Students Put Economics Into Action in the Whitman Investment Company

As a high school student in Kailua, Hawaii, Aiden Guenther ’27 learned the importance of starting his investment portfolio at an early age. His parents wanted him to develop an understanding of the financial world.

So when it came time to pick a college, Guenther was looking for more than an excellent education and experience. It was the Whitman Investment Company (WIC) that clinched his decision. The student-run investment club manages roughly $2 million of Whitman College’s endowment fund.

“Seeing that number was a big reason I came to Whitman,” says Guenther, a Computer Science major and double minor in Economics and Finance. “It’s a super cool opportunity, not only to practice things like critical thinking and analysis, but there’s the leadership aspect as well.”

He joined the club in his first year at Whitman. Now, as WIC’s Chief Financial Officer, Guenther is gaining experience developing investment strategies and guiding the club through market complexities for one of the largest student-managed funds, relative to college size, in the country.

Hands-On Investment Experience

Formed in 2001, WIC gives students a unique chance to apply the foundations of a liberal arts education to the practical world of finance, says the club’s faculty advisor Ruoning Han, Assistant Professor of Economics. 

“At the same time, it provides return to the community—both to the Whitman community and to the Walla Walla community.” For example, WIC invites guest speakers from local businesses to their meetings, and some members have gone on to finance-related jobs in the community after graduation. 

Guenther and classmate Daniel Virula Hernandez ’27, WIC’s CEO, along with two other student executives, oversee an 11-member student board that represents a broad swath of the Whitman community—with majors ranging from Philosophy to Politics to Music. 

WIC maintains strict guidelines—such as only investing in companies with a market cap of at least $1 billion—which naturally steers the fund toward relatively stable S&P 500 funds. It’s a strategy partly shaped by the realities of student turnover. With club leadership changing every year, consistency is paramount. 

“Our risk ceiling is probably a little bit lower than some students would like, which reflects the difficulty of having to balance turnover with a club whose long-term goals are to have stable returns over a long period of time,” Guenther says.

Each board member tracks two or three stocks, reporting to the board during weekly lunch meetings. It’s much the way investments are handled in any nonprofit setting, “where a number of analysts each work on smaller pieces of the puzzle,” he says. 

“The students are very prudent in terms of managing their portion of the endowment,” says Han. “They take a disciplined investment approach. They’re talented and very self-driven.”

Launching Career Opportunities

WIC isn’t the only opportunity Whitman students have to hone their finance skills. In 2022, the college launched its Finance Accelerator program, which is designed to introduce students to financial careers, connect them with alumni working in the industry and prepare them to be competitive applicants for finance internships. 

Over 20 weeks, sophomores and juniors interested in finance gather to attend seminars and discuss financial case studies, culminating in a trip to Seattle to meet with alumni working in finance. 

In 2023, Whitman also introduced a Finance minor—with course offerings like Financial Accounting, Corporate Finance and International Finance.

Guenther took part in the Finance Accelerator, and his experience with WIC is already paying dividends. This past summer, he interned at Blue Startups, a Hawaii-based startup accelerator. He credits WIC with helping him land the opportunity. 

“Every interview I’ve had, they want to hear more about the fund,” he says.

Learning by Doing

Hernandez, a double major in Math and Economics, also joined WIC in his first year, after helping run a student investment club at his high school in Hailey, Idaho. His interest began with the roots of the 2008 recession and grew into a desire to know how money flows and businesses operate. 

“As CEO, I get a lot of satisfaction when members put their most into a meeting and leave with some knowledge,” says Hernandez, who plans to attend graduate school and pursue a career in private wealth management. 

“These are like-minded individuals who care, and they enjoy and find interest in the work we’re doing and our core values.”

Because of the variety of majors within WIC—not everyone will have finance education—Hernandez is committed to sharing relevant information and knowledge. Board meetings include segments that touch on current events and financial analyses. 

“WIC has given me the chance to grow as a person and given me leadership experience, which I wouldn’t have otherwise,” he says. “I’ve gotten to see people grow and leave their comfort zones, which is great.”

Han agrees. “We emphasize learning from each other, fostering community and also focusing on long-term thinking, which is in line with the Whitman liberal arts mission,” she says. “That’s what makes WIC stand out from other business clubs.”