Letter to My Daughters: On Bedside Books
Lots of people publish reading lists for various topics and purposes. I recently found a reading list for the “Collapse of Civilizations.” Your Grandpa has a couple of reading lists: “Life and Investment Fundamentals 101,” originally published in 1998, and “Ron’s Summer Reading List for 2026,” which deals with political-economic ideologies AND climate change. Admiral James Stockdale credited Stoic philosophy for his survival in North Vietnamese prison camps and kept the “Enchiridion of Epictetus” and the “Meditations of Marcus Aurelius” on his nightstand. And of course, there is the “Holy Bible,” which can still be found in the nightstand drawer [...]
Muhlenkamp Memorandum #159
The Iran war dominated markets for much of the second quarter, with the closure of the Strait of Hormuz cutting global oil flows and pushing prices as high as $113 a barrel before a partial reopening in June brought them back down. With that crisis easing, attention turned to new Fed Chairman Kevin Warsh's early reforms and the massive SpaceX IPO. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.