CRM’s founding partners, Gerry Cramer, Ed Rosenthal, and Ron McGlynn, met in the 1970s. They shared a common interest in investing for themselves and their clients, which led them to found CRM in 1973 as a value equity investment specialist. To implement their vision, they developed an investment philosophy and process based on identifying businesses undergoing change and neglected by other investors. This method was designed to provide clients with good investment returns while taking a prudent level of risk.
After the painful market decline of 1973-1974, many investors lost interest in stocks, creating a climate of neglect. The challenges of the early 1970s led the founders of our firm to formulate the rationale for investing we continue to follow today. They saw firsthand the opportunities inherent in companies undergoing change while operating in an environment of low investor expectations. Inspired and supported by personal experience, CRM’s investment strategy is supported by numerous academic studies focused on behavioral investing.
By the early 1980s, the success of CRM’s investment process led to several positive developments. Our track record attracted institutional clients, helping our firm to grow assets under management and build resources. Jay Abramson joined the firm, and over time expanded our team of talented research analysts. As the asset management business became more institutionally focused, a new generation of talent in turn brought improvements to the investment process. Specifically, we developed more in-depth approaches to due diligence and formalized valuation techniques.
While we have grown as an organization, we nonetheless remain true to our entrepreneurial culture, evident in the shared excitement with which analysts team up to pursue a new opportunity.
Gerald B. Cramer, Chairman Emeritus
Gerry began his career with Merrill Lynch in 1956 and shortly thereafter joined A.M. Kidder & Company. In 1963 he became Director of Sales at Oppenheimer & Company and ultimately a senior partner of the firm. Gerry became Chairman of CRM in 1983 and was named Chairman Emeritus in 2005.
Gerry received a BS degree from Syracuse University and attended Graduate School at The Wharton School of the University of Pennsylvania. He served as a Lieutenant in the U.S. Navy during the Korean War.
Ronald H. McGlynn, Chairman
Ron is one of the co-founders of CRM. He serves as firm Chairman and is a key member of the CRM Executive Committee. Ron became President of CRM in 1983, Chief Executive Officer in 1998, and was most recently named Chairman in 2005. Prior to CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard & Poor’s InterCapital, and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as Chairman of the Investment Committee on the Board of Trustees at Winthrop University Hospital.
Edward J. Rosenthal, Former Vice Chairman Emeritus
Ed’s career in investment management began in 1960 as a senior partner at Ladenburg, Thalmann & Company. He became Treasurer of CRM in 1983, Vice Chairman in 1998 and was named Vice Chairman Emeritus in 2005.
He received a BA degree from Cornell University and an MBA from Columbia Business School.
Our dear friend, mentor and dedicated philanthropist passed away in November 2009.