About the Author

50 years of investment experience.
A lifetime of asking the questions the industry would rather not answer.

Raymond M. Mullaney

Raymond M. Mullaney

Author · Founder · Investor

Raymond M. Mullaney has spent five decades studying financial statements, building quantitative systems to measure investment risk, and challenging the assumptions that put ordinary investors in harm's way.

In 1982, he founded a full-service NASD broker-dealer and an SEC-registered investment advisory firm. In 1985, he served on President Reagan's White House Conference on Small Business.

In 1986, the New York Times quoted his economic report on its front page — warning about market risk. The crash came the following year.

In September and October 2000, Mullaney submitted detailed reports to the SEC warning that GE and Cisco — then the two most valuable companies in the world — had produced misleading earnings. The SEC acknowledged receipt. Three weeks later, Dr. Abraham Briloff published a major exposé on the same subject in Barron's. Within months, both stocks collapsed — Cisco down 75%, GE down 37% — destroying over two-thirds of a trillion dollars in investor wealth.

In 2013, he founded Equity Risk Sciences (ERS), developing proprietary quantitative tools that rate the probability and magnitude of stock price changes using only SEC-filed financial data and 35 years of price history.

In 2020, Forbes asked Mullaney to select one strong and one weak company using ERS's technology. Over the following year, his strong pick — BorgWarner — returned 58%, compared to 38% for the S&P 500. His risky pick — Bristol-Myers — returned just 9%. The pattern, he argues, is always the same: when you measure what others won't measure, you can see what others can't see.

He also founded The Fiduciary Mandate, a public-interest advocacy organization dedicated to advancing quantitative standards of care in the investment industry. IBM: Nobody Looked applies the same analytical rigor to a single, iconic American corporation — documenting what the numbers revealed, and why no one in the chain of responsibility acted on them.

Mullaney operates from offices in Providence, Rhode Island, and Boston, Massachusetts.

Also by Raymond M. Mullaney

Burden of Proof: Quantifying the Standard of Fiduciary Care — a book-length argument, addressed to regulators, legislators, and the investment profession itself, that the science of risk measurement exists and the law must follow.

Selected Career Highlights

1976 Began investing; became a client of analyst Ray Dirks, witnessing the Equity Funding fraud exposure firsthand
1982 Founded a full-service NASD broker-dealer and SEC-registered investment advisory firm
1985 Served on President Reagan's White House Conference on Small Business
1986 Economic report quoted on the front page of the New York Times
1985– Reports covered in the New York Times, Boston Globe, Wall Street Journal, USA Today, Chicago Sun-Times, and S&P Pension Reporter
1987 Markets crash as warned — methodology validated
2000 Submitted detailed reports to the SEC alleging GE and Cisco produced misleading earnings; both stocks subsequently collapsed
2013 Founded Equity Risk Sciences, Inc. (ERS) — America's independent Stock Risk Rating Agency
2018 Published eight articles on risk management for Senior Digest
2020 Forbes feature validating ERS risk ratings — BorgWarner (strong pick) returned 58% vs. 38% for the S&P 500; Bristol-Myers (risky pick) returned 9%
2025 Founded The Fiduciary Mandate — a public-interest advocacy organization for investor protection reform
2026 Completed Quantifying the Standard of Care — the definitive argument for scientific risk measurement in fiduciary practice
2026 Completed IBM: Nobody Looked — a forensic case study of IBM through the lens of its own financial data

"For the first time in history, the tools exist to measure stock risk the way science measures anything else — with data, with rigor, and without conflict.
The probability and magnitude of gains and losses are no longer the province of those with something to sell.
They are measurable. They are knowable.

James Simons settled that argument — the greatest investor of the modern era was a mathematician, not a broker.

The science is already here. What remains is the regulatory mandate — to quantify the standard of care and hold the investment industry to it.
When that mandate comes, Wall Street opinions won't just be ignored.
They'll be recognized for what they always were: a conclusion in search of a sale."

— Raymond M. Mullaney

Read the Book

The completed manuscript is available for review by publishers and qualified parties.

For Publishers