top of page
Welcome to MR
The Menger Review is a Dallas-based financial publication covering economics, capital markets, investing, wealth, business, and the continued emergence of Texas as a major center of American finance.
Published by MWM, MR goes beyond financial headlines to examine the economic forces, market signals, and capital decisions shaping businesses, investors, and wealth.
From the Federal Reserve and global markets to the rise of
Dallas as “Y’all Street,” our mission is simple:
Turn financial information into financial intelligence.
Markets. Economics. Wealth. Business. Texas.
The Menger Review — Financial Intelligence from Dallas, Texas.
All Posts
The 30-Year Treasury Is the Most Important Chart in Global Markets
The long bond is doing more than pricing interest rates. It is measuring the credibility, inflation risk, fiscal pressure and required return embedded in the world’s most important financial system. By Dr. Byron M. Gillory, MBAFounder, MWM Financial markets remain preoccupied with the next decision from the Federal Reserve. Will policymakers cut rates? How quickly will they move? What will the next inflation report mean for the policy path? These questions matter—but they ar
Dr. Byron Gillory
Sep 186 min read
Today’s Economic Data Matters More After the Fed Hike
By Dr. Byron Gillory, MBA Managing Partner, MWM The Economy Comes First. The Federal Reserve has made its move. Now the economy has to respond. On September 16, the Federal Reserve raised the federal funds target range by 25 basis points to 3.75%–4.00%, its first-rate increase since 2023. The decision was unanimous, and Federal Reserve projections indicated that most policymakers expect at least one additional increase before year-end. Fed Chair Kevin Warsh summarized the p
Dr. Byron Gillory
Sep 176 min read
The Economy Hasn't Broken — But Housing Is Beginning to Bend
MWM Global Investment Research | Economic & Market Commentary The U.S. economy is beginning to tell two very different stories. On one side, the American consumer remains remarkably resilient. Recent retail-sales data showed spending continuing to expand despite higher prices, elevated energy costs and restrictive interest rates. On the other side sits housing. The latest NAHB/Wells Fargo Housing Market Index fell to 32 from 35, with current sales conditions declining to 3
Dr. Byron Gillory
Sep 167 min read
The U.S. Consumer Is Still Spending — And That Complicates the Inflation Story
MWM Global Investment Research | Economic & Market Commentary The August retail-sales report delivered one of the more important signals about the current state of the U.S. economy: the American consumer remains resilient. Retail sales increased 1.2% month over month in August, rebounding from a revised decline in July. Total sales were approximately 6.0% higher than a year earlier. But the headline number is not the most important part of the report. The retail-sales contro
Dr. Byron Gillory
Sep 167 min read
The Menger Economic Outlook
Resilient Growth, Persistent Inflation, and the Emergence of a Higher-Cost-of-Capital Economy Menger Business Review September 11th 2026 Executive Thesis The United States economy is entering a consequential phase of the current economic cycle. The evidence does not presently describe an economy in broad contraction. Employment expanded materially in August. Manufacturing remains in expansion. Services activity has accelerated. New orders across significant portions of the e
Dr. Byron Gillory
Sep 1112 min read
What Inflation Really Is—and Why It Is Not Going Away
Inflation Is Not Simply Higher Prices. It Is a Persistent Change in the Relationship Between Money, Production, Credit, and Scarcity. Menger Business Review September 10th 2026 Abstract Inflation is among the most frequently discussed yet frequently misunderstood phenomena in economics. Public discussion commonly treats inflation as synonymous with rising consumer prices. This interpretation is incomplete. Higher prices are the observable manifestation of a deeper economic p
Dr. Byron Gillory
Sep 1013 min read
Today’s PPI Report Confirms That Inflation Is Not Finished
Energy costs are moving through the production system—and the Federal Reserve cannot ignore the warning By Dr. Byron Gillory, MBAMenger Business Review | September 10, 2026 The latest Producer Price Index delivered a clear message: inflationary pressure remains embedded in the American economy. The U.S. Producer Price Index for final demand increased 0.4% in August and 5.4% from a year earlier. The monthly increase matched consensus expectations, but the annual rate accelera
Dr. Byron Gillory
Sep 105 min read
U.S. Economy Is More Resilient—But the Inflation Problem Is Not Going Away
