometimes compared with Starbucks.
An Unlikely Hero for 1906, 1929...and Today
A recent WSJ article highlights the important role bank lending plays in helping small businesses to stay afloat during times of severe distress.
Inside the $2.5T Debt Binge
A reckoning may be nigh for companies that took advantage of low interest rates over the past decade-plus to issue record amounts of debt to finance share-price-boosting dividend payments and share buybacks at the expense of innovation.
The 'Inconvenient Fact' Behind Private Equity Outperformance
Back to an old hobby of mine: comparing the real returns of different investment styles. Most current deliberations, at least in public markets, continue to center around value vs. growth.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Roblox's ambitious vision for building online worlds
Past Beach Reads have gone in-depth on the metaverse, largely thanks to the work of Matthew Ball . These articles have, for good reason, focused on Fortnite as a large contributor to what the metaverse is becoming.
John Collison - Growing the Internet Economy
Overstatement and expectation management be damned - this edition of Invest Like the Best is one of the best podcasts I've ever listened to.
The Observer Effect: An Interview with Marc Andreessen
Marc Andreessen and his firm a16z are familiar to Beach Reads readers.
The Hierarchy of Marketplaces - Level 3
The final installment in the series focuses on leveraging a position of strength to create a massive position of strength.
The Hierarchy of Marketplaces - Level 2
The second installment goes into detail on how happiness unlocks "tipping points" or virtuous cycles. " Happiness loops are incredibly powerful," Tavel says.
The Hierarchy of Marketplaces - Introduction and Level 1
The thoughts of Benchmark Capital General Partner Sarah Tavel have been featured in past Beach Reads.
As Diners Flock to Delivery Apps, Restaurants Fear for Their Future
An immensely popular article about arbitraging Doordash ( Pizza Arbitrage ) in a previous Beach Reads highlighted some of the issues with food aggregators.
News by the ton: 75 years of US advertising
A fair amount of news related to the retail and direct-to-consumer markets in Beach Reads looks at how startup brands can grow through branding and advertising. This sometimes highlights the power of large social media companies.
The Platform Matrix: Not All Platforms Are Created Equal
In a timely article, given Tavel's thoughts on marketplaces outlined above, Sameer Singh looks at what makes platforms unique, specifically focusing on the network effects they have.
What Will the Retail Experience of the Future Look Like?
As the US begins to reopen, many consumers remain concerned for their well-being, which is translating into more online shopping, limited physical interaction, and fewer runs to non-essential stores.
The fund managers that kept faith with Wirecard
While reading like a bit a victory lap by the FT, this article does raise important points by highlighting a number of buyside investors and sellside analysts who turned out to be wrong about Wirecard.
EY fights fires on three audit cases that threaten its global reputation
The last edition of Beach Reads featured an article about Luckin Coffee, the Chinese company that turned out to be engaged in fraudulent activities.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Focused International Value
WCM believes that attractive returns can only be achieved by structuring portfolios distinct from the market indices. As a result, our portfolio has around 50 companies, concentrating on our best ideas.
Focused International Value Fund
CUSIP - 46143U823
Share Class - Institutional
Inception Date - June 29, 2020
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-.
Investment Process
WCM believes that attractive returns can only be achieved by structuring portfolios distinct from the market indices. As a result, our portfolio has around 50 companies, concentrating on our best ideas.
Investment Universe
The investment universe is comprised of non-US businesses with at least $2 billion in market cap. Idea generation begins with a series of quantitative screens to identify the most undervalued stocks in the strategy's investable universe.
Buying Tesla at $180 and Other Investing Nuggets From NYU Professor Aswath Damodaran
I owe a personal debt of gratitude to Aswath Damodaran, professor of Finance at NYU Stern, whose free online resources were a critical part of my early investing education. His blog, Musings on Markets , is great.
Quantifying Quality
The headwinds experienced by value investors over the last 13 years or so are often chalked up to strength in another investment style: growth. However, often underlying growth is the all-important "quality" factor.
Keep Running
Collaborative Fund partner Morgan Housel has a knack for elucidating important truisms through stories. This time around, the former Wall Street Journal columnist uses evolution to highlight the need for continuous change in business and investing.
Attacking the Moat
Critical to assessing how defensible companies are and how durable their growth will be is developing a good understanding of their moat(s).
How to Identify Underrated Markets
While much of public equity investing is described in books, venture capital (VC) approaches tend to be codified online (e.g. Sarah Tavel's hierarchies here ).
The Anatomy of Stocks That Go Up
In investing, as in many aspects of life, it is easy to over-complicate things. Enter the KISS principle - keep it simple, stupid. Sage advice.
How a Handful of Chip Companies Came to Control the Fate of the World
NZS Capital took a multimedia approach comprising a written essay and a podcast to illustrate its thinking on the semiconductor sector and to highlight how critical chips are to everyday life.
Why the next Olympics should include Fortnite
Previous Beach Reads generally refer to video games and eSports in the context of the metaverse . A recent Economist article suggests an alternative use for video games as Olympic events. There is a serious case to be made here.
Tyler Haney Returns to Outdoor Voices With a New Vision - One That Starts With a Female-Led Team
A green shoot emerges among fallen direct to consumer (DTC) stars. As highlighted in past Beach Reads, Outdoor Voices (OV) is an athleisure brand with a turbulent past (see here ).
They Ate Their Friends: Butterfly Kits Backfire
When growing up, I had a "tadpole kit," which challenged me (and, frankly, my parents) to raise a frog from its juvenile state. We succeeded and to this day I remember driving down to a local creek to let my beloved frog go free.
How the Coronavirus Will Reshape Architecture
COVID-19 has kept many of us indoors for extended periods, forcing us to look with increasingly critical eyes at the design and function of our bedrooms, home offices, kitchens, bathrooms, and living rooms.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
OpenAI's new language generator GPT-3 is shockingly good—and completely mindless
The internet has been abuzz lately with all manner of news related to GPT-3, OpenAI's language-generating AI.
Nintendo: Capitalizing on Nostalgia
While Beach Reads often discusses high-level themes relating to video games (e.g. the metaverse ), this link from Intrinsic Investing outlines an investment thesis on Nintendo.
