CME Write Up

Below is a write up on CME I prepared as part of my job hunt.  CME is a much larger and better business than the ones I try to look at and gain an edge - not a frog I usually attempt to kiss.  I know nothing more about this business that anyone else can't figure out and its not at an evident cyclical low, so there isn't much of a psychological edge either.  Its competitive position and value are derived from intangible factors - I've danced around those ideas in past posts, but I have a hard time formulating an objective case and conviction in the businesses as an investment.  It clearly has a moat and seems to be in the process of more proactively returning cash to shareholders.  No position in the stock, but I figured it wouldn't hurt to share. CMEwriteup