ABOUT Thought Pieces
Thought pieces from our investment team written to educate, and more importantly, inspire conversation and creativity.
What to Read Next
Global Growth Business Analyst
We're looking to add to the Laguna-based investment team. Our process is collaborative and team-based, but people are given freedom to do their job as they see fit, with the understanding that we're all ultimately accountable for our performance. There are no investment superstars in the firm, and everyone's doors are always open. Analysts are expected to source new ideas, look for inflections (along the key vectors of our investment process) on our coverage lists, discover and drive investment process improvements, and help those around them make good decisions. The latter cannot be overstated. We're not looking for people that want to make a mark on WCM, rather we want people focused on making those around them better. Requirements: Undergraduate degree from an Ivy league school – just kidding, that will be used against you. At least five years of work experience. As one of our friends always says, "WCM should never be anyone's first job." Strong writing and communication skills. You'll fail in our team-based environment if you can't communicate effectively, regardless of how good your ideas are. A strong investment background in technology, privates, and China will get our attention. Once the world gets back to normal, you'll be expected to travel globally, but who doesn't love doing that? The ability to think different and not just be another "information gatherer." A demonstrated track record of improving as an investor and an ability to communicate that journey. Position Details: This is a full-time position and ideally the last company you'll work for. The analyst will be paid a competitive base salary and be part of our annual discretionary bonus and normal equity grant plans. The analyst will be based in Laguna Beach, but if you really blow us away we might consider alternatives. How to Apply: Please send your resume and responses to the questions below to email@example.com. Questions: What is something important that you have changed your mind about? What is one thing that you believe strongly in, but most people disagree with? What are your three favorite books? Talk about a low moment in your career. If there was one thing you wanted us to know about you, what would it be?READ MORE
30 July 2021
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. Paul challenges conventional wisdom on multiple fronts, including the what it takes to build a $100 billion firm, the cultural problems that can destroy it, and the problems of an industry that penalizes change. From Paul: "Our industry too often worships at the altar of process, process, process. "Don't change the process!" I find it bizarre: money management may be the only business where changing your process or belie—because you've learned from your mistakes and want to get better—is frowned upon. Where else are you penalized for growing your knowledge base and making necessary improvements?"READ MORE
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. At the same time, it's extremely hard to pin down and even more difficult to quantify. Even after many years of analyzing cultures, reading countless books and academic papers, talking to experts and CEOs of great companies, and scrubbing various sets of data, culture remains extremely difficult to analyze. Fortunately, this also means it continues to be woefully misunderstood and underappreciated by most investors. Hence, we're eager to continue investing in our understanding of culture and exploiting what we believe is a massive inefficiency in the market. The Role The culture analyst role is part of the investment team and will analyze companies purely through a cultural lens. The gathering of cultural data and information is considered within the context of a company's investment thesis and evaluated against the set of factors we've found to be most important. There are many opportunities to grow in this role by helping to improve our culture research over time, but we are only interested in candidates who are committed to specializing in culture – this is not a route to a business analyst position. We're looking for people that want to geek out on culture for years to come. Requirements Since this is an unconventional position, we are not as concerned about conventional credentials. More than anything else, we'd like to understand your personal and professional journey and how that will make you an exceptional culture analyst (as well as an outstanding teammate). What we value most is a person's ability to think different, get better, and help others do the same. There are several additional qualities we believe are important: Prior work experience (~5 years or more is ideal). Strong writing and communication skills. Without effective communication, even the best ideas will fail in our team environment. An interest in and general understanding of business and investing. The ability to think different and not just be an "information gatherer." A demonstrated track record of improving as a professional and an ability to communicate that journey. Position Details: This is a full-time position and ideally the last company you'll work for. We've worked hard to create a culture and environment that no one wants to leave. The analyst will be paid a competitive base salary and be part of our annual discretionary bonus and normal equity grant plans. Our preference is for the analyst to be based in Laguna Beach, but we may consider alternatives for exceptional candidates or life situations. How to Apply: Please send your resume and responses to the questions below to firstname.lastname@example.org. Questions: Why do you think culture matters to a company? Based on your own experience, what factors are essential to an effective culture? What do you think most people get wrong about culture? If you could ask a CEO one question about the culture of their company, what would it be? What aspects of your own journey are most relevant to this role?READ MORE
29 April 2022
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. Andrew and Drew discuss why value investing shouldn't simply be a sector bet on low-quality segments of the market, as well as reveal how applying WCM's framework for understanding moat trajectory and corporate culture offers them unique opportunities in an underinvested and appreciated subsection of the market. From Andrew: "These companies tend to live in a veritable "no man's land"—too optically expensive for the deep value investor, but with too much hair on them for a growth investor. Within this subsection of the market, we are hunting for companies experiencing an inflection point that will allow the businesses to accelerate the growth of their economic moats, typically through a catalyst such as a product-mix shift, a narrative shift, or a cultural turnaround. As these companies inflect and begin to grow their economic moats, we believe their investor bases will inevitably shift from more traditional value investors to growth investors. Along with this shift, we ultimately expect to see multiple expansion: a subject typically considered taboo in the world of value investing."READ MORE