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About HCWE & Company

The broker H.C. Wainwright & Co. pioneered top-notch company research in the 1930s, reaching the peak of its reputation in the 1970s. That tradition became the hallmark of the work produced by its successor company, Wainwright Economics, which became independent in 1978. Wainwright Economics changed its name to HCWE & Co. in 2015. Our expertise has grown along with the sophistication of the markets. Our research is independent, empirically based, and divorced from conventional economic doctrine.

R. David Ranson


R. David Ranson, President and Director of Research

R. DAVID RANSON is director of research at HCWE & Co., an independent investment research firm now located in Cambria, California. Originally the economic-investment research arm of H.C. Wainwright & Company of Boston, Massachusetts, Wainwright Economics became an independent operation in 1978 and has since been renamed HCWE. Prior to becoming a general partner of H.C. Wainwright, Mr. Ranson joined Director George P. Shultz's personal staff at the Office of Management and Budget, served as an assistant to then Treasury Secretary William E. Simon, and taught economics at the University of Chicago Graduate School of Business. He is a Fellow of the Institute for Applied Economics, Global Health and Business Enterprise at Johns Hopkins University in Baltimore. His work has appeared in the Wall Street Journal, The New York Times, Forbes, and other notable publications. Mr. Ranson holds M.A. and B.Sc. degrees from Queen's College, Oxford, and an M.B.A. in finance and a Ph.D. in business economics from the University of Chicago. Download PDF

Penny M. Russell, Executive-Vice President

Ms. Russell is the chief executive officer of HCWE, supervising administration and personnel. She also works with David Ranson on quantitative research, and co-authors and edits publications. She holds a B.S. in mathematics and has served as a member of the Washington State Software Development Board.

David D. Campbell, Regional Director — United Kingdom

David Campbell joined HCWE & Co. as UK Director after a career in finance working with a number of stockbroking and asset management businesses. His experience encompasses asset allocation and portfolio management responsibilities in both institutional asset management and wealth management firms, as well as corporate finance work. In addition to his executive responsibilities he has held non-executive and consultancy roles in pensions management. He is presently a Trustee of the Church of Scotland Investors Trust.

Carole Cloos, Senior Analyst

Ms. Cloos holds a B.S. in economics with concentration in corporate economics from the University of Aix-Marseille 3 in France. She also earned an M.S. in international economics from Suffolk University in Boston with emphasis on econometrics, forecasting and international monetary economics. Prior to joining HCWE Carole worked for CEDEL Bank International, Luxembourg and was a research assistant at the Economics Department & Beacon Hill Institute and adjunct professor in statistics at Suffolk University. She speaks economics in several languages including: Luxembourgish, French, English, German, and Spanish. Carole has been conducting research and analysis for HCWE since July, 2000.

Bruce G. Mills, Director–Publishing & Information Services

Mr. Mills earned a BFA from Virginia Polytechnic Institute and State University. After extensive work in instructional media development and corporate communications services, he completed an MBA at Golden Gate University in San Francisco. This led to senior management positions in corporate and marketing communications in the emerging personal computer industry, followed by development and marketing roles with digital imaging and publishing system developers in the San Francisco Bay Area. He has been performing design, Internet development, publishing and marketing duties for HCWE since April, 2003.

John E. Tamny, Senior Economist

John Tamny is a senior associate with the Cato Institute, a senior economic adviser to Toreador Research & Trading, and editor of RealClearMarkets.com (RCM), a spin-off of the policy website RealClearPolitics. RCM seeks to compile top-quality information and opinion about the stock markets and global economy. Mr. Tamny frequently writes and comments about the securities markets, along with tax, trade and monetary policy issues that impact those markets for a variety of major publications and networks. Prior to his present work, Mr. Tamny worked in private wealth management for Credit Suisse and Goldman Sachs. He received a BA in Government from the University of Texas at Austin, and an MBA from Vanderbilt University's Owen Graduate School of Management.