What We Do

It’s vital, however, that we recognize the perimeter of our “circle of competence” and stay well inside of it. Even then, we will make some mistakes, both with stocks and businesses. But they will not be the disasters that occur, for example, when a long-rising market induces purchases that are based on anticipated price behavior and a desire to be where the action is. Most investors, of course, have not made the study of business prospects a priority in their lives. If wise, they will conclude that they do not know enough about specific businesses to predict their future earning power.

Berkshire Hathaway, 2013 Annual Report

Standing out in a crowded market is not easy.  Insurance brokers, financial planners, accountants, banks, and so on all call themselves “financial advisors”. Everyone says the same thing.  Unless one is in the business, it is hard to discern the differences.

The problem that we see is that everyone is saying the same thing and implementing portfolios in the same way.  The problem is you cannot do better than everyone else if you are doing the same thing as everyone else.  You have to be different.  Wright Associates is different.

We are specifically different through our ability to perform robust analyses.  This is due to our strong experience and educational background.  At Wright Associates we devote our time to studying investments, to understanding money managers, their behaviors, and their tendencies.  Since we began in the business we have interviewed thousands of money managers. We understand the nuanced differences between processes and philosophies and we only invest in those funds which we believe are structured to achieve forward looking success.  This is all we do.  We believe we are experts and that identifying successful managers is within our circle of competence. In every investment we make we endeavor to find managers who:

  • Understand the cash flow generated by a business along with its sources and uses.

  • Understand the characteristics of the business and its industry’s underlying economics.

  • Only provide capital to management that is intelligent, enthusiastic and trustworthy.

  • Only provide capital to organizations that exhibit strong corporate governance.

  • Ensure an alignment of interest exists between the agent and the principal.

The point is there are very few managers that can do this successfully over long periods of time.  We, as your advisors, look through the portfolio holdings to do our own stock analysis to ensure the managers are doing what they say.  This is not an easy task and we believe we are fairly unique in our approach and ability.  It is due to this that we can remain confident that we are picking managers that are highly capable of delivering satisfactory returns in the future.

We believe incorporating these aspects into our process will prevail over the long-term.  We want to have patience with and the conviction of our investments.  We refuse to accept anything we cannot understand or does not make sense simply because everyone else is doing it.  We will only do something if it makes sense for our clients after a rigorous analysis.

As an organization, we think Wright Associates offers three main points of differentiation through which value will be delivered to our clients.

Clients of Wright Associates can rest assured they will receive intelligent investment management by highly educated professionals.  It is rare to find a group of highly experienced CFA charterholders managing portfolio’s at the individual level.  For our clients we promise shrewd investment advisory backed by decades of experience and strong educational foundations.  We leverage our knowhow to implement a philosophy we believe will achieve satisfactory results over the long-term.  It is also a philosophy we whole-heartedly believe.

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