Reinventing the corporate bond
Financial engineer John McQuown is proposing to create a liquid, default-free bond-like security.
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JOHN "Mac" McQuown yanks on a chain and hoists open a metal roll-up door with a clang. In a flowery aloha shirt, shorts and sandals, he looks like a retiree with little more on his mind than sipping a mai tai by the pool. But Mr McQuown is actually one of the architects of the modern investing system, and he's far from retiring, Bloomberg Markets magazine will report in its March issue.
A mechanical engineer, Mr McQuown, 80, likes to make things at Stone Edge Farm, his 16-acre (6.5-hectare) estate nestled between two mountain ranges north of San Francisco.
In his metal shop, he machines parts for the natural gas-fired microturbine he's installed in the compound. Rows of cabernet sauvignon vines hang heavy with ripening purple fruit destined for his winery. He even keeps hundreds of thousands of bees to make his own honey.
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