Essays & Videos
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Five Tax-Smart Investing Strategies for 2026
Tax-smart investing is a dynamic and ongoing process. You can keep more of your hard-earned money by leveraging tax-advantaged accounts, prioritizing tax-efficient investments, and staying proactive about ever-changing tax laws. [...]
The 5 Ps of Rational Investing: What Matters Most
It’s hard to be rational when investing, ESPECIALLY when emotions seem to drive the markets. We’ve written about rational versus emotional investing in “The Game of the Stock Market vs. [...]
Muhlenkamp Memorandum #157
The economy showed modest growth in Q4, with a split between expanding services and contracting manufacturing. The Fed cut rates three times and quietly resumed asset purchases, raising questions about [...]
Making the Most of Year-End: A Practical Guide
December 2025 Year-end planning letters typically arrive stuffed with charts, acronyms, and dozens of action items that leave you feeling overwhelmed before you finish reading. We're going to take a [...]
Letter to My Daughters: On Professions and Callings
“He measured all his fellow workers by the test of professionalism, and a professional is a man who can do his best work when he doesn't feel like it.”--Alistair Cooke, [...]
Navigating Market Noise: The Challenge of Separating Signals from Distractions
In the fast-paced world of investing, one of the most crucial skills is learning to distinguish between meaningful market signals and temporary distractions. Recent discussions among our investment team highlighted [...]