Feature Article

Drew Woolridge: Think Three Moves Ahead

Drew Woolridge, Associate Director at Convergent Wealth Advisors, a private wealth management firm, serves in a hybrid role focused on client management as well as portfolio construction. After graduating from The Pennsylvania State University with a B.S. in finance, Drew Woolridge began his career with County National Bank in the trust and asset management department. Shortly after, Woolridge became an investment officer, giving him the opportunity to develop and implement investment strategies for a core value-based, long equity portfolio.

After gaining solid work experience, Drew decided to return to Penn State and pursue his MBA. While completing the program, Drew pioneered the first group of MBA students to be a part of the Nittany Lion Fund (NLF). He served as Director of Economic Analysis, while ultimately laying the groundwork for the current structure that integrates MBA students into the NLF. Drew identifies the experience as having improved his hard skills, described as analytical/accounting, and his soft skills; focused on decision making, teamwork and network building. He says, “The Nittany Lion Fund, along with the Smeal College of Business, provides students with an endless amount of resources. The state-of-the-art trading room, along with faculty that specializes in different areas, allows students to take an interest in the markets to new heights”.

The markets are making a lot of noise right now, impacting investor psyche, but Drew suggests the optimism seen in the markets could lead to disappointment. Looking forward at the health of the financial markets, Drew sees a possible correction between 15-20%. He explains, “Right now, we are seeing a global equity run up founded more on investor optimism than on fundamentals. Overall, market valuations are overinflated and there are sufficient headwinds that strain the sustainability of such performance.  Spending patterns have not adjusted and unemployment is likely to remain at its current level, if not rise higher, for a period of time. Results from Q4 will likely set the stage for reality, as earnings have been improved by cost cutting, but not through generation of free cash flow. There are always opportunities to make money, and the next three to five years will be no exception, especially in natural resources, non-traditional credit investments, and less cyclical equities with low debt and access to financing”.

Having worked through times of financial prosperity as well as turbulence, Drew offered his insight into the learning experiences associated with both.  He says there is never a point where you stop learning and in order to survive, you must be open and flexible to accept change. Students are facing an increasingly competitive job market, but Drew offers three ways to improve marketability. He recommends, “Have solid baseline knowledge of market theories, a strong work ethic, and a willingness to learn. Recognize that, “the biggest thing you don’t know is what you don’t know”. He stresses two ingredients to being successful – patience and passion. Drew encourages students to, “Always have a plan, built on a strategy that will get you where you want to be. The plan can be flexible, but always be thinking three moves ahead”.