July 2023

Frank Boland
July 12, 2023

The enclosed chart of Fed funds is illustrative of what enabled the outperformance of active managers at the start of the modern investment era and what subsequently penalized their performance for the last 30 years.  The cause: it was the dramatic rise and fall in interest rates. The chart shows, the secular direction of...


As I grow older, I pay less attention to what men say. I just watch what they do.

– Andrew Carnegie