Mullaney Keating & Wright

Independent Investment Professionals

  • MUTUAL FUNDS — Size, Scope, Performance - Dimensional Fund Advisors has just released its latest report on the mutual fund industry in the attached Mutual Fund Landscape 2017 Report. TFM
  • PASSIVE IS MASSIVE — STILL - Burton Malkiel, whose Random Walk Down Wall Street is in its 11th edition, had a nice summary in Index Funds Still Beat ‘Active’ Portfolio Management – WSJ of the continuing Standard & Poor’s research on the “the dismal record of ‘active’ portfolio managers.” … Continue reading
  • BUFFET ON HEDGE FUNDS - In this year’s Berkshire Hathaway annual report, a/k/a Warren Buffet’s annual letter to shareholders, the Oracle of Omaha reports on the results of his bet about the underperformance of hedge funds. After you read WarrenBuffetOnHedgeFunds you should agree that hedge fund … Continue reading
  • OUR ECONOMIC FUTURE — ONE MORE TIME - The attached article by Jason Furman, former chair of the Council of Economic Advisors, is an excellent perspective and prospective on what the US economy can expect for growth in the foreseeable future.  Economic Growth – 2% Solution is a bit … Continue reading
  • MODELS - Physicists, weathermen, economists and many others try to describe reality by devising models that purport to describe and predict reality.  Predictive ability of such models is the acid test of their usefulness. Financial economists and various market analysts have developed many … Continue reading
  • PAST IS NOT PROLOGUE - S&P has updated the SPIVA PersistenceScorecard Dec16. TFM
  • OUR ECONOMIC FUTURE - I have reported on or about Robert Gordon of Northwestern University and  his thesis in The Rise And Fall Of American Growth that our best days are behind us.  His office is in the first floor (half underground as I … Continue reading
  • ECONOMIC GROWTH – NEW NORMAL or BACK TO NORMAL? - In last Saturday’s Wall Street Journal a former finance and economics editor of The Economist published a very interesting piece on this topic why-the-economy-doesnt-roar-anymore-wsj.  It is well worth a read.  The author describes the post-WWII Golden Age and its undoing … Continue reading
  • ECONOMY VIEW - The Federal Reserve Bank of San Francisco has just published economy-view-frbsf in which the current state of the economy is briefly outlined in text and nine charts. The FRBSF expects real GDP to grow 2% or more in the second half … Continue reading
  • active fund management scorecards - S&P Dow Jones Indices has just published two reports on the ability, or more accurately inability, of active mutual fund managers to beat their respective index benchmarks. The first, spiva-mid-2016, reports that very small fractions of active managers are able … Continue reading