The TikTok war
India recently banned TikTok and there are increasingly loud calls for the US to follow. One opinion on TikTok in the US was recently penned by Ben Thompson at Stratechery.
Craft is culture
Past Beach Reads have included the work of Alex Danco, currently employed at Shopify and previously at Social Capital.
What Shopify and Amazon can learn from Mimetic Theory (Thoughts on Ecommerce Pt 2)
Part two of the Julian.Digital blog post builds on the importance of discovery and how styles and consumption patterns are increasingly influenced by individuals and not necessarily product features or functions.
Thoughts on Ecommerce (Pt 1): The Status Quo
On April 14, Beach Reads featured Julian.Digital's Signaling as a Service blog post, and on a recent return trip I found a two-part series on Shopify and e-commerce that talks about demand and supply aggregation and mimetic theory.
The great acceleration
One recurring theme in business analysis around COVID-19 impacts is that the big keep getting bigger.
Reinvestment Moat Follow Up: Capital Light Compounders
This is an older piece, but one that is worth reflecting on given the incredible run in many "capital light compounder" and "reinvestment moat" stocks as of late.
Searching for the (non)core
Pattern recognition is an important skill for an investor to develop. Determining which patterns are meaningful is difficult, but this piece from investment firm Seilern Funds highlights one pattern worth looking out for.
Lessons from Investing in 483 Companies
This podcast, from Patrick O'Shaughnessy's "Invest Like the Best" series, features Charlie Songhurst, the former head of strategy at Microsoft and currently an active investor.
Why Don't Women Self-Promote As Much As Men?
While a large number of studies have looked at potential explanatory factors for the gender wage gap, I had yet to see any work on how "self-promotion" might play a part until I came across this Harvard Business Review article.
First Black Fed President Warns of Systemic Racism's Economic Toll
The Federal Reserve Bank of Atlanta's president, Raphael Bostic, recently published an essay detailing systemic issues in the US that primarily affect certain segments of the American populace.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Unbundling Work from Employment
The process of unbundling and rebundling is a common theme on Beach Reads (see this Shishir Mehrotra podcast ).
Come for the Network, Pay for the Tool
I've featured the work of Toby Shorin in the past and think this recent post adds to the theme of increased online content creation.
How to Win Founders and Influence Everybody
This Wired article elevates the importance of communication by studying the role played by Margit Wennmachers, a partner at Andreessen Horowitz and co-founder of the OutCast Agency, in improving the messaging and image of Silicon Valley.
Microsoft and Bytedance Put TikTok Talks on Hold After Trump Signals Opposition
The July 21 edition of Beach Reads featured a Stratechery article that advocated for increased regulation of TikTok, echoing a narrative that had been rumbling in recent weeks that the US should ban the app.
The Power, Peril, and Plight of The Big Tech
This long form substack post reviews current legal thinking as it pertains to large tech companies in the US, specifically Amazon, Google, Facebook, Apple, and Microsoft.
Statement by Jeff Bezos to the U.S. House Committee on the Judiciary
Big tech anti-trust concerns have been making headlines for weeks, and this past week saw the first round of examinations of the titans by the US government.
On Inflection Points
This is a lengthy blog post from a partner at VC firm "Compound" that examines the nature of inflection points in business and technology.
Market inefficiency, liquidity flywheels, asset class arbitrage, and Hong Kong Land
The value vs. growth debate rages on. But, this time, the article above takes a different tack by looking at systematic forces that create dramatic, sustainable divergences from fundamentals rather than comparing returns or looking at style drift.
Will Craft Brewing Survive?
Even before COVID-19 hit, the craft brewing industry was working through what was potentially an oversupply of different beers and certainly decision fatigue at the package store level, where the ever-expanding SKU count confused more and more peopl.
Together, You Can Redeem the Soul of Our Nation
This poignant and powerful deathbed plea by the late Georgia Congressman and civil rights leader John Lewis serves as a call to action for all Americans. The fundamental duty of any government is to protect those who live under it.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Nintendo, Disney, and Cultural Determinism
A previous edition of Beach Reads included a thesis on Nintendo .
Regulating Technology
In this post, Benedict Evans offers a two-prong argument for thinking about potential consequences when it comes to regulating tech megacaps. First, Evans advocates for a judicious, rather than reactive approach.
TikTok and the Sorting Hat
This insightful analysis of the rise of TikTok by Eugene Wei decodes how an algorithm worked around significant cultural relevance barriers.
Do You Know the Difference Between Being Rich and Being Wealthy?
Morgan Housel, a recurring author featured on Beach Reads, wrote a book to be published next month called "The Psychology of Money.
Lindsell Train - Fund manager interview with Nick Train
Lindsell Train's occasional thought pieces are insightful (recent example here ) and I recently stumbled upon this video conference interview with the cofounder of the London-based asset manager, Nicholas Train, on long-term investing.
Another lesson from cult fundie Nicholas Sleep
Among those "in the know," the letters and writings of former Marathon Asset Management's former fund manager Nicholas Sleep are worth their weight in gold. Imagine them as a less discovered "Margin of Safety.
What COVID-19 did to customer loyalty
COVID has driven significant changes in consumer spending habits. Not only has the medium changed (more e-commerce), but apparently loyalty is on the decline as well.
Puma's Secret Sauce: Growth, Efficiency, and Adaptation
This podcast is a good look under the hood at athletic-equipment maker Puma.
Can Killing Cookies Save Journalism?
Moving on from issues with free versus paywalled journalism, this piece from Wired Magazine examines the impact that using cookies - or not - may have on advertising revenue. The result is far from expected.
The Truth Is Paywalled But The Lies Are Free
Whether for good or ill, the internet gives power to individual voices so that people and groups that previously had no way to have their message heard can build audiences and share information for practically zero cost (more here ).
Bill Gates on Covid: Most US Tests are 'Completely Garbage'
Given the expertise and capital at the direction of Bill Gates, his interview on COVID with Wired Magazine is well worth a read.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Insane Companies No One Talks About: MGA Entertainment
Maybe I live under a rock, or maybe this Substack is living up to its name. Either way, I had never heard of L.O.L.
