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The Private Equity for Families Blog

Insight for those interested in private equity or direct investment in privately-held businesses. The opinions expressed in the PE4Fams blog are those of Rob McCreary and not necessarily those of CW Industrial Partners or its employees.

A Greyhound In Your Future?

A return to normal travel protocols is creating some surprising twists. Based on my family’s experience with airline travel this spring here are four new rules for domestic airline travel: 1. An airline reservation is simply a highly profitable call option exercisable only by the airline in its absolute

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Sneak a Tax

Wait until people start getting their 2022 real estate property assessments and their new real estate tax bills. After decades of small increases in property taxes, state and local taxpayers are completely unprepared for what inflation has done even without any rate increases. Property Taxes Are Not Indexed A

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Weaponizing Financial Systems and Networks

A new armory of weapons for punishing international transgressions or restoring global economic order has recently been displayed. Whether it is economic sanctions imposed by the US and the EU on Russia for unprovoked attacks on Ukraine or the Canadian government breaking up a trucker blockade by freezing credit

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A Fink May Be Voting Your Index Shares

Charlie Munger may be approaching 100 years old, but he is still sharp, and, more importantly, he is independent of the big money influences on Wall Street. Among that elite group is Larry Fink, Chairman and CEO of Black Rock. Black Rock dominates the index fund business with $10

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Cryptocurrencies May Shine If Inflation Persists

We are all getting a pretty good understanding of scarcity. When you combine it with demand you get $50 steaks and used cars worth more after 5 years and 40,000 miles than they were right off the lot. We are all hoping the demand for goods and services will

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Are You Feeling Wealthy, Punk?

Detective Harry Callahan, Dirty Harry, was played by Clint Eastwood in a series of movies beginning in the 1970’s. As a detective for the SFPD Dirty Harry was highly unconventional in his approach to policing. For example, he did not carry the standard issue police revolver, preferring instead a

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Money, Like Water, Will Seek Equilibrium

The wealth management industry has a prediction dilemma. Like environmentalists trying to predict where you could safely preserve five trillion gallons of newly created fresh water, crafting an asset allocation strategy for 2022 is complicated. $5 Trillion is slightly more than the gallon volume of water in Seneca Lake

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Momentum May Highlight Worldwide Winners

Everyone likes momentum, especially mountain climbers. 2022 will present a” Seven Summits “challenge for US and world economies. That challenge was popularized by Richard Bass in 1985 who set out to summit the highest peaks on all seven continents. He was successful and his exploits demonstrate how connected and

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The Fed’s Balance Sheet Mirage

Does anyone really understand what it means for The Fed to “monetize” Treasury Debt it purchases? Does it evaporate? Is it just a book keeping entry? Does it have to be paid back?  And to whom?  I was curious enough to consult The Google with the following search “What

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Inflation Changes The Investing Playbook

As investors begin to understand inflation, including the possibility it may become an impossible headwind for “real” returns, everyone wants to know what to do now.  Responses to my last blog demonstrated a grudging acceptance inflation is going to last longer than a cup of coffee. So now everyone

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Inflation Is The Only Choice Left

You have to be at least 70 years old to have any recollection of the economic environment of the late 70’s and early 80’s, when inflation grew from 3% to 15% and interest rates grew from 6% to 16%. I am also absolutely positive that very few of us

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China Property Markets Are Teetering

If you think the real estate excesses in the US housing markets in 2008 leading to the Big Recession were epic, the possible carnage from defaults in the debt based China property market are historic. According to an article in “The Wall Street Journal” written by Quentin Webb and

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Feds Versus States – A Dash For Your Cash

Contrasted with the state regimen, balanced budgets based on federal tax revenues are optional for running the country.  Since the four-year period 1989-2001when Bill Clinton produced budget surpluses the federal budget has run a deficit. This is not a funding problem because the Federal government can pay for its

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Ethereum Is Changing Its Security from Work to Wallet

Bitcoin gets all the attention because it is the rock on which all other cryptocurrencies are made possible. Supporters believe BTC will always have value because it is like collectible art. It has attracted intelligent investors who are willing to buy and hold a decentralized digital currency not backed

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Wage Inflation May Not Subside On Fed’s Timetable

In 1971 I was married while in college. I distinctly remember inflation in gasoline and food prices. I also remember wage and price controls because our landlord made us “rent to buy” furniture from his cousin as a way of increasing our rents. I have no recollection of what

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What Happened To Fear of Loss?

In the late 1960s a large population cohort, the so-called “Baby Boomers”, had an existential choice between fear of loss and the hypnotic call from Woodstock. Here is the first verse of Joni Mitchell’s epic song ” Woodstock” that captured the moment: I came upon a child of GodHe

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Stimulating Household Financial Responsibility

Just when you are about to give up on the American people’s ability to make sound financial decisions they surprise you. Conventional wisdom suggests when you win the lottery three times in a 12-month period you buy a car, a house, and a boat. That was what the economists

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The Economy Has Gone To The Dogs

I am sure all of you have noticed man’s best friend is one of the most popular trades during the Pandemic. My brother’s family now has four dogs. My sister has three. My daughters have multiple pets.  Research shows Gen Z and the Millennial cohorts are buying up pets

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Guess Who Wrote The “Meme Asset” Cookbook?

I am thrilled for the true believers in the Reddit crowd who have learned to manipulate the stock market. Their formula appears to be working well with notable successes like Hertz, GameStop and now AMC. In almost every case the cookbook recipe reads like this: Find an asset that

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This blog represents the views of Rob McCreary and do not reflect those of CW Industrial Partners or its employees. This blog is not intended as investment advice. Any discussion of a specific security is for illustrative purposes only and should not be relied upon as indicative of such security’s current or future value. Readers should consult with their own financial advisors before making an investment decision.