Ken Winans On Building A Research-Driven Investment Firm

Success in wealth management is often measured in assets under management, but for Ken Winans, the real benchmark has always been discipline, historical perspective, and the courage to think differently. As founder of Winans Investments, Winans has built his firm around the belief that understanding market history and managing risk matters more than following trends.

His philosophy was not formed in theory alone. It was forged through experience.

The 1987 stock market crash proved to be one of the most defining early influences on his career. Watching markets collapse forced Winans to question the passive investment strategies he had studied in college, particularly how those models performed under extreme volatility. That turning point pushed him into deeper research, leading him to analyze more than a century of stock market history.

What he discovered shaped the foundation of his firm’s strategy. Market cycles repeatedly demonstrated that there are periods when raising cash or hedging portfolios is not only prudent but necessary depending on economic conditions.

“There are times to raise cash and hedge portfolios. History proves that risk management matters just as much as return generation.”

That same disciplined thinking continues to guide how he advises clients today, especially in a financial culture often driven by short-term thinking.

Winans believes successful investing requires balancing market performance with tax efficiency, noting that short-term gains can sometimes create tax consequences that outweigh the benefits. His approach focuses on navigating both volatility and tax exposure through strategic hedging and thoughtful account management, helping clients maintain perspective when markets become unpredictable.

Education also plays a central role in his mission.

As both an investment manager and author, Winans has become an outspoken advocate for learning from financial history, something he believes is often overlooked by both academia and the financial services industry. He frequently points to the market response during the 2020 COVID-19 pandemic as an example, noting similarities to investor behavior during the 1918 Spanish flu epidemic. In his view, while technology evolves, the emotional drivers of markets remain remarkably consistent.

Greed and fear, he says, continue to shape investor behavior just as they always have.

Building a firm with that level of conviction has not come without challenges. One of the most consistent findings has been finding, training, and retaining the right people. Drawing from his athletic and military background, Winans credits those experiences with shaping a leadership style grounded in accountability and example.

He believes leadership is demonstrated through action rather than instruction. His philosophy is simple: never ask employees to do work he would not be willing to do himself.

That mindset also extends to how he views the broader financial industry. Throughout his career, Winans benefited from mentors at respected Wall Street firms who reinforced the importance of knowledge and performance as true differentiators. He contrasts that era with what he sees as today’s industry focus on asset gathering and standardized allocation models, where success is often measured by growth rather than results.

In his view, truly serving clients requires independent thinking and a willingness to challenge consensus opinions rather than accepting average performance as acceptable.

One of the most pivotal moments in his professional development came when he moved to Chicago to work in the commodities markets. The experience helped shape his understanding of technical analysis and market trends, and much of the proprietary research he developed early in his career continues to influence his investment strategies today.

Looking ahead, Winans sees opportunity where many advisors remain hesitant to look.

He points specifically to commodities as an underutilized asset class, questioning why many wealth managers avoid them, often due to firm restrictions or conventional portfolio models. Particularly in states with strong ties to industries such as mining, energy, and agriculture, he sees a disconnect between economic reality and portfolio construction.

For investors willing to step outside traditional frameworks, he believes commodities represent a time-tested opportunity that deserves renewed attention.

Through decades of market cycles, Ken Winans has remained committed to a simple but increasingly rare principle: success in investing comes not from following the crowd, but from doing the work, studying history, and having the discipline to act when conditions demand it.

Disclaimer: The views and opinions expressed in this article are those of Ken Winans and are provided for informational and educational purposes only. This article does not constitute investment, financial, legal, or tax advice, nor should it be relied upon as a recommendation to buy, sell, or hold any security, commodity, or investment strategy. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal. Readers should consult with qualified financial, legal, and tax professionals regarding their individual circumstances before making any investment decisions.