Wirecard: the frantic final months of a fraudulent operation
The Financial Times did an incredible job helping to uncover the fraud at Wirecard. This looks to be the last installment on what happened – and it's a wild read.
Plumbing the World's Markets: The Story of ICE
This article explains how an energy business founded in 2000 transformed into global financial company the Intercontinental Exchange (ICE) , whose assets include the New York Stock Exchange.
TikTok Talks Could Face Hurdles as China Tightens Tech Export Rules
Another chapter in the TikTok saga: not only has Kevin Mayer stepped down as US CEO after only three months, but China is now ramping up its defense of strategic assets – including technology assets.
Jensen Huang's Vision for Data Center Dominance
ARM Holdings is a semiconductor and software design company that was taken private by SoftBank four years ago. Recently, SoftBank announced that it is looking to list or sell ARM.
The curse of the Airbnb aesthetic
Long time subscribers have likely noticed a number of references to "the Airbnb aesthetic.
Airbnb CEO Brian Chesky on Drastic Changes in Travel Patterns
CEO Brian Chesky provides a good overview of where Airbnb has been and where it is going post-COVID in this interview. I didn't realize how close the company was to going public prior to the pandemic.
Going Public Circa 2020; Door #3: The SPAC
Bill Gurley of tech venture capitalist firm Benchmark has been arguing for some time that companies whose shares pop on their public market debut are evidence of investment banks undervaluing them in the IPO process to give favored clients a quick .
What Got You There: Podcast with Aravt Global's Yen Liow
This comprehensive interview with Aravt Globa founder and chief investment officer Yen Liow covers a wide variety of topics primarily related to investing, learning, and improving.
Uncertain Times
This article, published in Aeon in association with the Santa Fe institute, is a titillating real world study of complex systems.
Key Takeaways from "One From Many: VISA and the Rise of Chaordic Organization"
I have not yet read the 2005 book "One From Many" by Visa founder Dee Hock but this synopsis of sorts has fast-tracked it to the top of my list.
How Mud Shaped Life on Earth
And finally, something out of left field. I've never given much thought to mud. I doubt many have. This article, however, points to the critical role that mud and plants, working together, played in forming much of life as we know it on earth.
When the Magic Happens
In the early months of COVID, I tried to find positive news that suggested that innovation and growth may come from our collective struggles.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Bessemer Venture Partners: The Memos
OK, this isn't a write up of a specific company, but even better: the link includes a bunch of theses! Specifically, it provides a look under the hood at Bessemer Venture Partners and illustrates how the VC firm approaches investing.
How They Did It: Halma, PLC
This analysis of Halma, PLC by Woodlock House Family Capital outlines how investors might build a framework for finding other successful roll-up businesses.
Unity: Analyzing the First Game Engine IPO
The previous edition of Beach Reads mentioned the large number of companies coming public soon. One is Unity, a game engine that competes with Epic's Unreal engine.
Stripe: The Internet's Most Undervalued Company
The June 23 edition of Beach Reads featured a fantastic interview with Stripe co-founder John Collison.
Platform Economies
How do platforms differ from other businesses and how are they evolving? First and foremost among six key observations in this Medium article is that platforms are becoming increasingly important as aggregators of small businesses.
Understanding Stakeholder Value: Where do Profits Come From?
Intrinsic Investing recently published this piece that juxtaposes the familiar notion of "shareholder value" to an interesting term called "stakeholder value.
Michael Mauboussin: The Great Migration from Public to Private Equity (Podcast)
Another great podcast from Patrick O'Shaughnessy. This time around, he interviews Michael Mauboussin, adjunct professor of business at Columbia Business School.
The Four Futures of the Platform That Birthed Luxury Streetwear
While the article above details how Hermès escaped the clutches of LVMH, it appears that a smaller, new-age luxury roll up has been having success acquiring brands in an LVMH manner.
How Hermès got away from LVMH - and thrived
Bernard Arnault, CEO of fashion conglomerate LVMH, tends to get what he wants .
Generation Work-From-Home May Never Recover
Anybody working from home can immediately tell you about its pros and cons. As time away from offices drags on, the downsides of WFH are becoming more clear.
Netflix's Reed Hastings Deems Remote Work 'a Pure Negative'
One executive who isn't a fan of WFH is Netflix co-CEO Reed Hastings , who is on a bit of a media tour to promote his book, No Rules Rules: Netflix and the Culture of Reinvention .
Is the office finished?
With varying degrees of COVID-19 containment, companies are experimenting with some workers returning to work in person at offices.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
An Interview with Strauss Zelnick, CEO of Take Two Interactive Software
Speaking of video games, this interview with Take Two CEO Strauss Zelnick delves into the future of the gaming industry. Or, according to Zelnick, the future of all of entertainment.
The Entertainment Value Curve: Why TikTok is On Fire and Quibi Isn't
So why is TikTok so successful, while new short-form video format Quibi has so far struggled to gain traction, despite serious backing from Hollywood and Silicon Valley heavyweights? "Quibi's shows were designed to be watched by a single p.
Seeing Like An Algorithm
In this second installment of a three-part series about some of the features that make TikTok successful (the first article was highlighted in the Aug.
How Nikola Stock Got Torched By A Short Seller
Many readers have no doubt been following the rise and ongoing fall of embattled hydrogen truck startup Nikola. Just as compelling is the story behind Hindenburg Research, the company that published the short report that triggered the furor.
Nvidia's Integration Dreams
The previous edition of Beach Reads gave one author's positive take on Nvidia's ARM acquisition as it pertains to chief executive officer Jensen Huang's ambitions to dominate cloud data centers.
CoStar: A Dominant Information Business and Fast Growing Marketplaces
For those interested in finding out more about CoStar, "the number one provider of information, analytics, and online marketplaces to the commercial real estate industry in the United States and United Kingdom," this article is a comprehe.
The Shipping Wars: FedEx Et. Al.
