Our Firm
WCM is an independent asset management firm that is motivated by a spirit of broad-based employee ownership.
At WCM, we have worked hard to build and maintain an organization that nurtures excellence and innovation.
Investment Process
WCM’s Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
Portfolio Team
WCM's portfolio team strives to provide clients with unparalleled service, knowledgeable support, and proactive communication.
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.
Investment Process
The process begins with a series of quantitative screens to identify the most undervalued stocks within the universe. The primary selection universe is companies with market capitalizations below $2.
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.
Edgar Guzman
Edgar joined WCM in 2022; his primary responsibilities are to ensure the stability, integrity and efficient operation of WCM's network infrastructure, as well as provide desktop support.
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.
Paula Ferry
Paula has worked with WCM since 1999; her primary responsibilities include managerial and financial accounting, cost accounting, payroll, pension accounting, and annual tax/audit preparation.
Investment Process
Sanjay Ayer and Gregory Ise, Portfolio Managers for the International Small Cap Growth strategy, make all portfolio decisions.
Jon Detter
Jon joined WCM in 2016; his primary responsibilities are portfolio management and equity research for our fundamental value strategies.
Pat McGee
Pat joined WCM in 2016; his primary responsibilities are portfolio management and equity research for our fundamental value strategies.
William “J.B.” Horner
William joined WCM in 2014; his primary responsibility is the development and implementation of WCM's corporate culture research framework.
Allison Styles
Allie joined WCM in 2018; she oversees the employee experience, including onboarding, development, benefits, and payroll administration. She also works closely with the COO team on projects and business initiatives.
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.
Rob Quirk
Rob joined WCM in 2018; his primary responsibilities are portfolio management and equity research for our global core strategies.
Rolf Kelly
Rolf joined WCM in 2018; his primary responsibilities are portfolio management and equity research for our global core strategies.
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.
Michael Leritz
Michael joined WCM in 2019; his primary responsibilities involve portfolio administration and client service, in addition to supporting Portfolio Managers and the Sales/Marketing teams.
Investment Universe
The Small Cap Growth strategy's investment universe is comprised of US businesses with market caps above $300 million and below the largest in the Russell 2000 index, at time of purchase.
Lakshman Venkitaraman
Lakshman joined WCM in 2019; as Business Analyst, his primary responsibility is to produce original equity research for our global, fundamental growth strategies.
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.
The Bus Ticket Theory of Genius
Paul Graham, co-founder of Y-combinator, writes some interesting essays on his website. The one I’ve linked to above is fascinating as it proposes that a combination of obsession and luck generally lead to success.
Retiring CEO of Costco takes a look back on his legacy
Here is an old interview from the Seattle Times with Jim Sinegal, co-founder and former CEO of Costco. It provides a number of important anecdotes that reminded me of how different Costco is from other retailers.
The Dark Psychology of Social Networks
The Atlantic recently published an upsetting expose of sorts on social media.
TikTok and the coming of infinite media
I was recently in LA for a college alumni event. One of the topics that came up during the Q&A session with the president of the college was about college students' mental health.
What Do Teens Learn Online Today? That Identity is a Work in Progress
This was a fascinating read from the NYT magazine. In it, the author describes her interaction with her own daughter (a teenager) as well as an arms-length view of online teen culture (for lack of a better term).
Jim Collins: Keeping the Flywheel in Motion
Truth be told I didn't listen to the entirety of this 2hr+ podcast. But I liked what I did hear - it is an interview from Farnham Street with Jim Collins.
TikTok and the coming of infinite media
I was recently in LA for a college alumni event. One of the topics that came up during the Q&A session with the president of the college was about college students' mental health.
What Do Teens Learn Online Today? That Identity is a Work in Progress
This was a fascinating read from the NYT magazine. In it, the author describes her interaction with her own daughter (a teenager) as well as an arms-length view of online teen culture (for lack of a better term).
What Is the Future of Ecommerce? 10 Insights on the Evolution of an Industry
This blog post, from Shopify, highlights 10 trends that the author believes will define ecommerce in the coming years. I think his points on social, mobile, and content are particularly poignant.
Even 4-year-olds dislike freeloaders
This is a short article from Yale that summarizes a research paper published in Psychological Science.
What Do Teens Learn Online Today? That Identity is a Work in Progress
This was a fascinating read from the NYT magazine. In it, the author describes her interaction with her own daughter (a teenager) as well as an arms-length view of online teen culture (for lack of a better term).
TikTok and the coming of infinite media
I was recently in LA for a college alumni event. One of the topics that came up during the Q&A session with the president of the college was about college students' mental health.
Jim Collins: Keeping the Flywheel in Motion
Truth be told I didn't listen to the entirety of this 2hr+ podcast. But I liked what I did hear - it is an interview from Farnham Street with Jim Collins.
Visa Is Planning the Biggest Changes to Swipe Fees in a Decade
This quick read from Bloomberg is interesting - it outlines how Visa is changing interchange rates. From the article: "Visa Inc. is planning the biggest changes in a decade to the rates U.S.
Klarna CEO says ‘maybe’ of taking public Europe’s most valuable fintech next year (but he’s not ruling out another round, either)
This article from TechCrunch is a good interview with the CEO of Klarna, Sebastian Siemiatkowski.
