My after-school job was working at a bike shop in the early 1980s. We used a gray Raleigh-branded grease that was the consistency of creamy peanut butter. I don't know if it was considered waterproof or not, but as sticky as it was it sure held loose ball bearings in place nicely.

I've kept Phil Wood in my toolbox for so long that I forgot about that Raleigh grease. Is there any peanut butter-like grease out there these days?