Rob McCreary

There is always an opportunity to read great business literature. Warren Buffet’s investment partner, Charlie Munger, is quoted as saying “In my whole life I have known no wise people (over a broad subject matter area) who didn’t read all the time—none, zero.” Foundational Reading Great business literature comes in many flavors. Some of it […]

Peggy Noonan has been my favorite journalist since 1999. In the centennial issue of Forbes, a group of thought leaders were asked to write about the forces that would shape the 21st Century. Their enthusiasm for technology, ecology, and emerging economies was everywhere. I was beaming with optimism when I got to Peggy Noonan’s prediction.

Two weeks ago we announced an acquisition of a family business that specializes in handling hazardous waste streams for industrial customers. This is a difficult technical business where there is absolute legal liability for improper disposal of a waste stream once you have accepted it.  In order to protect itself, the environmental services firm must

In Bonfire of the Vanities Thomas Wolfe’s main character is a bond trader named Sherman McCoy. When Sherman’s daughter, Campbell, asks her father what he did for work and Sherman fumbles the reply, his wife, Judy, delivers the now famous golden crumbs analogy: “Just imagine that a bond is a slice of cake, and you

Last week two debt rating agencies downgraded the creditworthiness of the State of Illinois. Moody’s downgraded the State from ‘A3’ to ‘Baa1’ while Fitch downgraded them from ‘A-‘ to ‘BBB+’. Illinois has yet to pass a budget. Fitch listed ongoing budget gaps, high unfunded pension liabilities and reduced financial flexibility as reasons for the downgrade. In

I often write about business models that I admire or ones that present unforeseen risks. You all know my opinion about the perfection of the Private Equity business model not only for its superior returns but also for its long term orientation and its alignment of manager and investor. I regret to inform all the

One of my college friends served as the general counsel of a major mutual fund company. When we talk about our respective businesses and business models he often comments on how lucky PE managers are because they do not promise daily “liquidity” to their LPs. By contrast, the biggest fear among mutual fund managers is

I just received a note from the desk of the Chief Investment Officer of Wasmer, Schroeder & Company, Michael J. Schroeder, entitled “Has the Fed Become Irrelevant?” Mr. Schroeder’s firm specializes in fixed income and we got to know their portfolio managers because we had offices on the same floor of the Eaton Building downtown.

The European refugee crisis reminds us that a small disruption with frightening end game consequences (death, cultural cleansing and slavery) can set in motion larger trends with equally horrifying consequences. The European refugee exodus will impact neighbors for the rest of this decade. So, too, are the economic effects of the war against coal. Some

When I was a boy and an avid reader of Superman Comics there was an occasional Superman encounter with the Bizarro World where that society’s objective was the opposite of Earth. For example, beauty was bad and ugly was good. Investments that made money were bad and those that lost money were good. People who