Investing Is Not What Most People Think It Is
Most of us know someone who tries to fix their own car, rewire a light fixture, or argue their own case in court. Sometimes it works out. Often it doesn't. The honest reason is that skilled trades and professions exist because they require knowledge, experience, and judgment that take years to develop. Investing is one of those fields. It looks approachable — you open an account, you buy something, you watch a number on a screen. But the judgment required to do it well is harder than it looks, and a few common misunderstandings can cost people significantly over time. [...]
Roth IRAs and Roth Conversions: It Depends
Every few years, something happens in Washington that sends financial commentators scrambling to tell you to convert your Traditional IRA to a Roth. The passage of the One Big Beautiful Act (OBBA) in July 2025 is the latest trigger. Before you act on that advice, it's worth understanding what a Roth IRA actually is and what assumptions you'd be making if you converted. What a Roth IRA Is A Roth IRA is funded with after-tax dollars — contributions are not tax-deductible. In exchange, investment gains and income grow tax-free, and qualified withdrawals after age 59½ (once a five-year holding [...]
Muhlenkamp Memorandum #158
Geopolitical conflict involving Iran disrupted energy markets, driving oil and the dollar higher while stocks, bonds, and gold fell. Despite volatility, economic signals are mixed but stabilizing, especially in manufacturing. Muhlenkamp saw profits on successful investments in the Quarter, increased cash and international exposure, while remaining cautious amid inflation, policy uncertainty, and ongoing war risks. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.
Social Security Can Be Confusing, But It Doesn’t Have To Be
Join Muhlenkamp for a friendly, easy-to-understand conversation designed to help you make the most of what you've earned. We'll walk through the basics, explain the updates for 2026, and answer your most important questions in plain English--so you can feel confident about your next steps. Event Details When: Tuesday, April 28, 2026, from 5:00 pm until 6:30 pm Where: Hilton Garden Inn, 200 Garden View Drive, Cranberry Twp, PA Cost: Free. Light refreshments provided. RSVP: Call 724-935-5520 or complete the RSVP form.