Mastercard chief speaks out against nationalism and Facebook
Mastercard has had a phenomenal run as a business and a stock, in no small part thanks to the CEO, Ajay Banga.
Tyro Capital Management 2019 Annual Commentary
I enjoyed this letter from Tyro Capital management. In it, the authors cover a wide variety of topics, from macro risks to behavioral biases.
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.
Why You Should Skip the Easy Wins and Tackle the Hard Task First
I liked this article from Northwestern because it deals with a problem that I struggle with and am sure many others do, too.
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.
How We're Thinking about Coronavirus
This piece provides an investor's perspective on the coronavirus.
'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.
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.
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.
Investment Process
China is one of the fastest growing economies in the world, with boundless long-term growth prospects and historically inefficient indices.
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.
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.
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.
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.
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.
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.
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.
Can Anything Stop Terry Smith?
In the last edition of Beach Reads, I included a link to the Fundsmith annual shareholders' meeting.
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.
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.
Cloud Gaming: Why It Matters
Matthew Ball recently published another fascinating article about what cloud video game streaming may look like in the future.
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.
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 .
Disney and the unequal reality of coronavirus in America
Disney and dystopia - not words I'm sure I've seen near each other before.
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 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.
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 .
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.
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.
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 ).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 ).
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.
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.
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.
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.
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.
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.
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.
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.
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.
Puma's Secret Sauce: Growth, Efficiency, and Adaptation
This podcast is a good look under the hood at athletic-equipment maker Puma.
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 ).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 .
A Columnist Makes Sense of Wall Street Like No Other (See Footnote)
Bloomberg columnist Matt Levine is likely familiar to many readers.
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.
CRISPR & Designer Babies
Emmanulle Charpentier and Jennifer Doudna jointly won the 2020 Nobel Prize in Chemistry for their contribution in advancing the CRISPR technology.
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.
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.
FEMSA: The Most Interesting Company in Mexico
This long form thesis on FEMSA is worth reading if you are unfamiliar with the Mexican retailer.
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.
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.
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.
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.
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.
Another key trend in 2020 has been the continued rapid ascent of Environmental, Social and Governance (ESG) investing.
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.
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.
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.
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.
Investment Process
Gregory Ise and Tamara Manoukian, Portfolio Managers for the Focused International Opportunities strategy, make all portfolio decisions.
Jennifer Harrop
Jennifer joined WCM in 2020; Jennifer's primary responsibility is to assist in administering WCM's compliance program.
Global Growth Business Analyst
We're looking to add to the Laguna-based investment team.
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.
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.
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.
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.
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.
Ryan Bracci
Ryan joined WCM in 2000; as Head Trader, his primary responsibilities are securities trading and oversight of the trading desk.
Monica M. Bullard
Monica joined WCM in 2017; Monica's primary responsibility is to assist in administering WCM's compliance program.
Jon Detter
Jon joined WCM in 2016; his primary responsibilities are portfolio management and equity research for our fundamental value strategies.
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.
Paula Ferry
Paula has worked with WCM since 1999; her primary responsibilities include managerial and financial accounting, cost accounting, payroll, pension accounting, and annual tax/audit preparation.
William "J.B." Horner
William joined WCM in 2014; his primary responsibility is the development and implementation of WCM's corporate culture research framework.
Brian Huerta
Brian joined WCM in 2020; his primary responsibility is communicating the firm's investment thinking while servicing investment consultants and institutional clients.
Edgar Guzman
Edgar joined WCM in 2022; his primary responsibilities are to ensure the stability, integrity and efficient operation of WCM's network infrastructure, as well as provide desktop support.
Jennifer Harrop
Jennifer joined WCM in 2020; Jennifer's primary responsibility is to assist in administering WCM's compliance program.
Rolf Kelly
Rolf joined WCM in 2018; his primary responsibilities are portfolio management and equity research for our global core 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.
Pat McGee
Pat joined WCM in 2016; his primary responsibilities are portfolio management and equity research for our fundamental value strategies.
Brian Jordan
Brian joined WCM in 2020, his primary responsibility is to ensure the stability, integrity and efficient operation of the WCM network infrastructure.
Scott Lee
Scott joined WCM in 2021; his primary responsibilities involve global securities trading and reporting.
Rob Quirk
Rob joined WCM in 2018; his primary responsibilities are portfolio management and equity research for our global core strategies.
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.
Michael Leritz
Michael joined WCM in 2019; his primary responsibilities involve portfolio administration and client service, in addition to supporting Portfolio Managers and the Sales/Marketing teams.
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.
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.
Kevin Wang
Kevin joined WCM in 2020; his primary responsibility is equity research for our global core strategies.
Allison Styles
Allie joined WCM in 2018; 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.
Celia Hartom
Celia joined WCM in 2022; her primary responsibilities include financial accounting and annual tax/audit preparation.
Lynne Marchetti
Lynne joined WCM in 2021; Lynne's primary responsibility is to assist in administering WCM's compliance program.
Investment Process
WCM's Investment Strategy Group (ISG), consisting of our senior investment professionals, makes all portfolio decisions.
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.
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 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.
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.
Kailey Super
Kailey joined WCM in 2023; as a Marketing Associate, her primary responsibilities involve supporting WCM's marketing efforts.
Matt Miller
Matt joined WCM in 2023 after working as a consultant for two years.
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.