Mullaney Keating & Wright

Independent Investment Professionals

  • LEAN YEARS AHEAD - The Congressional Budget Office just released An Update to the Economic Outlook: 2018 to 2028.  The full 24 page report is sleep inducing but the 5 page Economic Outlook Update Summary is well worth some study.  The CBO projects that real GDP … Continue reading
  • JUST LIKE WINE - Carmen Reinhart, along with her husband, has written a nice piece about the recent mid-scale revision to GDP data in When Economic History Improves With Time.  Rates of growth and savings rates have been better than previously reported.  That is … Continue reading
  • VALUE WILL OUT - The “value premium”, especially the large cap version, has experienced a serious drought for the past ten years.  In the attached Where’s the Value the folks at Dimensional Fund Advisors point out that such extended periods of underperformance are not unusual … Continue reading
  • THE US TRADE DEFICIT - Neil Irwin of The New York Times provides a concise and clear explanation of what our trade deficit means and does not mean in what-is-the-trade-deficit.  A bonus is his explanation of the dollar’s “exorbitant privilege” as the world’s reserve currency. TFM
  • MUTUAL FUND WORLD - Dimensional Fund Advisors has just released Mutual Fund Landscape 2018 an analysis the  size, scope and performance of United States based equity and fixed income mutual funds. TFM
  • HARUSPICATION - Larry Swedroe details the poor track record of economic and market forecasters in     the-track-record-of-market-pundits. TFM
  • FEDERAL BUDGET OUTLOOK - The Congressional Budget Office has just released its budget outlook for the next ten years.  Budget Outlook Summary is supplemented by another 160 pages of detail.  Let me know if you would like to receive the full report.  The main take … Continue reading
  • TRADE DEFICITS MISLEAD - The Trump Administration appears to be reversing the United States post World War II policy of seeking greater trade reciprocity. Robert Lawrence of the Harvard University Kennedy School analyzes why such a policy is misguided in Five Reasons Why the Focus … Continue reading
  • PRICE DISCOVERY - Brad Steiman of Dimensional Fund Advisors debunks the meme that greater passive investing reduces price discovery in equity markets in his Relying On Market Prices. TFM
  • PENSEES - For the 23rd year the former supply officer on my ship has published his Positive Outlook Calendar for those who contributed to The Leukemia & Lymphoma Society. The calendar is a compilation of sayings for every day of the year.  … Continue reading