Odds are you've had at least one package delivered to your home this week. That package may have traveled via a number of shipping modalities: ship, train, plane, truck, and even personal cars.
Measuring Happy GMV
Previous Beach Reads have featured the thoughts of Benchmark Capital's Sarah Tavel.
Sounding good or Doing good? A Skeptical Look at ESG
Following the recent 50th anniversary of Milton Friedman's seminal New York Times piece on how businesses should maximize shareholder value, New York University Stern School of Business professor Aswath Damodaran offers his thoughts on ESG in.
Millennials and Gen Z are spreading coronavirus—but not because of parties and bars
Despite stories about careless young people, this National Geographic look into the demographic and social aspects associated with the spread of COVID-19 points to a more nuanced and complicated reality.
The Billionaire Who Wanted To Die Broke...Is Now Officially Broke
Not too long ago, I read " The Billionaire Who Wasn't " by Conor O'Clery, a fantastic book about Chuck Feeney, a self-made billionaire who founded Duty Free Shoppers as well as private equity firm General Atlantic.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Discord's New CMO Wants To Help More Than Just Gamers Connect
Speaking of gaming and the workplace, this short Forbes article introduces Discord's new CMO and her vision for the chat platform.
Secure the BaaG
Close followers of Beach Reads have likely picked up on my fascination with the metaverse, which continues with another post about a metaverse-esque theme: business as a game, or BaaG.
Platform Liquidity: Why Economic Incentives Matter
It's becoming increasingly difficult to come across a company that doesn't style itself as a platform (just see the article above). Previous Beach Reads have presented different frameworks about platforms, with a focus on marketplaces .
Making is Show Business now
This blog post from Alex Danco reviews the topics introduced in the book Working in Public: The Making and Maintenance of Open Source Software .
Browsing e-commerce: An untapped $250B+ opportunity
Continuing the theme, this short Medium post from Vivek Goyal of Altimeter Capital provides a fresh take on e-commerce platforms.
OECD drafts principles for $100bn global tax revolution
As the US increasingly looks to how it can regulate large tech firms, the rest of the world, represented by the OECD, is trying to improve corporate taxation.
Anti-monopoly Vs. Antitrust
A topic of increasing consequence at the nexus of business and technology is monopoly as the US government looks into whether a handful of megacaps are potentially operating anticompetitively .
The (Not) Failing New York Times
The format of this thesis – a slideshow – is a bit different than other theses I've featured, but the content is fantastic.
A Columnist Makes Sense of Wall Street Like No Other (See Footnote)
Bloomberg columnist Matt Levine is likely familiar to many readers.
Inside the airline industry's meltdown
As of just a few months ago, air travel was nothing short of ordinary. Since the dawn of commercial aviation 110 years ago, flying has become cheaper, more encompassing, and ever more prevalent.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Which DTC Brands will prove most adaptable?
Speaking of DTC, this article from Digiday delves into how brands are wrestling with advertising strategies heading into an unusual holiday season.
Who wins in an omni-channel world?
Omni-channel is the inevitable end state of retail and a future that was pulled forward many years because of COVID, says Gavin Baker, whose work has been previously highlighted in Beach Reads.
Musings of a Spotify executive
Audio's long-term potential in terms of functionality, interactivity, and integration with other media is the focus of this a16z podcast with Chief R&D Officer of Spotify, Gustav Söderström.
Matthew Ball Audio Deep Dive
In this article, Matthew Ball, known for his deep dives on the intersection of media and technology, explains why technology shifts in the audio industry haven't significantly grown the sector's revenue pie as they did in mediums such as .
Big Hit IPO
Much investment debate about the future of the audio industry has centered on negotiating power.
CRISPR & Designer Babies
Emmanulle Charpentier and Jennifer Doudna jointly won the 2020 Nobel Prize in Chemistry for their contribution in advancing the CRISPR technology.
The End of the American Internet
The internet and venture capital industry were born in the United States and, as a result, Americans have grown accustomed to "Made in America" websites, software, and tech companies over the years.
Interview with Durable Capital
In one of the more interesting recent investor interviews, Henry Ellenbogen and Anouk Dey of Durable Capital dig into the importance of manager attributes such as flexibility, adaptability, and the ability to recognize patterns on the "Value .
Serendipity as a Skill
We find creativity and serendipity to be two of the most interesting yet underexplored areas of investing.
Bad Decisions
Why humans make the same mistakes over and over is the topic of this post by Collaborative Fund Partner Morgan Housel.
A Case for Optimism
Psychologist Steven Pinker breaks down why news skews so negative and argues that this significantly misrepresents the objective long-term trajectory of the world.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Semiconductor Capital Equipment Series: Introduction
This short primer on the Semiconductor Capital Equipment industry, which outlines the role that equipment manufacturers and fabs play in creating semiconductors, helps explain some of the production process issues Intel is having.
Intel's Success Came With Making Its Own Chips. Until Now
To fab or not to fab – that is the question Intel is currently grappling with, placing it at a business and philosophical crossroads.
AI pioneer Geoff Hinton: "Deep learning is going to be able to do everything"
The most striking part of this short MIT Technology Review interview with Geoffrey Hinton is his belief that deep learning will be able to "replicate all of human intelligence.
Is the Internet Different?
Thompson didn't miss a beat in publishing his own thoughtful response to Wu, arguing that Google is the poster child for aggregation theory.
Ben Thompson's Stratechery
The October 13 edition of Beach Reads featured the thoughts of Stratechery's Ben Thompson on the antitrust case against big tech currently ongoing in the United States and pondered what Colombia law professor Tim Wu, might think.
Copart: A Wide Moat + Great Management + Growth Tailwinds
Copart appears to be a compelling business, even if it perhaps doesn't operate in the most exciting industry. One of the most interesting parts of this thesis on Copart is the discussion of the online vehicle auction company's moat.
The Economics of the Cult of Lululemon
Since its founding in 1998, athletic wear company Lululemon has grown in part by identifying trends in yoga and athleisure.
Graham and Doddsville: Fall 2020
I'm a long-time fan of the Columbia Business School's "Graham and Doddsville" publication and this most recent edition features some great student theses on Hanesbrand, The TJX Companies, and Farfetch.
