Reflecting over 40 Years—Lessons Learned and Changes Observed
November 6, 2017
To celebrate the anniversary of Muhlenkamp and Company, Ron shared his insights on human behavior, instant communications, and the free markets. He then tied his lessons together to give you a useful way of thinking about things.
Learning the Difference between Price and Value: Take Your Child to an Auction
June 7, 2016
Price vs. Value—there is no better place to learn the difference in these commonly used terms than by participating at an auction! This essay was originally published in Muhlenkamp Memorandum Issue 107, July 2013.
Working, Saving, and Investing
January 8, 2015
When Jeff's teens started asking questions about Ron’s investing process, he found it difficult to answer them well because every question they asked required explaining at least three additional concepts. These concepts are both fundamental and critical to the exercise, so he organized his thoughts and tried to keep it very simple and clear.
Ron’s Reading List
January 5, 1998
Ron's reading list for life and investment fundamentals includes recommended books on the topics: the way things work; why you’ll never understand the other sex; values; the evolution of moral standards; why global warming is unlikely; the difference between modern liberals and conservatives; how the best and the brightest can be totally wrong. Recommended authors include: McCaulay, Wanniski, Tannen, Pirsig, Browning, Sowell, and Halberstam.
Muhlenkamp Musings on Economics
January 5, 1998
Themes include free will and the government, the effects of inflation and recession on spending patterns, the effects of investment on the economy, and the effect of income taxes on work incentive. There is no free lunch. Prices are set by the buyer. We are all volunteers.
The Fundamentals of Life Insurance
January 2, 1996
As professional investors our perspective and conclusions differ from the conventional wisdom in several areas. One important area of difference is life insurance, which plays an important part in many financial plans. The following is a discussion of life insurance from an investment perspective.
Estate Planning for Generations
July 1, 1995
We wrote an essay titled, “Fund Your IRA Every Year, or How to Retire Wealthy by Driving Used Cars.” We could have called it “How to Get Started on the Road to Wealth.” Once started on that road, there is an ongoing need for intelligent investment management, which is a topic we address in most of our essays. But there is also a need for an intelligent finish, and for the management of assets you have accumulated but are not likely to spend during your lifetime. This endeavor is called estate planning...
Fund Your IRA or How to Retire Wealthy by Driving Used Cars
April 2, 1995
Recently, I commented to a friend that most investors buy stocks the way teenagers buy clothes. He responded, “How should they buy stocks?” Being a slow thinker, I didn’t have a ready answer then, but I do now. Buy stocks the way you would buy used cars. The truly amazing fact is, if you also buy used cars, you can get rich on these two actions alone. It is not hard to save $2,000 per year by driving a used car.
Personal Finances (Basic Financial Maxims Part II)
January 20, 1992
Here are some additional notes and things I didn’t cover in “Basic Financial Maxims I Want My Kids to Know.” There are books available that go into great detail (maybe too much) on a whole shopping list of items relevant to spending and saving money. Two that I think you will find useful are Making the Most of Your Money by Jane Bryant Quinn and Wealth Without Risk by Charles Givens.