Mullaney Keating & Wright

Independent Investment Professionals

  • MUTUAL FUND PERFORMANCE PERSISTENCE - S&P Dow Jones Indices has published The Persistence Scorecard – Sept 2019 covering periods ending in 2018.  It can be summarized with one quote “It is worth noting that only 0.91% of large cap and no mid-cap or small-cap funds managed … Continue reading
  • PERFORMANCE of MUTUAL FUNDS - Dimensional Fund Advisors has just published their 2019 Mutual Fund Landscape_ Report.  It details how few funds manage to beat their benchmarks over various investment horizons.  The report is not as thorough and detailed as the Standard & Poors  SPIVA  … Continue reading
  • PRICE DISCOVERY and ITS DISCONTENTS - Dimensional Fund Advisors has released The Index Bogeyman which puts to rest the critique that index funds distort the price discovery process. TFM
  • PREMIUMS ANALYSIS - Dimensional Fund Advisors has just published Perspective on Premiums in which they analyze the history of premium under and over performance.  A little wonkish but worthy of study. TFM
  • RECESSION WATCH - In the attached When will the longest expansion end Bob Gordon of The Rise and Fall of American Growth fame concludes that all is well until 2021.  In addition to being a economics professor at Northwestern he is a long time … Continue reading
  • YOGI BERRA for INVESTORS - Dimensional Fund Investors pays respect to the great Yogi in Déjà vu All Over Again in which DFA recounts the more recent history of investment fads.  A longer look at history would gave included canals, railroads and radio. TFM
  • DIVERSIFICATION - The benefits from diversification sometimes can be very elusive for extended periods of time.  The last five years has been one of those times and significantly so.  However, the potential benefits from world wide diversification of equity allocations are still … Continue reading
  • BITCOIN RIP - The estimable Nouriel Roubini bitcoin and its underlying technology in The Big Blockchain Lie.  WOW! TFM
  • BOOK REVIEW - Brad DeLong reviews A Crisis of Beliefs by Andrei Shleifer and Nicola Gennailoa in Self Fulfilling Financial Crises which he adds to his short list of recommendations about the 2008 financial crisis.  Although I have yet to read it, my high … Continue reading
  • 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