Anu Hariharan: Lessons in Growth Investing
Patrick O'Shaughnessy interviews Anu Hariharan, a partner at Y-Combinator who previously worked at companies including Andeersen Horowitz and BCG, in this podcast. The two discuss a wide variety of topics relating to growth investing.
How to G.O.V.E.R.N.
It's not the first time Beach Reads has featured non-GAAP's "Mike," an ex-activist investor who provides a framework for investors on how to integrate corporate governance signals into company analysis.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
The next big thing will start out looking like a toy
This article also cites Christensen's "disruptive technology" theory as it examines why incumbents often downplay the Next Big Thing by likening it to a toy.
Intel's Disruption is Now Complete
With a striking headline, the author of this Medium post argues that Intel's inability to keep pace with competitors now puts it at risk of ARM-based chips beginning to erode its "last refuge: the server business.
Takeaways from McDonald's remarkable comeback
The recent turnaround at McDonald's, started by former CEO Steve Easterbrook and now stewarded by Chris Kempczinski, centered around the overarching idea that the company had become too complex, offered too many food items, and that stores had.
FEMSA: The Most Interesting Company in Mexico
This long form thesis on FEMSA is worth reading if you are unfamiliar with the Mexican retailer.
Masters in Business: Dennis Lynch on Global Portfolio Management
In this episode of the Masters in Business podcast series, Barry Ritholtz interviews Dennis Lynch, the co-CIO and PM of investment firm Counterpoint Global.
Status Games: Engineering Scarcity in a World of Abundance
This podcast and accompanying article featuring Eugene Wei tie together a lot of recurring Beach Reads themes.
The Next Decade Could Be Even Worse
Talking of optimism and pessimism, let's end with this article from The Atlantic, a fascinating (albeit depressing) foil to Housel's piece.
The Big Lessons From History
Morgan Housel recently published another thoughtful blog post – this one about how to best understand, interpret, and learn from history.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
An Interview with Eugene Wei About the Half-Life of Information
This was as fun interview from Stratechery, in which Ben Thompson chats with Eugene Wei.
Zero Trust Information
This is a great article from Stratechery. In it, the author traces the evolution of the internet and secure networking in order to, in part, highlight the immense communicative power the internet yields.
Making is Show Business now
This blog post from Alex Danco reviews the topics introduced in the book Working in Public: The Making and Maintenance of Open Source Software .
Craft is culture
Past Beach Reads have included the work of Alex Danco, currently employed at Shopify and previously at Social Capital.
Signaling as a Service
I enjoyed this article from a blog I had never come across before. In it, the author expands on the notion of conspicuous consumption. Specifically, he examines what role software has in status signalling.
COVID has accelerated many trends that were already under-way pre-pandemic. While some, like the move to work-from-home, are very obvious, others, including the evolution of the internet, may not be.
John Collison - Growing the Internet Economy
Overstatement and expectation management be damned - this edition of Invest Like the Best is one of the best podcasts I've ever listened to.
Platform Liquidity: Why Economic Incentives Matter
It's becoming increasingly difficult to come across a company that doesn't style itself as a platform. Previous Beach Reads have presented different frameworks about platforms, with a focus on marketplaces .
The Entertainment Value Curve: Why TikTok is On Fire and Quibi Isn't
Why is TikTok so successful, while new short-form video format Quibi has so far struggled to gain traction, despite serious backing from Hollywood and Silicon Valley heavyweights? "Quibi's shows were designed to be watched by a single pers.
Platform, Ecosystems, and Aggregators
In this episode of Invest Like the Best, Patrick O'Shaughnessy talks to Ben Thompson, who focusses on tech and the media in his Stratechery blog.
Status Games: Engineering Scarcity in a World of Abundance
This podcast and accompanying article featuring Eugene Wei tie together a lot of recurring Beach Reads themes.
As the internet and, more broadly speaking, technology sector continues to evolve, it is critically important to understand these businesses' moat sources and growth opportunities.
Come for the Network, Pay for the Tool
I've featured the work of Toby Shorin in the past and think this recent post adds to the theme of increased online content creation.
Don't hate the playa, hate the game
In the April 28 edition of Beach Reads I included an article by Marc Andreessen called " It's Time to Build.
The great acceleration
One recurring theme in business analysis around COVID-19 impacts is that the big keep getting bigger.
The Gap Between Large and Small Companies is Growing. Why?
David and Goliath. The colonies and the monarchy. History is rife with examples of underdogs prevailing – a trend that has also traditionally held true in the business world (think: "Innovator's Dilemma").
An important post-COVID phenomenon will likely be the dynamic between small and large businesses.
Attacking the Moat
Critical to assessing how defensible companies are and how durable their growth will be is developing a good understanding of their moat(s).
Quantifying Quality
The headwinds experienced by value investors over the last 13 years or so are often chalked up to strength in another investment style: growth. However, often underlying growth is the all-important "quality" factor.
An important feature of WCM's investment philosophy is buying and holding companies that have growing moats.
Understanding Stakeholder Value: Where do Profits Come From?
Intrinsic Investing recently published this piece that juxtaposes the familiar notion of "shareholder value" to an interesting term called "stakeholder value.
Corp Governance: The Achilles' Heel of "High Quality" Companies
I really enjoyed this article from a former activist investor.
Another key trend in 2020 has been the continued rapid ascent of Environmental, Social and Governance (ESG) investing.
Home Alone Together, in LA
I enjoyed this piece from The New Yorker. While the news around COVID-19 tends to revolve around numbers: case counts, GDP, unemployment, etc.
Uncertain Times
This article, published in Aeon in association with the Santa Fe institute, is a titillating real world study of complex systems.
Frequent Beach Readers will know that I am a huge fan of the Santa Fe Institute's W. Brian Arthur and believe that his theories on complexity economics have important implications in the world of investing.
Serendipity as a Skill
We find creativity and serendipity to be two of the most interesting yet underexplored areas of investing.