Growth, Employment, and Business Activity Are Holding Up. The Next Question Is Whether Inflation Will Allow Them To. Menger Business Review September 9th 2026 Abstract The latest economic evidence presents a more resilient picture of the United States economy than appeared likely only several weeks ago. Nonfarm payroll employment increased by 162,000 in August, unemployment remained at 4.1 percent, manufacturing continued to expand, and services activity strengthened materia
Dr. Byron Gillory
Sep 99 min read
Inside the Yield Curve
The Bond Market Is Sending a More Complicated Message Than the Fed Funds Rate Y’all Street Journal | Markets & Economics August 21, 2026 There are moments when the most important story in financial markets is not found in the Dow Jones Industrial Average, the S&P 500, or even the Federal Reserve’s latest policy statement. It is found in the yield curve. That appears to be where markets are today. The U.S. Treasury market is delivering a message that cannot be reduced to a s
Dr. Byron Gillory
Aug 227 min read
The Retirement Mindset: Preparing for Financial Independence, Not Just Retirement
Quantara Capital | Wealth Management Insights Introduction Retirement is often presented as a number. How much do you need? Is $1 million enough? $2 million? $5 million? What percentage of your income should you save? When should you claim Social Security? What withdrawal rate can your portfolio support? These are important questions, but they begin too far downstream. Successful retirement planning starts with something more fundamental: the retirement mindset. Retirement r
Dr. Byron Gillory
Aug 119 min read
Term Life Insurance: Protecting Human Capital During the Years That Matter Most
Quantara Capital | Wealth Management Insights Introduction Some of the most important assets on a family's balance sheet never appear on a brokerage statement.For a working professional, entrepreneur, or young parent, one of the largest assets may be the income they have not yet earned. A 40-year-old executive expecting another 25 years of employment possesses substantial economic value in the form of future earnings. Those earnings may ultimately finance a mortgage, childr
Dr. Byron Gillory
Aug 1110 min read
Wealth Management and Innovation: Building the Next Generation of Financial Advice
Wealth management has always been built around a relatively simple objective: helping individuals and families make better decisions about their financial futures. What is changing is the environment in which those decisions must be made. Investors today face increasingly complex markets, longer retirement horizons, changing tax environments, new investment vehicles, greater access to financial information, and rapidly advancing technology. At the same time, expectations for
Dr. Byron Gillory
Aug 115 min read
The Three-Statement Financial Model Explained
How the Income Statement, Balance Sheet, and Cash Flow Statement Become One Integrated Decision System Financial statements are often taught as three separate reports. The income statement explains profitability. The balance sheet shows what the company owns, what it owes, and the capital invested in the enterprise. The cash flow statement explains how cash moves through the business. But inside a functioning company, these are not three separate economic realities. They are
Dr. Byron Gillory
Aug 1110 min read
Building a Revenue Model
Turning Business Economics Into a Decision-Ready Financial Framework Revenue is usually the first line executives look at on an income statement. It is also one of the most frequently oversimplified elements of financial planning. A revenue forecast might say that sales will increase 10% next year. A revenue model should explain why. A well-designed revenue model connects the economic activity of the business—customers, prices, volumes, contracts, capacity, retention, marke
Dr. Byron Gillory
Aug 109 min read
Life Insurance: The Most Misunderstood Financial Planning Tool
By Byron Gillory, MBA Introduction Few financial products generate as much confusion—or as much debate—as life insurance. For some, life insurance is viewed simply as protection against the unexpected. Others see it as an investment, a tax planning strategy, an estate planning tool, or a vehicle for business succession. In reality, life insurance can serve all of these purposes, depending on how it is structured and integrated into a comprehensive financial plan. The problem
Dr. Byron Gillory
Aug 106 min read
Risk Management Fundamentals: Protecting Wealth Before Growing It
By Byron Gillory, MBA Introduction When most people think about wealth management, they think about investing. They picture stock portfolios, retirement accounts, market performance, and investment returns. While investing is an essential component of financial success, it is only one part of a much broader discipline. Before wealth can be created, it must first be protected. This is the purpose of risk management. Risk management is the foundation upon which every successful
Dr. Byron Gillory
Aug 106 min read
bottom of page