"Early Lessons" Helped Shape Smith Barney Sr. VP Philip McCauley III '89

July 21, 2007

July 21, 2007, Greencastle, Ind. - "As a college freshman, Philip W. McCauley III was so interested in the stock market that he and a buddy would drive 50 miles on a two-lane road from DePauw University in Greencastle, Ind., to do research in the large library at Indiana University in Bloomington," begins a feature in Louisville, Kentucky's Business First. McCauley, a 1989 graduate of DePauw, is now senior vice president at Smith Barney, and the story tells of how some tough early lessons in investing have proved valuable over time.

From an early experience, Linda Romine writes, "McCauley learned three things: invest only an amount you can afford to be patient with; the investment must fit the client; and keep an eye on how the company is doing, rather than just following the share price."

The subject of the article also discusses the impact his late grandfather, Philip W. McCauley I, had on his life. Romine reports, "When he was a child, McCauley's grandfather would take him for ice cream and to look at the historic but dilapidated fountain in downtown Madison. The elder McCauley managed to raise about $60,000 in the 1970s to restore the fountain [which is pictured behind McCauley III in the top photo]. When costs escalated, some people lost faith in his plan, but the elder McCauley stuck with it. The fountain 'reminds me sometimes it takes time and persistence in doing things,' McCauley said. Skepticism is healthy, though, he added. 'It is valuable in times of just perfect optimism to point out that there are risks and there are rainy days.'"

Read the complete text -- headlined "Early lessons grounded McCauley in investing basics" -- at the publication's Web site (a paid subscription is required).

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