How Discomfort Makes Us More Creative
Institutionalizing creativity in professional organizations is incredibly difficult. Some books, like Ed Catmull's "Creativity Inc.
How Will You Measure Your Life?
What a phenomenal read. Most of us know Clayton Christensen from his book, "Innovator's Dilemma." And while an accomplished scholar, I was blown away by this speech he gave at HBS back in 2010.
Finite and Infinite Games: Two Ways to Play the Game of Life
I liked this post from Farnam Street - in it, the author frames two different philosophies for living life. The first is to approach life as a "finite game" and the second is to approach life as an "infinite game.
These articles generally appeared in the "Reflections" section of Beach Reads, but I've aggregated them in a different stand-alone section this time around.
Thirty-six Thousand Feet Under the Sea
This was a wild read detailing the mission of a wealthy man and team of misfits to the deepest depths of the world.
Snow Science Against the Avalanche
This long-form article, from The New Yorker, is a great read about nature, science, and human foibles. In it, the author gives the history and current science around avalanche mitigation.
One of my favorite parts of composing Beach Reads is writing the "Reflections" section, which serves as a catch-all category to include articles that are not investing related.
Disclaimer: To the extent that Beach Reads discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice.
Brian Leamy
Brian joined WCM in 2020; his primary responsibilities involve supporting WCM's marketing, client service, and relationship management efforts.
Andrew Wiechert
Andrew joined WCM in 2007; his primary responsibilities are portfolio management and equity research for our global value strategies.
Drew French
Drew joined WCM in 2013; his primary responsibilities are portfolio management and equity research for our global value strategies.
Don Kuo
Don joined WCM in 2005; his primary responsibilities are to assist with oversight of the Operations Team, along with personnel development, risk management, and business development.
Mark Dreschler
Mark joined WCM in 2020; his primary responsibilities include administering WCM's portfolio of pooled funds, both private and public, and managing their reporting requirements.
Brian Jordan
Brian joined WCM in 2020, his primary responsibility is to ensure the stability, integrity and efficient operation of the WCM network infrastructure.
Trevor Ferry
Trevor joined WCM in 2020; as a reconciliation associate, his primary responsibilities involve overseeing daily and monthly portfolio reconciliation. He earned a B.S. in Finance from the Ivy College of Business at Iowa State University.
Daniel Wiechert
Daniel joined WCM in 2017; his primary responsibility is communicating the firm's investment thinking while servicing investment consultants and institutional clients.
Malcolm Mitchell
Malcolm joined WCM in 2021; his primary responsibilities include administering WCM's portfolio of pooled funds, both private and public, and managing their reporting requirements.
Dustin Smith
Dustin joined WCM in 2021; his primary responsibility is to maintain WCM's application infrastructure and provide the latest digital tools for the firm's workforce.
Focused International Opportunities
Focused International Opportunities
Focused International Opportunities Fund
CUSIP - 46143U682
Share Class - Institutional
Inception Date - March 30, 2021
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-term r.
International Long-Term Growth
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Investment Process
Gregory Ise and Tamara Manoukian, Portfolio Managers for the Focused International Opportunities strategy, make all portfolio decisions.
Investment Universe
WCM seeks non-U.S. quality growth businesses with superior growth prospects, rising returns on invested capital, and low or no debt.
Jennifer Harrop
Jennifer joined WCM in 2020; Jennifer's primary responsibility is to assist in administering WCM's compliance program.
Alex Lee
Alex joined WCM in 2021; his primary responsibilities involve supporting WCM's marketing, client service, and relationship management efforts.
Careers
WCM exists to maximize value and create opportunity for all of its stakeholders. We do this by living out our core values of fun and gratitude.
Global Growth Business Analyst
We're looking to add to the Laguna-based investment team.
Mike Trigg - Defying the Fade at WCM
In this podcast, Mike Trigg, Portfolio Manager & Business Analyst at WCM, is interviewed by Ted Seides on Capital Allocators .
Why Do Money Managers Fail?
In this introspective piece, Paul Black, President & Co-CEO of WCM Investment Management, explores the silent killers that cause money managers to fail.
WCM Business Culture Analyst
Over the years, we've come to believe that culture is one of the most important—yet least understood—drivers of long-term value. It separates the great companies from the merely good ones.
The Business Brew Podcast: Sanjay Ayer – The Example of Self Awareness
In this podcast, WCM Portfolio Manager & Business Analyst Sanjay Ayer is interviewed by Bill Brewster on The Business Brew .
Sanjay Ayer – The Example of Self Awareness
In this podcast, Sanjay Ayer, Portfolio Manager & Business Analyst, is interviewed by Bill Brewster on The Business Brew.
Mike Trigg - Defying the Fade at WCM
In this podcast, Mike Trigg, Portfolio Manager & Business Analyst, is interviewed by Ted Seides on Capital Allocators.
Paul Black - Gratitude, Fun, and Growth Stocks
In this podcast, Paul Black, co-CEO & Portfolio Manager, is interviewed by Ted Seides on Capital Allocators.
Why Culture Matters
One of WCM's strongest competitive advantages is our focus on corporate culture—both at our own firm and within the companies in which we invest.
Why Do Money Managers Fail?
In this introspective thought piece, Paul Black, co-CEO & Portfolio Manager at WCM Investment Management, explores the silent killers that cause money managers to fail.
Paul Hunter
Paul joined WCM in 2020; he is responsible for developing and servicing client relationships with investment consultants, family offices and other institutions.
Brian Huerta
Brian joined WCM in 2020; his primary responsibility is communicating the firm's investment thinking while servicing investment consultants and institutional clients.
Scott Lee
Scott joined WCM in 2021; his primary responsibilities involve global securities trading and reporting.
Kevin Wang
Kevin joined WCM in 2020; his primary responsibility is equity research for our global core strategies.
Corey Leung
Corey joined WCM in 2021; his primary responsibility is to produce original equity research for our fundamental value strategies.
Mike Tian - Moat Trajectories and Investing in China at WCM
In this podcast, Mike Tian, Portfolio Manager & Business Analyst, is interviewed by Ted Seides on Capital Allocators.
Paul Black
Paul joined WCM in 1989; his primary responsibility is portfolio management for our global, fundamental growth strategies.
Sanjay Ayer
Sanjay joined WCM in 2007; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies.
International Long-Term Growth
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Test Section
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International Long-Term Growth Fund
Test Section
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Victoria Kroehl
Victoria joined WCM in 2020; her primary responsibilities include managerial and financial accounting, cost accounting, payroll, pension accounting, and annual tax/audit preparation.
Sachin Kashyap
Sachin joined WCM in 2021; his primary responsibility is to produce original equity research for our fundamental value strategies.
How to Build a $100B Money Manager with Paul Black & Mike Trigg
In this podcast, Paul Black, Portfolio Manager & CEO, and Mike Trigg, Portfolio Manager & Business Analyst, are interviewed by Ted Seides on Capital Allocators.
FAR FROM THE FINISHING POST: Sanjay Ayer (WCM) - Think Different, Get Better
In this podcast, Sanjay Ayer, Portfolio Manager and Business Analyst, is interviewed by Tom Yeowart and George Viney of Troy Asset Management.
Sarah Teel
Sarah joined WCM in 2021; her primary responsibilities involve supporting WCM's marketing, client service, and relationship management efforts.
Dave Heng
Dave joined WCM in 2022; his primary responsibility is equity research for our global, fundamental growth strategies.
Disclaimer
This information is not investment advice. This is a personal site. Prior to January 1, 2022, the owner was not affiliated with WCM.
Fred Nuñez
Fred joined WCM in 2022; his primary responsibility is portfolio management for our private growth strategy.
Hidden Value Stocks: WCM Focused International Value Interview
In this interview, Andrew Wiechert and Drew French, co-Portfolio Managers for WCM's global value equity strategies, are interviewed by Rupert Hargreaves of Value Walk.
Alex Paff
Alex joined WCM in 2021; her primary responsibility is equity research for our global core strategies. Alex joined WCM following her internship with WCM's Global Core Team in 2020.
Aaron Reed
Aaron joined WCM in 2020; he is responsible for developing and servicing client relationships with investment consultants, family offices and other institutions.
Work at WCM
WCM exists to maximize value and create opportunity for all of its stakeholders. We do this by living out our core values of fun, gratitude, and serving others.
Insights
From our unique approach to pattern recognition and culture research, to our location in Laguna Beach—a quaint artist colony in Southern California—we live and breathe creative thinking. We value independent thinkers. We value artists.
Hidden Value Stocks: WCM Focused International Value Interview
In this interview, Andrew Wiechert and Drew French, co-Portfolio Managers for WCM's global value equity strategies, are interviewed by Rupert Hargreaves of Value Walk.
How to Build a $100B Money Manager with Paul Black & Mike Trigg
In this podcast, Paul Black, Portfolio Manager & CEO, and Mike Trigg, Portfolio Manager & Business Analyst, are interviewed by Ted Seides on Capital Allocators.
FAR FROM THE FINISHING POST: Sanjay Ayer (WCM) - Think Different, Get Better
In this podcast, Sanjay Ayer, Portfolio Manager and Business Analyst, is interviewed by Tom Yeowart and George Viney of Troy Asset Management.
Mike Tian - Moat Trajectories and Investing in China at WCM
In this podcast, Mike Tian, Portfolio Manager & Business Analyst, is interviewed by Ted Seides on Capital Allocators.
Why Do Money Managers Fail?
In this introspective thought piece, Paul Black, co-CEO & Portfolio Manager at WCM Investment Management, explores the silent killers that cause money managers to fail.
Sanjay Ayer – The Example of Self Awareness
In this podcast, Sanjay Ayer, Portfolio Manager & Business Analyst, is interviewed by Bill Brewster on The Business Brew.
Mike Trigg - Defying the Fade at WCM
In this podcast, Mike Trigg, Portfolio Manager & Business Analyst, is interviewed by Ted Seides on Capital Allocators.
Why Culture Matters
One of WCM's strongest competitive advantages is our focus on corporate culture—both at our own firm and within the companies in which we invest.
Paul Black - Gratitude, Fun, and Growth Stocks
In this podcast, Paul Black, co-CEO & Portfolio Manager, is interviewed by Ted Seides on Capital Allocators.
Artist Studio
From our unique approach to pattern recognition and culture research, to our location in Laguna Beach—a quaint artist colony in Southern California—we live and breathe creative thinking. We value independent thinkers. We value artists.
Insights
IMPORTANT INFORMATION
This website may contain hyperlinks to third party websites.
Mid Cap Quality Value Fund
CUSIP - 46143U666
Share Class - Institutional
Inception Date - July 28, 2022
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-term re.
Greg Ise
Greg joined WCM in 2014; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies.
Dave Joerger
Dave joined WCM in 2018; his primary responsibility is to administer our compliance program with the objective of full conformity to best practices and applicable regulations.
Julianna Jones
Julianna joined WCM in 2013; her primary responsibilities involve portfolio administration, client service, and the hands-on management of our entire operations function.
Jung Ryu
Jung joined WCM in 2018; as Business Analyst, his primary responsibility is to produce original equity research for our global, fundamental growth strategies.
Sameer Sabharwal
Sameer joined WCM in 2019; his primary responsibility is equity research for our US small-cap and SMID-cap growth strategies, focusing on the Health Care sector.
Jordyn Zader
Jordyn joined WCM in 2022; her primary responsibilities involve portfolio administration and client service.
Celia Hartom
Celia joined WCM in 2022; her primary responsibilities include financial accounting and annual tax/audit preparation.
Catie O'Connell
Catie joined WCM in 2022; she is responsible for developing and servicing client relationships in the institutional plan sponsor community including endowments, foundations, corporations and public pension plans.
Lynne Marchetti
Lynne joined WCM in 2021; Lynne's primary responsibility is to assist in administering WCM's compliance program.
Focused Emerging Markets ex China Fund
CUSIP - 46143U633
Share Class - Institutional
Inception Date - December 29, 2022
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains / Dividends - Annually
Fees - No short-ter.
Investment Universe
WCM seeks quality growth businesses with superior growth prospects, high returns on invested capital, and low or no debt. It also requires each company to maintain a durable competitive advantage – what management terms an economic moat.
Investment Process
WCM's Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
Kayla DesJarlais
Kayla joined WCM in 2022; her primary responsibility is to spearhead complex IT initiatives while also developing standardization, documentation, and guidance materials for the firm's IT infrastructure and associated services.
Bernadette Doerr
Bernadette joined WCM in 2022; her primary responsibility is generating culture research and refining WCM's culture research framework.
Bernadette Doerr
Bernadette joined WCM in 2022; her primary responsibility is generating culture research and refining WCM's culture research framework.
Adam Kleiman
Adam joined WCM in 2023; he is responsible for institutional business development and client servicing. Since he began his investment career in 2006, Adam's institutional sales experience includes positions at GQG Partners and Hartford Funds.
Adam Kleiman
Adam joined WCM in 2023; he is responsible for institutional business development and client servicing. Since he began his investment career in 2006, Adam's institutional sales experience includes positions at GQG Partners and Hartford Funds.
Investment Process
WCM uses a bottom-up approach that seeks to identify companies with above average potential for growth in the rate of return on invested capital and assets. The portfolio is concentrated and typically holds 30-40 companies.
Investment Universe
The Focused US Opportunities strategy's investment universe is comprised of US businesses with market caps between $2 billion and $20 billion, at time of purchase.
Investment Universe
The Select Mid Cap Growth strategy's investment universe is comprised of US businesses with market caps above $5 billion and below the largest in the Russell Midcap index, at time of purchase.
Investment Process
WCM uses a bottom-up approach that seeks to identify companies with above average potential for growth in the rate of return on invested capital and assets. The portfolio typically holds 45-65 companies.
Investment Process
WCM uses a bottom-up approach that seeks to identify companies with above average potential for growth in the rate of return on invested capital and assets. The portfolio typically holds 60-90 companies.
Investment Universe
The SMID Cap Growth strategy's investment universe is comprised of US businesses with market caps above $1 billion and below the largest in the Russell 2500 index, at time of purchase.
Privacy Policy
WCM Investment Management, LLC respects your privacy rights. In offering or providing investment management services to you, WCM obtains certain non- public personal information.
Quality SMID Dividend Growth
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Test
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Investment Process
We use a dividend growth strategy to harness the compounding power of growing dividends from high-quality companies over extended holding periods.
Cameron Martin
Cameron joined WCM in 2023. As a member of the Investment Strategy Group for our dividend growth strategies, his primary responsibilities are portfolio management and equity research.
Reid Weaver
Reid joined WCM in 2023. As a member of the Investment Strategy Group for our dividend growth strategies, his primary responsibilities are portfolio management and equity research.
Investment Universe
Our potential investments start with systematically excluding low-quality companies to minimize the risk of permanent capital loss.
Investment Process
The quality value team relies on a primary-source approach to investing in businesses. In short, the team searches for strong, stakeholder-friendly businesses with a durable competitive advantage that are trading at a discount to intrinsic value.
Investment Process
The quality value team relies on a primary-source approach to investing in businesses. In short, the team searches for strong, stakeholder-friendly businesses with a durable competitive advantage that are trading at a discount to intrinsic value.
Investment Universe
The investment universe is comprised of all companies listed on US exchanges with market caps between $5 billion and $25 billion.
Investment Universe
The investment universe is comprised of all businesses listed on US exchanges with market caps between $1.5 billion and $15 billion.
Quality Dividend Growth Fund
CUSIP - 46143U617
Share Class - Institutional
Inception Date - July 28, 2023
Minimum Initial Investment - Regular Accounts $100,000 - Automatic Investment Plan $5,000
Capital Gains - Annually
Dividends - Quarterly
Fees - No.
Andy Papendieck
Andy joined WCM in 2023. His primary responsibility is communicating the firm's investment philosophy and strategic thinking for WCM and Martin Capital Partners.
Ryan Adair
Ryan joined WCM in 2023, his primary responsibilities involve portfolio administration and client service, in addition to supporting Portfolio Managers and the Sales/Marketing teams which he continues to do for Martin Capital Partners.
Jaclyn Connolly
Jaclyn joined WCM in 2023; her primary responsibilities include financial accounting and annual tax/audit preparation. She has over 15 years of experience working in both public and corporate accounting.
Mike Cila
Mike joined WCM in 2023; he is responsible for institutional business development and client servicing. Since he began his investment career in 2012, Mike's business development experience includes positions at GQG Partners and Lord Abbett.
Trace Thurlby
Trace joined WCM in 2023; he is responsible for developing, and servicing client relationships with investment consultants, endowments, foundations, and other institutions.
Kailey Super
Kailey joined WCM in 2023; as a Marketing Associate, her primary responsibilities involve supporting WCM's marketing efforts.
Seve Sakayan
Sevan joined WCM in 2023; he is responsible for developing and servicing intermediary client relationships within the retail advisory channel.
Andrew Buchanan
Andrew joined WCM in 2021; he is responsible for developing and servicing client relationships with investment consultants, endowments, foundations, and other institutions.
Matt Miller
Matt joined WCM in 2023 after working as a consultant for two years.
Tyler Morris
Tyler joined WCM in 2023; he is responsible for institutional business development and client servicing.
Scott Peters
Scott joined WCM in 2023; his primary responsibilities involve supporting WCM's marketing, client service, and relationship management efforts.
Andy Papendieck
Andy joined WCM in 2023; he is responsible for developing and servicing client relationships. He has extensive industry experience, dating to 1985, implementing investment strategies for family's and business owners.
Josh McAdoo
Josh joined WCM in 2024; his primary responsibility is equity research for our US small-cap and SMID-cap growth strategies, focusing on the Industrials sector.
Alan Tu
Alan joined WCM in 2024; his primary responsibilities are portfolio management for our private growth strategy and equity research for our global, fundamental growth strategies.
Mohan Ru
Mohan joined WCM in 2024; his primary responsibility is equity research for our global, fundamental growth strategies.